Interest rates are rising like crazy. We all knew it was coming, but what does it mean for the real
estate market and your ability to buy or sell a home? Hi, I’m Sherri Echols, Broker Associate with RE/MAX Bryan-College Station.
I have successfully sold homes in all kinds of markets over the years and I can help you navigate this one successfully.
Rates are expected to keep rising as we continue through the year. We started 2022 with mortgage rates at about 3.11% for a 30-fixed loan according to Freddie Mac.
The most recent data from Freddie Mac shows that rates have risen to 4.76% (Used Slide Here).
Freddie Mac actually addresses this rise in rates by saying, “Mortgage rates are likely to continue to move higher throughout the balance of 2022.
Although the pace of rate increases is likely to moderate, much of the increase in rates in early 2022 is in anticipation of what will happen alter this year, especially with Federal Reserve interest rate policy.”
All the experts have been projecting this, we knew this was coming, but we are hopeful that the upward climb of interest rates will be slowing down as the year goes on.
This month we will be taking a look at past markets that reflect what we are seeing today and see what experts are saying about what that means for us.
Stay tuned and watch for several more market update videos this month! I’m your community market leader Sherri Echols, a helping hand for a happy home.
