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Here's a look at the housing forecast for 2022 - AZ Big Media Americans will have a better chance to find a home in 2022, but will face a competitive seller's market, according to a housing forecast.

Mortgage Rates Made a Big Jump to 3.22% Last Week. Here’s What the Future Holds for Rates, According to Experts

The average 30-year fixed mortgage rate went up 0.7% to 3.22% last week. The increase nearly wipes out the prior two weeks’ worth of rate drops.

When rates start to increase, borrowers may be tempted to wait for them to go back down. But many experts forecast the rising rate trend to continue through the end of the year and throughout 2022. “Over the long term, we aren’t likely to see rates go much lower than their current levels,” Odeta Kushi told us for a recent NextAdvisor story. Kushi is deputy chief economist at First American, a financial services firm.

Experts say it’s never the best strategy to try and time the market, and to focus on personal factors and circumstances instead. People considering a refinance or purchase can still benefit from the current low-rate environment. Even with this recent rate jump, rates are still near all-time historic lows and are nearly a full 1% lower than pre-pandemic levels.

https://www.foxbusiness.com/personal-finance/credit-score-to-refinance-mortgage.amp

Thinking of refinancing your mortgage? Here’s the credit score you’ll need The credit score you need to refinance a mortgage depends on the type of refinance you’re applying for. Learn more.