Experts Project Mortgage Rates Will Continue To Rise in 2022

<article class="post-76719 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-76719"><span class="entry-date">November 3, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Experts Project Mortgage Rates Will Continue To Rise in 2022</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Experts+Project+Mortgage+Rates+Will+Continue+To+Rise+in+2022&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fexperts-project-mortgage-rates-will-continue-to-rise-in-2022%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Experts Project Mortgage Rates Will Continue To Rise in 2022 | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133859/20211103-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133859/20211103-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133859/20211103-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates have hit the <a href="https://www.simplifyingthemarket.com/2021/10/12/dont-wait-for-a-lower-mortgage-rate-it-could-cost-you/?a=712984-fa409495d5d70154d03a25e81e9540e2">lowest point</a> ever recorded, and they’ve hovered in the historic-low territory. But even over the past few weeks, <a href="https://www.simplifyingthemarket.com/2021/10/05/the-main-key-to-understanding-the-rise-in-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2">rates</a> have started to rise. This past week, the average 30-year fixed rate was <a href="https://freddiemac.gcs-web.com/node/23986/pdf">3.14%</a>.<span id="more-45418"></span></p>
<p>What does this mean if you’re thinking about making a move? <strong>Waiting until next year will cost you more in the long run</strong>. Here’s a look at what several experts project for mortgage rates going into 2022.</p>
<h4>
<a href="http://www.freddiemac.com/fmac-resources/research/pdf/Quarterly_Forecast_October2021_Press_Release.pdf"><em>Freddie Mac</em></a>:</h4>
<blockquote>
<p><em>“The average 30-year fixed-rate mortgage (FRM) is expected to be <strong>3.0 percent in 2021 and 3.5 percent in 2022</strong>.”</em></p>
</blockquote>
<h4>Doug Duncan, Senior VP &amp; Chief Economist, <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/economic-growth-again-revised-downward-due-supply-chain-and-inflation-concerns"><em>Fannie Mae</em></a>:</h4>
<blockquote>
<p><em>“Right now, <strong>we forecast mortgage rates to average 3.3 percent in 2022</strong>, which, though slightly higher than 2020 and 2021, by historical standards remains extremely low and supportive of mortgage demand and affordability.” </em></p>
</blockquote>
<h4>
<a href="https://www.firstam.com/news/2021/rising-rates-dull-house-buying-power-20211026.html"><em>First American</em></a>:</h4>
<blockquote>
<p><em>“Consensus forecasts predict that mortgage rates will hit <strong>3.2 percent by the end of the year, and 3.7 percent by the end of 2022</strong>.”</em></p>
</blockquote>
<p>If rates rise even a half-point percentage over the next year, it will impact what you pay each month over the life of your loan – and that can really add up. So, the reality is, as <a href="https://www.simplifyingthemarket.com/2021/10/19/what-does-the-future-hold-for-home-prices/?a=712984-fa409495d5d70154d03a25e81e9540e2">prices</a> and mortgage rates rise, it will cost more to purchase a home.</p>
<p>As you can see from the quotes above, industry experts project rates will rise in the months ahead. Here’s a table that compares other expert views and gives an average of those projections:<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133901/20211103-MEM-Eng-1.png"><img alt="Experts Project Mortgage Rates Will Continue To Rise in 2022 | Simplifying The Market" class="aligncenter wp-image-45420" decoding="async" height="366" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133901/20211103-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133901/20211103-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/10/29133901/20211103-MEM-Eng-1-533×300.png 533w" width="650"/></a>Whether you’re thinking about buying your first home, moving up to your dream home, or downsizing because your needs have <a href="https://www.simplifyingthemarket.com/2021/09/20/is-it-time-to-move-on-to-a-new-home/?a=712984-fa409495d5d70154d03a25e81e9540e2">changed</a>, purchasing before mortgage rates rise even higher will help you take advantage of today’s homebuying <a href="https://www.simplifyingthemarket.com/2021/10/21/important-distinction-homes-are-less-affordable-not-unaffordable/?a=712984-fa409495d5d70154d03a25e81e9540e2">affordability</a>. That could be just the game-changer you need to achieve your homeownership goals.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re thinking of buying or selling over the next year, it may be wise to make your move sooner rather than later – before mortgage rates climb higher.</p>
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