CHICOPEE, Mass. (WWLP) – The Federal Reserve is poised to raise interest rates to combat inflation that may impact homeowners and homebuyers.

Fed Chair Powell said interest rates could go up in March ending these historic lows we’ve seen recently. But in the world of real estate the president for the Realtor Association of Pioneer Valley told 22News she anticipates this will still be a seller’s market this year.

However she said they don’t anticipate it to be as much of a boom in real estate like we saw these last two years. She said for people looking to jump into the market or refinancing their home loan it’s all about planning.

Cheryl Malandrinos, the 2022 President of the Realtor Association of Pioneer Valley said, “Some change in interest may impact how much that you can purchase so staying in touch with your lender is very important throughout this entire process.”

And she also mentioned that with the massive expansion of the work from home movement it has opened up the opportunity for areas like ours to be an option for people who are working in the city who no longer need to commute.

Mortgage Rates:

  • 30-year fixed-rate mortgage (FRM) averaged 3.10 percent with an average 0.6 points for the week ending 12/31/2021. Last year at this time the 30-year FRM averaged 2.68 percent with an average 0.7 points. (Source: www.FreddieMac.com)