Recent rate rises could “light a fire under home buyers and make for an extremely competitive January,” a housing analyst says.
In November, 4.5 million Americans resigned from the workforce, continuing a trend that could have a big impact on real estate.
In the first week of 2022, the 30-year fixed-rate mortgage jumped nearly 60 basis points above where it was a year earlier.
With home prices having increased by double digits, mortgage lenders issued $1.61 trillion in purchase loans last year.
With the new year arriving, the baseline conforming loan limit has increased to $647,200 in most parts of the country and $970,800 in others.
Rates stayed low for the final week of 2021, but housing analysts largely predict borrowing costs will be heading up in the coming weeks.
The number is shocking some financial experts as borrowers stretch their budgets to afford higher home prices.
Determined home buyers looking to beat rising borrowing costs helped lift existing-home sales last month. Read more from NAR’s latest housing report.
The watchdogs are reminding lenders and housing providers of the extra protections afforded to service members coming out of forbearance.
Economists predict slower price appreciation, easing inflation, and rising interest rates during NAR’s virtual Real Estate Forecast Summit.
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