Well, we’re going to take a dive into the second half of 2023 mortgage rates and get a sense of where they might be going. And for a look at that, let’s, let’s kind of step back and take a historical look and recognize that rates have come down off of their highs in October of 2022. We saw a spike at the end of last year that has been correcting. And of course, to Freddie Mac’s weekly survey, the interest rates are hovering right around six and a half percent, depending on discount points and a few other factors. So that certainly is something for us to continue to watch. How high they’re going to go, we don’t know. Of course, there are some estimates that they’re going to increase to as much as 8%, although I would say the majority of prognosticators are suggesting more moderate changes and even possible decreases. I think we had talked about a decrease by the end of this year, and I’m not sure we’re going to see that, but maybe as we’re going to 24, 25 rates will be coming down. So that
certainly will have an impact on housing. But we have a high amount of demand as it is, and prices are remaining stable from what I can see, especially in this area, and that’s creating some affordability issues for a lot of homebuyers and increased interest rates, increased home prices. Normally when you see rates elevated, home prices are coming down because we’re not seeing as much new construction from the builders. The supply is not keeping up with the demand, and that is creating some friction. It’s a really interesting market right now, and best way to be prepared for it is to stay informed of the trends at the time that you are actually out looking to purchase this national information. And even this generic information is not really going to be as helpful to you when you are out in the field looking for your home. This information is going to be most applicable to give you a general idea of what’s happening within the market. But if you’re thinking about buying a home, if you’re
thinking about getting into the market, it’s time to sit down and at least talk about what your options are. Know where you’re sitting and where you might be going, depending on what your goals are. If you have questions you want to schedule that appointment, just head over to our website, it’s mggrouptuson.com, and on there you’ll see a link to our calendar. You can schedule a phone zoom or even come to the office to visit us. If you have any questions, there’s a contact button right there and we feel free to please reach out and let us know what other questions we can answer for you.
