If you’ve been considering buying a new home in Charleston it’s no doubt you’ve been paying attention to the media hype about mortgage rates. Mortgage rates have been at an all time low since the pandemic and, in result, making it a large motivation for clients to buy in the Lowcountry.
Up, down, low or high? Here’s the latest scoop on Mortgage rates and what you can expect through the year. Spoiler alert – it’s not as exciting as the media makes it seem.
Bankrate predicts that mortgage rates will increase from the current average of 3.2% for 30-year fixed-rate loans, to 3.7% during 2022 and back to 3.5% at the year’s close, with the first jump sometime in March. It’s important to remember that even a larger spike would still keep rates well below what we had become accustomed to pre-pandemic keeping them at historic lows (ie. no reason to panic buy a new home).
Just for perspective Freddie Mac compared rates from 1981 to 2010, even then rates has been steadily fallen at a slow and relatively consistent rate.
And at a glance you can see how steady they have been in the last year:
Even with the more noticeable ‘jump’ in mortgage rates the increase was still small. So if you’re ready to buy, BUY! Leaning towards the near future? That’s ok, too! Don’t let the media scare you into either direction. Your best bet? Talk to me! I would love to help you weigh your pros and cons and figure out the best plan for YOU and your timeline. Let’s get you into the Charleston home of your dreams.