Step Inside The Market - Week 17, 2023

Happy Friday!

In this week’s recap, we will continue to focus on trends within the residential real estate market, continued issues with inventory and some thoughts around renting or buying in the current environment.

👀 Mortgage demand has increased 3.7% this week, continuing a trend of up and down weeks based on rate movement.

🤷‍♂️ The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.55% from 6.43%, with points remaining at 0.63 (including the origination fee) for loans with a 20% down payment. Per CNBC

👎 After a winter of sellers providing concession to help with the sale of their homes, the opposite is occurring now as more potential buyers are flooding the market, driving up competition while inventory continues to be a problem.

🛖 A potential driver for this trend is that many would-be sellers are holding onto their home due to high rates and a weaken broader market

💸 With housing and rental prices continuing to soar, its is going to be extremely important to get in front of your clients and educate them to not look at the price of the home, but rather the monthly costs to borrower. It could get them to leap from their rentals into a new home!

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