The Fed is expected to raise rates in 2022
The fed is looking to battle inflation in the upcoming year by raising the federal interest rates. The overall consensus right now is this will happen 3 times over the upcoming year. So, if you are looking to purchase or refinance a home, what does this mean for you? Our team is here to answer any questions that you have, but here are 3 takeaways to consider.
1. Rates will be going up.
We have enjoyed a very low-interest rate environment for the past few years—and are currently still experiencing historically low rates. It’s still a great time to consider refinancing or a home purchase in the near future.
2. While change may be coming, it will be gradual.
The Fed rarely does anything without a forecast and a gradual plan to implement its strategy. While the increase will most likely occur, it will occur slowly. It’s best to keep in contact with your lender to make sure that the timing fits your financial goals.
3. Every scenario is different.
The most important option to consider is your own. Our team can provide the very latest market information and guide you through the steps of the mortgage process. The very first decision to make is to call your mortgage lender to discuss your options.
Email us today to receive information on how this news can help you make the most informed decision.
