Interest Rates and Your Ability to Buy A Home

Find Out How Homebuyers are Affected By the Rising Interest Rates

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?

Interest Rates Expected to Increase

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.  As the year has gone on, the most recent data from Freddie Mac shows that rates have risen to 4.76% (a bit higher now than when I wrote this).

Freddie Mac Statement on Increasing Rates

Freddie Mac actually addresses this rise in rates by stating, “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.

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Hi, I’m Eren Millam with Premiere Property Group and I have sold homes in all kinds of markets over the years and I can help you navigate this one as well.

Thinking of buying or selling your home in the west Lewis County area? Contact me today. I’d love to hear from you! Eren Millam – Managing Broker Premiere Property Group, LLC WA License No. 26933

Chehalis, WA 98532 Centralia, WA 98531

Call/Text: (360) 219-3616

Email: Eren@LewisCountyHomes.com

Check us out on FB: https://www.facebook.com/erenmillamrealtor

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