The single-family home market is expected to increase in 2022 despite rising rates.

Entry Level Buyers Seen as Drivers of 2022 Housing Market

Freddie Mac’s latest monthly report forecasts a continuing boom in the 2022 housing market.  Sam Khater, chief economist with Freddie Mac, said, “…the combination of a large number of entry-level homebuyers facing a shortage of entry-level inventory of homes for sale should keep the housing market competitive.”

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Purchase Application and Sales Growth Expected in Next Two Years

Freddie is expecting that home purchase mortgage applications will grow from $1.9T in 2021 to $2.1T in 2022 and $2.3T 2023.  Demand and home appreciation are the rationale for this prediction.

Home sales are projected to hit 6.9M in 2022 and 7.0M in 2023.

2022 Expected to Bring Moderation in Demand and Price Growth

Because of rising mortgage interest rates, Freddie Mac is anticipating some moderation in housing demand.  The current gently rising interest rates are already costing borrowers more than $100 per month on their mortgage payments.

Just this last week the 30-year fixed rate grew to 3.56% from 3.45% the week prior, according to Freddie Mac’s PPMS Mortgage Survey.

Freddie is forecasting that home price growth will fall from 15.9% in 2021 to 6.2% in 2022 along with a further fall in 2023 to just 2.5%.


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Mortgage Originations Forecast to Dip

Freddie Mac also predicted in its latest monthly report that total originations, including refinances, will likely dip from $4.7T in 2021 to $3.3T in 2022 to $3.1T in 2023.

Khater said, “Refinance activity is anticipated to decrease from $22.7T in 2021 to $1.2T in 2022.

All this while the average 30-year fixed-rate mortgage is forecast to be 3.6% in 2022 and 3.9% in 2023.

Thanks to HousingWire.

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