AmeriSave Mortgage Corp. exec on mortgage rates in 2022 – The Business Journals

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With home prices skyrocketing in metro Phoenix and nationwide, aspiring homeowners are in for a big surprise in 2022.
We caught up with Bryan Owen, executive vice president of Atlanta-based AmeriSave Mortgage Corp., which has a regional office in Phoenix, where Owen is located.
With 4,633 employees in 10 markets, 392 are in Arizona.
Here is his take on mortgage rates.
Where do you see mortgage rates going in 2022? The mortgage rates for 2021 decreased dramatically, but for 2022, it’s expected the rates will continuously increase throughout the year. For a 30-year fixed rate, it’s expected for the average to remain around 3.3% and slightly increase even more to 3.5% in 2023. However, rates fluctuating is the nature of this industry. While these are the forecasts, things can change quickly at any given moment.
Do you expect more renovations on existing homes? Many homeowners are aware of the housing market industry and are realizing what would need to happen in terms of moving. Some are finding that rather than going through the hassle of moving, they are staying put to strategically add value to their home so when they do go to sell, they can have more of a return to increase equity on a house, many homeowners are refinancing to a lower rate and using their cash-out refinance money to renovate as much as possible to help increase the value of their homes.
Will buyers wait for another mortgage decrease? If rates increase, aspiring buyers will likely wait until the housing market drops — buying them more time to save more money to purchase a home and add value to their home. When this happens, the inventory may continue to be scarce, which allows sellers to still have the upper hand in the transaction. In this situation, the prices of homes will continue to stay higher than usual and buyers should expect to be competing against multiple offers.
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