Monday Market Update: Rate Reaction From NAR®
Research experts assert that market stabilization could be coming in 2023 - if inflation continues to slow down.
December is nearly halfway through, and we know that while times are merry & bright – they are very busy too! That’s why we are keeping this week’s Monday Market Update short & sweet…
With market dynamics and changes at the heart of most real estate discussions over the last 6 months, we wanted to share a bit of positive news courtesy of the National Association of Realtors (NAR)® Economists’ Outlook as published just 4 days ago. As of December 8, 2022, NAR® reported that:
“Mortgage rates continue to move down. According to Freddie Mac, the rate on a 30-year fixed mortgage dropped to 6.33% from 6.59% the previous week. Housing affordability rose about 8% in the last 4 weeks as mortgage rates moved closer to 6%. If inflation continues to slow down, mortgage rates may stabilize near 6% in 2023.”
The
NAR® Instant Reaction also states that if rates hover near 6%, the average American family will earn $1,000 more than the income needed to buy a mid-priced home.
While rates change daily and MND is reporting a 0.06% rate increase as of today with an average 30-year fixed rate of 6.38%, this news is critical to buyers who are looking to purchase a home in the next 12 months.
We advise any potential buyer to work with a trusted mortgage advisor who can not only determine if they are pre-qualified and for what loan amount, but who can (and will!) keep up an ongoing dialogue on market changes and what they mean for you. When every dollar counts, so does every rate change. 2023 could be YOUR year – if you time it right!
*Please note this article is for informational purposes only and is not intended to serve as mortgage or financial guidance or guarantee of any loan scenario. Please work with a trusted mortgage advisor to determine your qualifying amount & factors.
Cheers to being ready for anything the new year brings,
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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