Market update – March 15th

March 15, 2022

Market update – March 15th

With inflation on the rise, consumers are taking a closer look at how they’re spending their money. Home mortgage rates reflect the market and what is happening in the world. It is a mix of this and the science of macroeconomics.

There has been an overall increase in housing process with the competitive market. With the current state of inflation, it is important to get pre-approved now more than ever.

Currently, rates are ranging from the upper 3% to a lower 4% mortgage. This percentage shows the rates between 10-, 15-, and 30-year mortgages. Due to inflation and the world around us, rates are projected to steadily increase over the next few months. The 30-year fixed mortgage rates will have a buyer pay on average 4.24%. While, a 15-year mortgage will have a buyer’s rate of 3.59%, a slight increase from the previous week.

Studies have shown that rates will steadily increase over the next few months as we begin to enter the spring and summer market.

Rent has increased from an average of 14% since last year. Many are making the switch from renting to owning. In the end, it is always better to be paying your own mortgage rather than someone else’s.

Reach out to one of our home loan officers today to see what you can qualify for a home loan. Take action now and get into your new home.

Categories: helpful tips