We’ve been talking for a while about mortgage rates and what direction they’re headed in. Obviously, lower rates are better for homebuyers because they can purchase more home. Every mortgage payment consists of four parts: principal, interest, property taxes, and insurance. With higher rates, you’re going to pay more in interest, which will increase the total amount that you’re paying.
Feel free to watch the full video, or use these timestamps to browse specific topics at your leisure:
0:55 — How higher rates affect buyers and sellers
1:35 — What rates are doing in our market right now
2:20 — What the Chief Economist at Freddie Mac says about today’s rates
3:40 — What are the other industry experts predicting?
4:41 — A look at interest rate levels from 2020 to today
6:45 — My advice for buyers and sellers in 2022
7:10 — Wrapping things up
Let me know where you’ve been following me from. Are you in Rhode Island, or are you thinking about moving here from somewhere else? Reach out and let me know. If you have any questions for me about mortgage rates, the market, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.