Mortgage & Housing Update 5/26/2023

Mortgage & Housing Update 5/26/2023

Honor & remember

Enjoy your three-day weekend, but don't forget on Monday to pause and remember the courageous men and women who sacrificed their lives to protect our country and our freedom. A special thank you from me to everyone who has served our country: past, present and future.

Over 7% again

For the 4th time in 7 months, average 30-year fixed rate mortgages have moved above 7%. This time, the increase is due to: 1) fears of the approaching 'debt ceiling' deadline, and 2) some Fed members talking about hiking rates again on June 14. Despite this, don't shelve your new house dreams. There are ways to get your rate down AND there will be an opportunity to refi when mortgage rates drop.

Deals getting done

Pending sales (new signed contracts) were flat month-over-month in April, but remain down 20% year-over-year. This level of pending sales is consistent with annualized existing home sales of around 4.2-4.3 million units nationwide. That's still a lot of homes changing hands - even with low inventory and high mortgage rates! If you're looking to buy, let me help you navigate this frustrating market.

(source: List Reports)

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