Historically low interest rates coming to an end

Consumer Alert: Historic interest rates coming to an end



IT TURNS COLDER AGAIN BY ETH START OF NEXT WEEKEND. JENNIFER: WE’VE SEEN HISTORIC LOW INTEREST RATES OVER THE LAST FEW YEARS. BUT ALL OF THAT COULD BE COMING TO AN END SOON. JOINING US LIVE THIS MORNING TO RTSO OF BREAK IT ALL DOWN IS OUR MORTGAGE EXPERT, BRIAN SACKS. BRIAN, GREAT TO SEE YOU. >> GREAT TO SEE YOU, JEN. IF YOU SEE A LOT OF EXHAUEDST PEOPLE WALKING AROUND, THEY’RE REAL ESTATE AGENTS, LENDERS OR TIETL COMPANIES. 2021 IS A YEAR FOR THE RECORD BOOKS. THINGS ARE GOING TO CHANGE IN 20.22 JENNIFER: TELL US WHY. THERE WERE THE BIDDING WARS LIKE CRAZY IN 2021, AND THAT MAYOT N HAPPEN, RIGHT, THIS YEAR? >> WELL, YEAH. THIS YE’SAR GOING TBEO DIFFERENT. WE’VE STARTED TO SEE JUST THROUGH THE FIRST THREE WKSEE OF THE YEAR A RISE IN INTEREST RATES. IT’S FORECAST THAT RESAT WILL CONTINUE TO RISE THROUGHOUT 2022. WE STILL HAVE WTHA REALLY IS A PROBLEM WITH SEVERE LACKF O INVENTORY. THERE JUST AREN’T ENOUGH HOMES FOR SALE FOR THE BUYERS THAT ARE OUT THERE. WE THINK THAT THAT’S GOING TO EASE A LITTLE BIT IN 2022. THEREIL WL STILL BE BIDDING WARS, BUT WE’RE PROBABLY GOING TO GO TO RED-HOT FROM WHITE-HOT. THE MARKET LAST YEARAS W JUST INSANE. DAN WE THINK IT’S GOING TO MODETERA A LITTLE BIT. JENNIFER: TALKING ABOUT INTEREST RATES GOING UP, THEY’RE STILL PRETTY GO,OD HISTORICALLY. >> THEY’RE STILL AWESOME. WE’RE IN THE 3s. WE MAY GO INTO THE 4s. HISTORICALLY SPEAKING, STILL PHENOMENAL INTEREST RATES. AGAIN, THE BIG ISSUE BECOMES LACKF O INVENTORY. I KNOW THAT THERE’S A LOTF O NEW CONSTRUCTIONHA PPENING. AND AGAIN, WE’RE FORECASTING THE THINGS — THERE WILL STILL BE BIDDING WARS. INSTEAD OF BIDDING AGAINST 50 PEOPLE, MAYBE YOU’LLE B BIDDING AGAINST TEN. JENNIFER: GREAT FOR THE SELLER, NOT SO MUCHOR F THE BUYER. >> GREAT TIME TO SELL AND A GREAT TIME TO BUY. INTEREST RATES, INNY A SORT OF SINGLE DIGIT, IS PHENOMEN.AL JENNIFER: WHAT DSOE THE REAL ESTATE MARKET LOOK LIKE RIGHT NOW IN MARYLAND? >> SO IN MARYLAND,E W REALLY, AGAIN, SUFFER FROM TTHA LACK OF INVENTORY. WE HAVE A VERY, VYER HEALTHY MARKET. ALMOST IN ALL JURISDICTIS.ON THAT IS EXPECTED TO CONTINUE. WE EXPECT APPRECIATION, BY THE WAY, TO CONTINUE INTO THE COMING YEAR. BUT AT A MUCH SLOWER PACE. I THINK THE NATIOLNA AVERAGE WAS 14 TO 15%. SOME AREAS SAW A 20% INCREASE IN VALUE. JENNIFER: DID YOU SAY 30%? >> SOME HOMES IN SOME AREAS HAVE INCREASED 30%. GREAT TIME TO BUY, GREAT TEIM TO SELL. BUT IT’S ALSO A GREAT TIME TO CONSIDER REFINANCING. THIS INCREASE IN EQUYIT, IF YOU BOUGHT A HOME THREE OR URFO YEARS AGO AND YOU HAVE A RATE OF FOUR AND A HALF PERCENT OROR ME OR YOU PUT VERY LITTLE DOWN AND GOT AN FHA OR CONVENTIONAL LOAN WITH MORTGAGE INSURANCE, IT MIGHT BE A GOOD TIME TO LOOK AT GETTING RID OF THE MORTGAGE INSURANCE, EVEN IF YOU CAN’T SAVE ON THE INTEREST RATE, YOU MAY BE ABLEO T LOWER YOUR MORTGAGE PAYMENT, WHICH IS PHENOMENAL. JENNIFER: ANY TIME YOU CAN SAVE MONEY TH’SAT A GOOD THING. BRIAN, THANKS FOR JOINING

Consumer Alert: Historic interest rates coming to an end

We have seen some historic low interest rates over the last few years but that could be coming to an end soon. Joining us with more is mortgage loan expert Brian Sacks with a preview of the real estate market in 2022.

We have seen some historic low interest rates over the last few years but that could be coming to an end soon. Joining us with more is mortgage loan expert Brian Sacks with a preview of the real estate market in 2022.

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