2022 Housing Market Forecast
- According to FreddieMac, mortgage rates are expected to rise from 3.0% (2021) to 3.5% in 2022 (30-year PMMS (%)).
- I expect buyer demand will remain strong as buyers try to take advantage of lower rates before they increase. Additionally, Austin’s continued job and population growth will continue 2021’s frenzied home marked trends.
- Conversely, once higher mortgage rates increase, demand for housing might “demand might fall off a little bit,” per Jim Gaines, an economist with the Texas A&M Real Estate Research Center. Emphasis on “a little bit.” I don’t expect any major decreases in demand or prices.
- Let’s discuss your home buying or selling needs so we can help make the best decisions for you in 2022.