Welcome to the Monthly Market Report for May 2022. We want to give you the insights that you need to help confidently make the best decisions when buying and selling a home. We are your real estate advisors.
Based on the current estimate for the peak Fed Funds rate (3.25% to 4.0%), the 30-year fixed mortgage will likely peak at between 5.0% and 5.7%. There is some variability in the relationship, so we might see rates as high as the low 6% range. (This all depends on inflation and the Fed Funds rate – but I don’t expect rates to move much higher than the current rate – although 6% is possible).
Bill McBride, Author, Calculated Risk Blog
Here are the 3 most important takeaways you need to know right now:
- Home Foreclosures – The number of home foreclosures is at a historic low.
2. Mortgage Payments – Rising rates and prices could greatly impact the monthly payments of homebuyers.
3. Affordability – The Home Affordability Index is declining closer to historical levels.
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