Is it time for buyers who have been waiting to step off the sidelines?
Last week, we talked about how the cooling housing market has entered a “new normal” that looks much different than the frenzied, competitive activity of the past two years. Mortgage rates hit three-month lows even after the Fed raised interest rates again last week – further illustrating that the market is driven by a range of macroeconomic factors (and not solely by inflation).
So what does this “new normal” mean for you as a buyer? The key thing to remember is that high rates don’t automatically mean it’s a bad time to buy. In fact, the current market could even present a strong opportunity for those sidelined by the low inventory, high demand and bidding wars that had come to define many markets across the country during the pandemic.
– Robert Heck, Vice President of Mortgage @ Morty
Want to know what you can afford?
Read more of Robert’s recent insights:
In case you missed it…
- “Wondering what’s up with the crazy housing market?” Check out different takes from brokers, analysts and economists in this recent New York Times’ article.
- If you’re unsure which loan type to go with, check out this explainer on some of the most common mortgage types (with examples of who they’re best suited for).
- Eligible buyers can close in as few as 14 business days with Morty’s Quick Close Advantage. Get started with Loan Options to determine eligibility.
CLOSING DATE PROMISE
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