The fixed mortgage rate from Freddie Mac increased from 3.22% to 3.45% last week, the highest it has been in the last two years. If buyers are thinking of purchasing their own condo from Continuum in South Beach, now may be the time to act.
Miami Beach, FL — (SBWIRE) — 01/28/2022 — Experts believe rates will continue to increase. Freddie Mac’s predictions for 2022? Q1 will sit at 3.4%, while Q2 will jump to 3.5%. In Q3, it will increase again to 3.6%, and then to 3.7% in Q4.
Even with rates increasing slightly, this can impact the overall mortgage payment and affordability for buyers, and while rates are jumping, they still are not the highest rates the country has ever seen and could still be deemed “affordable.”
In the 1970s, when inflation was sky-high, mortgage rates averaged 8.86% and jumped to a staggering 12.7% in the 1980s. While the cost is not quite comparable to today’s inflation rates, 3.45% is nowhere near the rates seen decades ago.
The National Association of Realtors (NAR) ‘s Senior Economist and Director of Forecasting, Nadia Evangelou, says of the increase, “Mortgage rates surged in the second week of the new year. The 30-year fixed mortgage rate rose to 3.45% from 3.22% the previous week. If inflation continues to grow at the current pace, rates will move up even faster in the following months.”
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