{"id":9054,"date":"2022-03-04T18:08:39","date_gmt":"2022-03-04T18:08:39","guid":{"rendered":"https:\/\/www.unitedcu.coop\/?p=9054"},"modified":"2022-03-04T18:08:39","modified_gmt":"2022-03-04T18:08:39","slug":"mortgage-trends-in-2022","status":"publish","type":"post","link":"https:\/\/www.unitedcu.coop\/blog\/mortgage-trends-in-2022\/","title":{"rendered":"Mortgage Trends in 2022"},"content":{"rendered":"<h2><b>The current mortgage market\u00a0<\/b><\/h2>\r\n&nbsp;\r\n\r\nIf you want to buy or refinance a home in 2022, the first question you should ask is, \u201cWhat will mortgage rates be?\u201d\r\n\r\n&nbsp;\r\n\r\nWhat may look like small rate changes on paper often translate to losses of thousands of dollars in the long run. A rate increase of just 0.25% means you\u2019ll pay $10,000 more in total interest for a $200,000 30-year fixed loan.\r\n\r\n&nbsp;\r\n\r\nAt the beginning of January 2022, the average 30-year mortgage rate sat at 2.93%. By the end of January 2022, interest rates had risen to around 3.71%. Many experts predict interest rates will rise to 4% by the end of the year.\r\n\r\n&nbsp;\r\n<h2><b>What is causing rate increases?\u00a0<\/b><\/h2>\r\n&nbsp;\r\n\r\nExperts attribute rising mortgage rates to two interconnected factors: inflation and the Federal Reserve\u2019s changing financial policies.\r\n\r\n&nbsp;\r\n\r\nIn December 2021, inflation spiked to 7%, the highest rate in 40 years. That\u2019s up from 1.4% annual inflation in 2020, and well above the Federal Reserve\u2019s goal of keeping inflation below 2%.\r\n\r\n&nbsp;\r\n\r\nIn response to rising inflation, Federal Reserve Chairman Jerome Powell hinted the Fed will start raising its main interest rate in March. The Fed has also started to curb its quantitative easing policies.\r\n\r\n&nbsp;\r\n\r\nThe result? Rising mortgage interest rates.\r\n\r\n&nbsp;\r\n<h2><b>What higher rates mean for homebuyers and homeowners\u00a0<\/b><\/h2>\r\n&nbsp;\r\n\r\nThough mortgage rates are rising, they remain historically low. 20 years ago, the average 30-year fixed mortgage rate was 7.0%, nearly twice the current rate.\r\n\r\n&nbsp;\r\n\r\nRates may fluctuate, but they are unlikely to trend downward anytime soon. Current mortgage interest rates represent an opportunity for those looking to buy a home. Some homeowners may also benefit from refinancing their mortgage.\r\n\r\n&nbsp;\r\n\r\nIf you\u2019re interested in securing a low-interest mortgage or refinancing your current mortgage, contact United Credit Union today.","protected":false},"excerpt":{"rendered":"<p>The current mortgage market\u00a0 &nbsp; If you want to buy or refinance a home in 2022, the first question you should ask is, \u201cWhat will mortgage rates be?\u201d &nbsp; What may look like small rate changes on paper often translate to losses of thousands of dollars in the long run. A rate increase of just&hellip;<\/p>\n","protected":false},"author":7,"featured_media":9055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/posts\/9054"}],"collection":[{"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/comments?post=9054"}],"version-history":[{"count":1,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/posts\/9054\/revisions"}],"predecessor-version":[{"id":9056,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/posts\/9054\/revisions\/9056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/media\/9055"}],"wp:attachment":[{"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/media?parent=9054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/categories?post=9054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.unitedcu.coop\/wp-json\/wp\/v2\/tags?post=9054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}