Mortgage & Housing Update 2/18/2023
We are in a quickly changing economic environment, so my goal is to help you stay abreast of the market. Tune in weekly for my mortgage and housing update.
A strange sort of slowdown
Inflation continued to slow in January (+6.4% annualized), but not as much as the market (and the Federal Reserve) had hoped. January retail sales grew 3% month-over-month, far ahead of expectations. Both scared the bond markets, causing average 30-yr mortgage rates to jump another 25 basis points to 6.75%.
Housing recovery continues
MBS Highway’s Housing Survey for February 2023 showed a significant pick-up in buyer activity. This was the second-straight month of improvement. 57% of respondents said their market was ‘active’ (vs. 23% last month) and they noted a marked reduction in pricing pressure (53% seeing price reductions vs. 74% last month).
Spring cleaning checklist
It's hard to muster the motivation to do deep cleaning in winter. Believe me, I know. But with warmer weather coming soon, it's time to do some serious spring cleaning! Gather your cleaning supplies, grab your gloves and get these six tasks done. Your house will look a lot better, and you'll feel happier too.
(source: List Reports)
I hope you find this information helpful. If you are ready to start your home search, APPLY HERE. Or direct message me to schedule a consultation. I encourage you to get pre-approved.
Pauline Lee | (508) 525-5415 | firstname.lastname@example.org
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.