Mortgage & Housing Update 4/7/2023

It's important to stay abreast of the market conditions. My goal is to help you stay informed. Tune in weekly for my mortgage and housing update. 

Mortgage Rates Drop

Average 30-yr, fixed-rate mortgages dropped by nearly half a percentage point this week as the market digested a series of softer job reports and (slightly) lower PCE inflation. The last time mortgage rates were this low (in January 2023), pending sales surged. That's great timing for buyers as the spring selling season gets underway.

Need more new listings!

Spring is here, but it’s been a slower one for sellers so far. There were just 954,000 new listings in the first quarter of 2023 (Jan+Feb+Mar), which was 16% below 1Q 2022 and 27% below its average of 1.3 million during the first quarters of 2017-2019. Would-be sellers may feel "locked in" by low mortgage rates, but it is still a great time to sell with home prices up ~40% nationwide since end-2019.

Home prices edge up

Demand recovering + inventory not keeping pace = home price support. Black Knight’s Home Price Index rose 0.16% MoM in February. A small increase, but a big deal because the HPI had declined for 7 months straight. 39 of the country’s 50 largest cities saw a MoM increase in home prices. Of the 11 that saw a MoM decline, all but 3 were in cities west of the Rockies.

(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 | pauline@indmortgage.com

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.