2023 Began With A Boom
Mortgage applications rose during the first weeks of 2023 and the housing market was still going strong. It was reported by the Mortgage Bankers Association (MBA) that the week ending January 13, 2023 mortgage applications rose 27.9% from the week before. This is still 35% below the levels that were reported in January 2022.
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers,” says MBA chief economist Mike Fratantoni.
The end of 2022 the housing market was slowing down due to high home prices and rising mortgage rates that have doubled since 2021. “We’re seeing decade-low readings for just about every index that you can imagine for housing,” says NAHB chief economist Robert Dietz.
The lack of inventory is causing the market to slow and experts say that the months ahead will slow down even more. This is a great time to get out there and purchase a home. Choose a realtor who can help you from start to finish and help find your dream home.