Mortgage Rates Seem To Be Stabilizing
Two weeks ago, mortgage rates dropped faster than any other
week in the last 40 years, dropping from 7.3% to 6.6%.
They have remained in the 6.6% range ever since.
Many experts say that mortgage rates have peaked, which is good for the market.
I can't find any expert or recent articles saying mortgage rates are going to go into the 7's again, or even the 8's.
For now, it seems the worst is over as far as mortgage rates increasing.
With the reduction, we experienced a jump in mortgage applications as well as what seems to be a settling of prices which are down around 10% from the June highs.
Properties are still selling much faster than they were in 2019 at a much higher price.
Inventory is still extremely low as well.
The market is in fantastic shape, moving into the new year.
We could see prices soften a little more, but all data leads to "the worst is over" for the real estate world.
Now, we can get back to a normal market. 2-4% annual appreciation, 60-90 days on the market, and a better balance between buyers and sellers.
Here is a look at the mortgage rate picture since mid-May: