What Buyers Should Know About the Housing Market in 2022

While home prices have been on the rise, mortgage rates remain near historic lows with 30-year rates hovering around 3% and some 15-year rates averaging 2%., but many experts think they will rise this year. You may be among many Americans wondering whether you should buy a house now. The California Association of REALTORS® (C.A.R.) forecasts that would-be buyers will continue to benefit from a favorable lending environment, with the average 30-year fixed rate mortgage remaining below 3.5 percent for most of 2022. While home prices in California were up nearly 12% in November, C.A.R. predicts that the fast pace will slow, but prices, in general, are still likely to go up, rising 5.2 percent to $834,400 in 2022.

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