It’s been quite an interesting year for buyers and sellers. In the first week of January, a 30-year fixed-rate mortgage was 3.22% and a 15-year fixed rate-mortgage was 2.43% (Freddie Mac). Rates began to increase and peaked towards the end of October into the second week of November with a 30Y FRM at 7.08% and a 15Y FRM at 6.38%.
Buyers regained some of their leverage, traveling into mid-November through December, as mortgage rates started their decline. A seller’s market and aggressive bidding wars gave way to a cooler housing market. Many homes remained on the market a little longer and prices stabilized or slightly declined.
Mortgage rates are predicted to fluctuate somewhere between 6% - 7% throughout the new year, perhaps even into the mid 5% vicinity. While these are only predictions, there is one factor that remains a given - working with Hartford Funding - a direct lender, where we make becoming a homeowner or refinancing a simple home loan experience. No middleman. No extra fees. No hidden costs. No confusion. Let us help you throughout the entire process, from pre-approval to closing. Take advantage of our various loan programs, competitive interest rates, and of course our knowledgeable and compassionate team of professionals.
If you are considering buying a home, refinancing or purchasing an investment property, but unsure if the time is right, call 516-595-7600 and speak to one of our Experts about your immediate concerns and goals for the future.
Love this blog, thank you for the information! Here's hoping 2023 will be a great year and thank you for helping my family and I get our mortgage!