The past year has seen historic changes in the mortgage industry, and 2022 is poised to be another big year for borrowers. With interest rates at all-time lows and home prices on the rise, now is a great time to consider buying a home or refinancing your existing mortgage. But with so many different options available, it can be hard to know where to start.
Here are a few mortgage trends to watch out for in 2022:
1. More people will be buying homes.
With interest rates expected to stay low, more people will be looking to buy homes in the coming year. First-time homebuyers and move-up buyers alike are likely to take advantage of the low rates and increasing home prices.
2. Mortgage rates will remain low.
Although rates are expected to increase slightly throughout the year, they will remain near historical lows. This is good news for borrowers looking to get a mortgage in 2022.
3. Home prices will continue to rise.
With more buyers entering the market and interest rates remaining low, home prices are expected to continue to rise in the coming year. This is good news for sellers but may make it difficult for buyers to find affordable homes.
4. Mortgage lenders will be more lenient.
In response to the pandemic, many mortgage lenders have become more lenient with their credit requirements. This means that more people will be able to qualify for a mortgage in 2022.
5. Mortgage brokers will be in high demand.
With so many different mortgage options available, borrowers will increasingly turn to mortgage brokers for help in choosing the right loan for their needs. This is good news for mortgage brokers, who can expect to see their business grow in the coming year.
If you're thinking of buying a home or refinancing your mortgage in 2022, be sure to watch out for these trends. Working with a mortgage broker can help you navigate the ever-changing landscape and find the best loan for your needs.