Step Inside The Market - Week 15, 2023

Happy Friday!

In this week’s recap, we will be focusing on trends with rates, home prices, application demand and some interesting reads from Forbes and NYT.

👀 Economists are unsure if housing prices will continue to drop, per, Forbes. Even though we have seen positive trends with falling rates and home prices, many economists are unsure how much further prices will drop or how these trends will impact the overall market

🙌 The average 30 year fixed rate for a conforming loan, per FRED, decreased slightly from 6.28% to 6.27%

📣For the 5th time in the last 6 weeks, we again saw mortgage application volume tick up by 8% and 0.1% for purchase and refinance respectively. The positive uptick in volume for purchases is a great indicator heading into the buying season!

🏠 Even though we have seen an uptick in mortgage volume, we are still down 31% and 57% from the same week last year for purchase and refinance applications.

🤔Some food for thought: in this interesting article from NYT, you’ll find America's most popular Neighborhoods. This information is drawn from Zillow searches in these zip codes.

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