How Mortgage Rates are Affecting Buyers in 2022

As we expected earlier this year, mortgage rates have continued to rise. The latest numbers we've seen are 5.23% on a 30 Year Fixed Rate from Freddie Mac.

As the rates continue to rise, the buying power of buyers in the market decreases. Look at the chart to see how the purchasing power has changed this year for someone who can afford a $4,000 monthly payment. With rates expected to continue on this upward trend, it's best to ask quickly if you're planning on buying this year. While purchasing at a higher rate isn't ideal, you can always refinance if/when rates drop.

To maximize what you can afford with your money, it's best to act quickly in this market. If you have any questions on what the best route is for you and your family we are happy to help.