What will next year look like for the housing and mortgage market?
There is a lot of information out there regarding rates and the purchase market. This is what you need to know:
- According to the Mortgage Bankers Association (MBA), the average rate on the 30-year fixed loan could experience a gradual increase going into 2022. Cause for concern? Even with a slight rise, rates are still projected to be low.
- The MBA also reports that mortgages for the purpose of buying a home are forecast to rise 9% to a record of $1.73 trillion in 2022. This means a competitive market. Cause for concern? Not if you have a Realtor and Angel Oak Home Loans working with you!
- Refinance originations will drop 62% in 2022. This is partly due to many who have already refinanced when rates significantly dropped in 2019 and first part of 2021. Now that rates might slightly increase, fewer people will refinance. Cause for concern? There should be no need to worry here. If you are interested in refinancing, call me to discuss your circumstances and together we can determine if now is a good time for you to refinance your mortgage.
The bottom line? Market projections are good to know about, but each person should make a decision based on their own goals.
We have traditional and non-QM portfolio loan options tailored to individual loan needs such as Bank Statement for self-employed, three Jumbo products, Investor Cash Flow for real estate investors, and various loan options for those with credit events such as foreclosure.