{"id":5917,"date":"2022-07-08T15:05:00","date_gmt":"2022-07-08T20:05:00","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5917"},"modified":"2022-07-09T12:34:00","modified_gmt":"2022-07-09T17:34:00","slug":"the-morty-report-mortgage-averages-shrinki","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/the-morty-report-mortgage-averages-shrinki","title":{"rendered":"Shrinking average mortgage indicates opportunity, but not falling prices"},"content":{"rendered":"\n<p>Rates are volatile this week, heading up mid-week after&nbsp;<a href=\"https:\/\/www.cnbc.com\/2022\/07\/06\/mortgage-demand-sinks-even-as-rates-drop.html\" target=\"_blank\" rel=\"noreferrer noopener\">dropping for two weeks in a row<\/a>&nbsp;on&nbsp;the&nbsp;heels of some positive inflation data.&nbsp;<a href=\"https:\/\/www.nytimes.com\/2022\/07\/06\/business\/economy\/fed-rate-increase-inflation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Recently released minutes from&nbsp;the&nbsp;Fed\u2019s June meeting<\/a>&nbsp;point to further steep rate hikes and reflect inflation\u2019s continued impact on monetary policy.<\/p>\n\n\n\n<p>This comes as&nbsp;<a href=\"https:\/\/www.inman.com\/2022\/06\/29\/homebuyers-are-beginning-to-seek-smaller-mortgages-as-rates-rise\/?utm_source=hotsheet&amp;utm_term=&amp;utm_medium=email&amp;utm_campaign=HotSheet_20220629\" target=\"_blank\" rel=\"noreferrer noopener\">recent data<\/a>&nbsp;shows&nbsp;the&nbsp;size of purchase mortgage applications dropping down to $413,500 from $460,000 in&nbsp;the&nbsp;spring. This doesn&#8217;t necessarily mean home prices are going down (<a href=\"https:\/\/www.marketwatch.com\/picks\/prices-may-dip-in-some-markets-5-economists-and-real-estate-pros-on-what-to-expect-from-this-in-transition-housing-market-01656522014\" target=\"_blank\" rel=\"noreferrer noopener\">price growth is likely to continue even if it levels off)<\/a>, but it suggests that buyers continue to see opportunities even at elevated rate levels.<\/p>\n\n\n\n<p>In spite of&nbsp;the&nbsp;impact of rising rates on affordability over&nbsp;the&nbsp;past several months, there are a number of options worth considering when it comes to accessing&nbsp;the&nbsp;market, from government-backed loans to conventional programs such as&nbsp;<a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/homeready-low-down-payment-mortgage-program\" target=\"_blank\" rel=\"noreferrer noopener\">HomeReady<\/a>, or even&nbsp;<a href=\"https:\/\/www.morty.com\/resources\/money-matters\/the-abcs-of-arms-how-adjustable-rate-mortgages-work\" target=\"_blank\" rel=\"noreferrer noopener\">adjustable-rate mortgages (ARMs)<\/a>.<\/p>\n\n\n\n<p>&#8211; Robert Heck, Vice President of Mortgage @&nbsp;<a href=\"https:\/\/www.morty.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Morty<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Read more of Robert&#8217;s recent insights:<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/mortgages-the-property-line-june-2022\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"791\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-216.png\" alt=\"\" class=\"wp-image-5918\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-216.png 1000w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-216-300x237.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-216-768x607.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.nerdwallet.com\/article\/mortgages\/mortgages-the-property-line-june-2022\" target=\"_blank\" rel=\"noreferrer noopener\">ARMs Are Trending, but They\u2019re Not the Hack for Every Home Buyer<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.wsj.com\/articles\/three-reasons-home-buyers-are-considering-adjustable-rate-mortgages-11657078678#comments_sector\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1001\" height=\"791\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-220.png\" alt=\"\" class=\"wp-image-5920\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-220.png 1001w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-220-300x237.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-220-768x607.png 768w\" sizes=\"auto, (max-width: 1001px) 100vw, 1001px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.wsj.com\/articles\/three-reasons-home-buyers-are-considering-adjustable-rate-mortgages-11657078678#comments_sector\" target=\"_blank\" rel=\"noreferrer noopener\">Three Reasons Home Buyers Are Considering Adjustable-Rate Mortgages<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/money.yahoo.com\/mortgage-payments-174201759.html\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1001\" height=\"791\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-218.png\" alt=\"\" class=\"wp-image-5919\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-218.png 1001w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-218-300x237.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/07\/Group-218-768x607.png 768w\" sizes=\"auto, (max-width: 1001px) 100vw, 1001px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/money.yahoo.com\/mortgage-payments-174201759.html\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage payments are up $513 since&nbsp;the&nbsp;start of 2022<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">In case you missed it<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>To understand where we\u2019re going with rates, it\u2019s good to understand where we\u2019ve been.&nbsp;<a href=\"https:\/\/www.forbes.com\/advisor\/mortgages\/mortgage-rates-history\/\" target=\"_blank\" rel=\"noreferrer noopener\">Here\u2019s a look at historical mortgage rates<\/a>&nbsp;from&nbsp;the&nbsp;1970s, onward.<\/li>\n\n\n\n<li>It\u2019s a tough market for many homebuyers right now \u2013 here are&nbsp;<a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/national-homeownership-month-competitive-market\" target=\"_blank\" rel=\"noreferrer noopener\">five tips to help you navigate a competitive market<\/a>.<\/li>\n\n\n\n<li>We now have new loan options with even more competitive pricing on loan amounts between $100,000 and $300,000. Get started with&nbsp;<a href=\"https:\/\/www.morty.com\/get-started\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">your personalized loan options<\/a>.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-image-fill has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:35% auto\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp);background-position:37% 37%\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp\" alt=\"couple doing online banking\" class=\"wp-image-9267 size-full\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1024x576.webp 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-300x169.webp 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-768x432.webp 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-1536x864.webp 1536w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans-600x338.webp 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/08\/lenders_loans.webp 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-large-font-size\">Ready to move forward?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/get-started\/mortgage\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">get pre-approved in minutes<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>July 8, 2022. Rates are volatile this week, heading up mid-week after dropping for two weeks in a row on the heels of some positive inflation data.<\/p>\n","protected":false},"author":30,"featured_media":5904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[569,67,572,564,586],"series":[562],"class_list":["post-5917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-arms","tag-federal-reserve","tag-homeready","tag-mortgage-rates","tag-quick-close-advantage","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- 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