The Next Big Thing in Current Mortgage Rates Sure, everybody wants a nice big home and maybe spends half a lifetime getting it. Interest on Mortgage Loans continues to rise steadily as it has done since the beginning of 2022. Should home and loan hunters continue to wait with the hope of interest rates cooling? Very unlikely regarding the rest of 2022, say the experts. They cite certain causes like the high inflation rate. Federal Reserve’s fund rate has been increasing and is likely to keep increasing till the year-end.
Besides, everybody understands the terrible results of the pandemic, and the Ukraine war is upsetting everyday lifestyles. Supply chains are deeply disturbed and labor shortages continue. In order to reduce inflation to 2%, Fed will increase interest rates several times in 2022. The rate increases will result in even higher mortgage rates.
Consider 2 expert forecasts for mid-2022 and late 2022. ● Expert A predicts 5.5% (30-year), 4.8% (15-year) for Mid-2022 and 5.7% (30year), 5.0% (15-year) for late 2022. ●
Expert B predicts mid-2022 rates of 5.75% (30-year), 4.75% (15-year) and 6.0% (30-year), 5.0% (15-year) for late 2022.
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