Whats Happening in the Housing Market Today?
Melissa Gootee
Whats Happening in the Housing Market Today?
With so much recent change in the housing market, you probably have questions about what it all means for your homebuying plans this spring.
What’s Going on with Mortgage Rates?
Last year, mortgage rates more than doubled within the calendar year. That’s never happened before, and the rapid rise caused many buyers to put their plans on hold. Today, rates are still quite volatile. With experts projecting rates will stabilize this year, that could be great news for you if you’re ready to buy a home. Any drop in interest rates helps boost your purchasing power by bringing your expected monthly mortgage payment down.
But you shouldn’t expect rates to drop all the way down to the record lows we saw in 2021. Experts agree that isn’t a range buyers should expect. Greg McBride, Chief Financial Analyst at Bankrate, explains:
“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.”
It’s important to have a realistic vision for what you can expect this spring. Though we’re not going back to 3% mortgage rates, you may be surprised by the impact even a mild drop in rates has on your budget.
Here Is An Update On How Our Market Is Doing: All Information is pulled straight from our MLS system.
You can also click here for the FULL REPORT
Are you thinking that now or in the near future maybe be time to buy a home? You can Contact Melissa directly or you can Download my Ultimate Buyers Guide.
If you are thinking of BUYING in today's market I would love to help you. I have great people on my TEAM that can help you learn more about mortgages and how much you can qualify for and afford.
Click the link above to find out what you qualify for or simple call Jane or Zach Johanns with New American Funding.
Check out the Mortgage Calculator Too!
