According to the article, interest rates have been steadily declining over the past few months, and this trend is expected to continue into the new year. As a result, 2022 could be a great year for potential home buyers eager to take advantage of these low rates.
The article suggests that potential home buyers need to be prepared for the upcoming home buying season. It encourages buyers to get pre-approved for a mortgage loan and find out what their credit score is before they start looking for homes. This way, they can ensure they are in a good position to get the best mortgage rate when the time comes. Additionally, buyers should consider taking a fixed rate mortgage if they are planning to stay in the home for a longer period of time.
The article also outlines potential scenarios that could potentially affect mortgage rates. It suggests that inflation may impact mortgage rates in the coming year, with rates potentially increasing if inflation exceeds 3%. However, the article also states that this is unlikely given that inflation has stayed near the 2% mark for the past few years. Additionally, it mentions that the Federal Reserve's policy and its potential rate hikes could also drive up mortgage rates, though it is also unlikely right now due to the current economic environment.
Overall, the article predicts that mortgage rates will remain low for 2022 home buyers. This is great news for potential buyers, as they can benefit from the current low rates and find better deals on homes. However, buyers should keep in mind that although rates are low now, there are still factors which could potentially impact them in the future. Thus, buyers should be careful when planning for their mortgage and make sure to consider all the available options in order to get the best deal possible.
This article was contributed on Dec 28, 2023
