Here are a few insights about next year from an expert, Jeff Ratanapool.

Today we’re at Wildwood Country Club with some very important information for anyone who is thinking about buying or selling a home in 2022 or beyond: What will interest rates look like? The predictions are coming out, and one guy who seems to be in the know, Jeff Ratanapool, is sharing his. 

Jeff talked about his predictions at the Stockton Mortgage holiday party, and they are interesting. He expects rates to rise as high as 3.8% at the beginning of next year. However, he thinks that this will be an overcorrection. The Federal Reserve will realize this by the middle of the year and drop rates back down to 3% or lower by the end of 2022.

“This tax credit could be huge for first-time homebuyers.”

Jeff also talked about a new homebuyer tax credit at closing. This could be very important for anyone who doesn’t own a home or hasn’t owned a home in the last three years. There is something called the DASH Act embedded in Biden’s legislation. It would allow for a $15,000 credit for first-time homebuyers that is available at closing. It hasn’t been passed yet, but some version of it may make it through.

We’ll continue to monitor interest rates and that homebuyer credit. If you have any questions, want to sell a house, or would like to buy a property, don’t hesitate to call me at (502) 376-5483. We hope to hear from you soon.