Wednesday, January 19, 2022 / by Sonya Reiselt
Last week 30-year fixed interest rates ticked up again to its highest point in almost two years. Although expected, potential home buyers may want to get a move on securing their home now. Experts are expecting the rates to continue to rise this year and it looks like that is becoming a reality.
1st Quarter 2022- 3.4%
2nd Quarter 2022- 3.5%
3rd Quarter 2022- 3.6%
4th Quarter 2022- 3.7%
Even with modest increases, rates may have a strong impact on your monthly payments and overall affordability. However, interest rates, even at their projected increased rate are still below averages for the past 5 decades. Meaning it’s still a great time to buy. However, keep this in mind; Mortgage rates surged the second week of the new year. The 30-year fixed rate rose from 3.22% to 3.45% the week before. If inflation continues at its current pace, rates will continue to climb even faster in the coming months (Nadia Evangelou- Senior Economist & Director of Forecasting at NAR).
The take-away from all the data I’ve seen is simple, if you’re looking to make a move, doing so now in the safest way to go. We cannot control the economy and many factors that impact the housing market and where it may be trending this year, but we do know the here and now. And that data suggests that NOW is the best time to purchase your Beaufort home.
CURRENT SOUTH CAROLINA INTEREST RATES
(Based on Good Credit- 740 or higher & purchase of a single-family home as your primary residence)
30 YEAR FIXED RATE- 3.75% 3.821%
20 YEAR FIXED RATE- 3.375% 3.472%
15 YEAR FIXED RATE- 2.75% 2.874%
10 YEAR FIXED RATE- 2.625% 2.805%
ADJUSTABLE RATE MORTGAGES
10 YEAR ARM- 3.0% 3.117%
5 YEAR ARM - 2.75% 3.064%
30 YEAR FIXED-FHA 4.125% 5.197%
15 YEAR FIXED- FHA 4.0% 5.089%
30 YEAR FIXED- VA 3.99% 4.254%
15 YEAR FIXED- VA 4.0% 4.469%
Are you ready to start your Beaufort home search? Then let’s get you pre-approved for your home loan now. I work with two of the finest local lenders in the business who will listen to your personal situation and find the best loan for your specific needs. They’ll help you maximize your lending power to get the most home for your money.
Call me today to schedule a time to chat and review your personal situation and prepare your home buying journey. I can’t wait to get started on assisting you in achieving your real estate goals.