Is 2022 a Good Time to Buy a House or Wait Until 2023-2024

Abstract

The Federal Reserve raised interest rates by three-quarters of a basis point on June 15, 2022, the largest rise in 30 years. As of July 22, the average rate for the benchmark 30-year fixed mortgage is 5.80 percent. At the current rate, you’ll pay principal and interest of $584.21 for every $100,000 you borrow to buy a house. This may be a bad time. If the economy suffers a downturn. If it does, this will very likely fall to about 4% or even lower. This could be a good time to put off buying a home and save some money. If you don't want to hear this, this might be a very good time. The HPSI is down 11.8 points compared to the same time last year.