Following a record-low year for the mortgage market, many real estate watchers are wondering where could rates go in 2022? With home prices expected to steady in many markets while values remain high, would-be buyers are looking for extra assurance that now is the right time to make a purchase.
California Listings North Tustin expert agent David Feldberg and his team at Coastal Real Estate Group want to provide buyers with as much information as possible when it comes to timing out their next real estate move, so they’ve compiled industry-wide data to look at what be ahead of us in terms of mortgage rates. In examining averages from Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, Feldberg and the Coastal Real Estate Group have created a quarter-by-quarter projection guide:
With rates as low as we saw in 2021, hikes are all but guaranteed. Q1 mortgage rates, however, are still expected to remain on the low end, with an average of 3.30 percent. Coastal Real Estate Group anticipates steady increases from there, rounding out the new year at an average of 3.70 percent.