{"id":2359,"date":"2022-01-19T14:59:53","date_gmt":"2022-01-19T14:59:53","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=2359"},"modified":"2022-01-19T14:59:53","modified_gmt":"2022-01-19T14:59:53","slug":"mortgage-rates-climbing-nows-time-act","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/mortgage-rates-climbing-nows-time-act\/","title":{"rendered":"With Mortgage Rates Climbing, Now\u2019s the Time To Act"},"content":{"rendered":"<div id=\"attachment_2360\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2360\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2360\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/20220119-KCM-Share.jpeg\" alt=\"\" width=\"750\" height=\"410\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/20220119-KCM-Share.jpeg 750w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/20220119-KCM-Share-300x164.jpeg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-2360\" class=\"wp-caption-text\">With Mortgage Rates Climbing, Now\u2019s the Time To Act<\/p><\/div>\n<p>Last week, the average 30-year fixed <a title=\"mortgage rate\" href=\"https:\/\/www.mykcm.com\/2021\/11\/24\/how-smart-buyers-are-approaching-rising-mortgage-rates\/\">mortgage rate<\/a> from <em>Freddie Mac<\/em> <a title=\"jumped\" href=\"https:\/\/freddiemac.gcs-web.com\/node\/24636\/pdf\" target=\"_blank\" rel=\"noopener noreferrer\">jumped<\/a> from 3.22% to 3.45%. That\u2019s the <a title=\"highest point\" href=\"http:\/\/www.freddiemac.com\/pmms\/pmms_archives.html\" target=\"_blank\" rel=\"noopener noreferrer\">highest point<\/a> it\u2019s been in almost two years. If you\u2019re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn\u2019t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here\u2019s a look at the <a title=\"projections\" href=\"http:\/\/www.freddiemac.com\/research\/forecast\/20211015_quarterly_economic_forecast.page?\" target=\"_blank\" rel=\"noopener noreferrer\">projections<\/a> from <em>Freddie Mac<\/em> for this year:<\/p>\n<ul>\n<li>Q1 2022: <strong>3.4%<\/strong><\/li>\n<li>Q2 2022: <strong>3.5%<\/strong><\/li>\n<li>Q3 2022: <strong>3.6%<\/strong><\/li>\n<li>Q4 2022: <strong>3.7%<\/strong><\/li>\n<\/ul>\n<p>As the numbers show, this jump in rates is in line with the expectations from <em>Freddie Mac<\/em>. And what they also indicate is that mortgage rates are projected to continue climbing throughout the year. <strong>But should you be worried about rising <\/strong><a title=\"mortgage rates\" href=\"https:\/\/www.mykcm.com\/2021\/11\/08\/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates\/\"><strong>mortgage rates<\/strong><\/a><strong>? What does that really mean for you?<\/strong><\/p>\n<p>As rates increase even modestly, they impact your monthly mortgage payment and overall <a title=\"affordability\" href=\"https:\/\/www.mykcm.com\/2021\/12\/09\/two-reasons-why-waiting-to-buy-a-home-will-cost-you\/\">affordability<\/a>. If you\u2019re looking to buy a home, rising mortgage rates should be an incentive to <strong>act sooner rather than later<\/strong>.<\/p>\n<p>The good news is, even though rates are climbing, they\u2019re still worth taking advantage of. Historical data shows that today\u2019s rate, even at 3.45%, is still well below the average for each of the last five decades (<em>see chart below<\/em>):<\/p>\n<div id=\"attachment_2361\" style=\"width: 1010px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-2361\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-2361\" src=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/kcm-infographic-1642603691.png\" alt=\"Graph\" width=\"1000\" height=\"870\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/kcm-infographic-1642603691.png 1000w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/kcm-infographic-1642603691-300x261.png 300w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2022\/01\/kcm-infographic-1642603691-768x668.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><p id=\"caption-attachment-2361\" class=\"wp-caption-text\">Current Mortgage Rate Compared to the Last Five Decades<\/p><\/div>\n<p>That means you still have a great opportunity to buy now with a rate that\u2019s better than what your loved ones may have paid in decades past. If you buy a home while rates are in the mid-3s, your monthly mortgage payment will be locked in at that rate for the life of your loan. As you can see from the chart above, a lot can change in that time frame. Buying now is a great way to protect yourself from <a title=\"rising costs\" href=\"https:\/\/www.mykcm.com\/2022\/01\/11\/why-inflation-shouldnt-stop-you-from-buying-a-home-in-2022\/\">rising costs<\/a> and future rate increases while also securing your payment amount for the long term.<\/p>\n<p>Nadia Evangelou, Senior Economist and Director of Forecasting at the<em> National Association of Realtors <\/em>(NAR), <a title=\"says\" href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/instant-reaction-mortgage-rates-january-13-2022\" target=\"_blank\" rel=\"noopener noreferrer\">says<\/a>:<\/p>\n<blockquote><p>\u201c<em>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. <strong>If inflation continues to grow at the current pace, rates will move up even faster in the following months.\u201d<\/strong><\/em><\/p><\/blockquote>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Mortgage rates are increasing, and they\u2019re forecast to be even higher by the end of 2022. If you\u2019re planning to buy this year, acting soon may be your most affordable option. Let\u2019s connect to start the homebuying process today.<\/p>\n<p><strong>Contact us:<\/strong><br \/>\nPHP Houses<br \/>\n142 W Lakeview Ave<br \/>\nUnit 1030<br \/>\nLake Mary, FL 32746<br \/>\nPh:\u00a0<span id=\"gc-number-1\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 519-0719<\/span><br \/>\nFax:\u00a0<span id=\"gc-number-2\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 205-1951<\/span><br \/>\nemail:\u00a0info@phphouses.com<\/p>\n<p><strong>Let\u2019s Connect:<\/strong><br \/>\n<a href=\"https:\/\/www.facebook.com\/WeBuyHousesCentralFlorida\/\">Facebook<\/a><br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/walter-diloreto-25403710\/\">Linkedin<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/WalterDiLoreto\">Twitter<\/a><br \/>\n<a href=\"https:\/\/www.instagram.com\/wdiloreto\/\">Instagram<\/a><\/p>\n<h5><em>The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here\u2019s a look at the projections from Freddie Mac for this year. <a class=\"continue\" href=\"https:\/\/phphouses.com\/blog\/mortgage-rates-climbing-nows-time-act\/\">Finish Reading<span> With Mortgage Rates Climbing, Now\u2019s the Time To Act<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,10,18,16,445,446,27,91,86,52,9,49,42,117,33,228,63,20,48,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2359"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=2359"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2359\/revisions"}],"predecessor-version":[{"id":2362,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/2359\/revisions\/2362"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=2359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=2359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=2359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}