Predictions for the 2022 Market

Dated: January 14 2022

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Predictions for the 2022 Market

 

     Forces Driving the Housing Market - Why its white-hot                 NAR Information Services - Home | Facebook

 

It’s a new year and with that comes change! The National Realtor Association predicts that mortgage rates will be on the rise this year. 2021 was an unprecedented year with low mortgage rates and higher inflation. The housing market performed better than it has in 15 years in 2021, with an estimated 6 million existing-home sales.

 For 2022, the group of experts predicted that annual median home prices will increase by 5.7%, inflation will rise 4% and the Federal Open Market Committee will twice increase the federal funds rate by 0.25%.” –NAR website

 Overall the housing market will continue to normalize compared to last year. Rising mortgage interest means a larger monthly payment and more paid out over the course of your loan. If you’re looking to buy, now is the time to do it before the rates continue to rise throughout the year.

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Jasmine Hanline

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