On this week’s podcast episode of Inside Abode, Guild Mortgage Loan Officer, George Lane, sits down and gives us a peek into what’s happening with interest rates and what’s to expect throughout 2022. If you are planning on buying in 2022 or interesting in refinancing your home- you won’t want to miss it!
CLICK HERE to listen to the full podcast episode!
Will Interest Rates Go Up?
Yes, rates will likely rise throughout 2022. Although, rates currently are still very low comparatively. With rising interest rates and rising home prices, the buying power that homebuyers have decreases. Right now, waiting to buy a home could cost you WAY more in the long run. The expectation is interest rates will return to pre-pandemic rates (roughly 3.875% range).
Will Home Prices Keep Going Up?
Yes, for now at least. But at some point, they will increase in price at a much slower rate. The median home price in Pierce County is at $515K. With the lack of available inventory and strong demand, it’s no surprise that home prices will continue to rise. If home prices continue to increase at the pace they currently are, homebuyers will start looking in other, more affordable areas outside of Pierce County.