{"id":4909,"date":"2022-01-13T18:56:19","date_gmt":"2022-01-14T00:56:19","guid":{"rendered":"https:\/\/1reason.com\/re\/amerifirst-home-mortgage-2022-mortgage-forecast\/4909\/"},"modified":"2022-01-14T12:56:19","modified_gmt":"2022-01-14T18:56:19","slug":"amerifirst-home-mortgage-2022-mortgage-forecast","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/amerifirst-home-mortgage-2022-mortgage-forecast\/4909\/","title":{"rendered":"Amerifirst Home Mortgage 2022 Mortgage Forecast"},"content":{"rendered":"<div>      <img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Mark Jones Talks Forecast 2022\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/d027341e-5fe3-4921-b012-cca2517295f8?size=2\">&#013;\n    <\/div>\n<p>&#013;<br \/>\n    &#013;<\/p>\n<div style=\"float:left;width:290px;margin:10px 0 0 0\">&#013;<\/p>\n<h5>Mark Jones Talks Forecast 2022<\/h5>\n<p>&#013;\n    <\/p><\/div>\n<p>&#013;<br \/>\n  &#013;<\/p>\n<p>KALAMAZOO, MI, Dec.  16, 2021  (GLOBE NEWSWIRE) &#8212; As one of the most robust years for the housing market comes to a close, consumers will experience a vastly different buying and selling environment in 2022, according to Amerifirst Home Mortgage\u2019s 2022 Forecast.<\/p>\n<p>Housing experts believe that the home mortgage industry will experience significant slowdowns in loan originations, says Amerifirst Chief Executive Officer Mark Jones. \u201cThe overall market (purchase and refinance) will drop from $4.2 Trillion to $3 Trillion in 2022,&#8221; Jones said. &#8220;While interest rates on a 30-year fixed mortgage are expected to trend upwards throughout the year to approximately 3.7 percent, representing an increase of 70 basis points.&#8221;<\/p>\n<p>That increase in interest rates will set in motion a series of related events, according to the company\u2019s predictions. These include:<\/p>\n<p><\/p>\n<ul>\n<li><strong>Declining refinance activity<\/strong><br \/>Jones says we can expect to see a significant drop off in the number of homeowners refinancing their homes &#8211; perhaps as much as a 60 percent reduction &#8211; from $2.32 trillion in refinances in 2021 to $860 Billion in 2022.\n<\/li>\n<li><strong>Higher mortgage payments<\/strong><br \/>With interest rates trending upward, new homebuyers can expect higher mortgage payments due to corresponding increases in principal and interest costs. On a $300,000 mortgage, each \u00bc percent increase in interest rate translates to an additional $41 in monthly payment.\n<\/li>\n<li><strong>Softening of tight housing market<\/strong><br \/>Home price appreciation will taper back from an average of 18 percent in 2021 to a more typical annual rate in the mid-single digits. That will help ease the tight housing supply, opening up buying opportunities. \u201cThe rapid appreciation of 2021 exacerbated an existing shortage of housing supply due to too many borrowers chasing too few homes for sale. Expect this pressure to alleviate a bit in 2022,\u201d Jones said.\n<\/li>\n<li><strong>Stability in the market<\/strong><br \/>Jones dismisses fears of a housing market collapse. \u201cThere is no comparing this market to that of 2008, which was fraught with poor underwriting standards and predatory practices. Today\u2019s home purchase market might have pent-up demand, but it rests on a foundation of stronger underwriting standards, lower leverage, and tighter regulation.&#8221;<\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p><strong>In the market for a new home?<\/strong><br \/>\u201cGet moving,\u201d Jones says. \u201cStart shopping for a home now and take advantage of the current rates in the three percent range before they jump almost three quarters of a percent. Keep in mind that as interest rates increase, you\u2019re going to lose purchasing power.\u201d<\/p>\n<p><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=r8KZOCVI_0ZMT4chX6l1y25PwZ2d1GLUyuHvHyHMWBlEfrfma2uAMyAhJiXKiD9l02aZXXInJYnvLbk3CQGTyxNOVLXPSjqahKG_6JD5BJrRPr33GbzI3tWWcqvkwf-8NmE4P9x3EuwQZcZR5M2FnbYc5XjyOf6a1hyjCokEl-I92xgShDnzzlqaYQQnYGNDG6o_ou1DwVTfLQkkNNoTndYGevU6vM3UVfy2bTvVUtIpFZ9Tk-dILsNw1pCD_98tn35cEDCh1b-Qa42mudBPRg==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"Read full Press Release and Watch Video\">Read full Press Release and Watch Video<\/a><\/p>\n<p>About <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lY5QmiYPkPoKpL17PrhYs0FmGYat1R3CHkWvRSxJC-l_I4_INDqvP5-jgZ9FTnBOxNKj2C7uElvpaYfTxYpV3D1g3pUGYXZbB3YdezNR49A=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"Amerifirst Home Mortgage\">Amerifirst Home Mortgage<\/a><\/p>\n<p>Amerifirst Home Mortgage is a full-service residential mortgage originator and servicer. As an advocate for affordable homeownership and a mission to make a meaningful difference in the lives of others, the company consistently ranks as a top producing lender of FHA and USDA Rural Development loans. It employs over 900 team members and operates in branches throughout the U.S. and is recognized by Inc. 5000 for significant growth for seven out of the past ten years. Committed to operating by a strong set of core values, it has ranked as a Best &amp; Brightest Company to Work For in the Nation for the past six years and was named a Best Mortgage Company to Work For in 2021. It is headquartered in Kalamazoo, Michigan.<\/p>\n<p align=\"center\">#<\/p>\n<p id=\"gnw_attachments_section-header\"><strong>Attachment<\/strong><\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AomlxV1e27Lo5Ydgf5VaBk6hdV7XQdm2RuC3xZI9c7rVPCl_6KmKlz8GzaOpJSJpvCdZbq5UWw4miJMvrINsjsRT9T5meMkaX1Hjbvud1dPkKsrmQv5Ur-XejEOgxUQVpH9N-KU6fKSDUM_LioS4XNFgWdk1l5lR3KT6im7XU18=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" title=\"Mark Jones photo\">Mark Jones photo<\/a><\/li>\n<\/ul>\n<pre>CONTACT: Janet Veach&#013;\nAmerifirst Home Mortgage&#013;\n2693244240&#013;\njveach@amerifirst.com&#013;\n<\/pre>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/Y2UwYmNjNDEtNDA4OS00ODk5LWE4ODUtYzk5ZTZlOTNmZDRhLTEwMjcyOTQ=\/tiny\/AmeriFirst-Home-Mortgage.png\"><\/p>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>Consumers Can Expect Rising Interest Rates, Loan Volume Reductions, Stable Housing Market in 2022<\/p>\n<div>&#013; <\/p>\n<div>&#013; Mark Jones photo&#013; <\/p>\n<div>&#013;<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4909"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=4909"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4909\/revisions"}],"predecessor-version":[{"id":4925,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/4909\/revisions\/4925"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=4909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=4909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=4909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}