We saw mortgage interest rates continue to trend higher in the last 30 days. The recent change will cost new borrowers another $13.50 per month for every $100,000 borrowed. Average U.S. rates for 30-year fixed rate mortgages were at 3.69% as of this week. Last month at this time, they were sitting at 3.45%. Of course, both are historically low.
U.S. home prices soared at their highest rate on record last year. Most economists saw that price growth as simply unsustainable. Virtually every forecaster predicted home price growth would slow significantly this year.
Are you one of the many renters thinking about where you will move the next time your lease is up? Before you decide whether to look for a new rental, it’s important to understand the true costs of renting in 2022.
While Omicron is likely going to have a significant short-term impact on the market, I am getting more convinced that 2022 will bring another year of material home price growth. Waiting for that price dip to find your Florida home seems riskier than ever.
Sorry, I don’t have one. That said, I am not sure even the best forecaster knows what next year will bring us in terms of changes in housing prices. I don’t recall ever going into a year where forecasts have been as varied as they are now (see below).
