{"id":6596,"date":"2023-01-18T16:24:17","date_gmt":"2023-01-18T21:24:17","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=6596"},"modified":"2023-01-19T11:26:00","modified_gmt":"2023-01-19T16:26:00","slug":"positive-signs-in-the-housing-market-as-rates-dip","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/positive-signs-in-the-housing-market-as-rates-dip","title":{"rendered":"Positive signs in the housing market as rates dip"},"content":{"rendered":"\n<h3 class=\"wp-block-heading has-larger-font-size\"><strong>January is looking brighter for homebuyers<\/strong><\/h3>\n\n\n\n<p>Newly released data shows the Consumer Price Index (CPI)&nbsp;<a href=\"https:\/\/www.nytimes.com\/live\/2023\/01\/12\/business\/december-cpi-inflation-report\" target=\"_blank\" rel=\"noreferrer noopener\">rose 6.5% annually<\/a>, reflecting a dip in the inflation we\u2019ve seen over the past year. While inflation remains elevated, this marks two months of positive signs.<\/p>\n\n\n\n<p>So what does this mean for homebuyers? On the whole, a few moderately positive indicators and a lack of any bad economic news have helped drive down mortgage rates. This is a good sign for those who are in the market now or anyone might have been waiting on the sidelines for rates to fall further away from their late 2022 highs.<\/p>\n\n\n\n<p>In addition, Fannie Mae\u2019s\u00a0<a href=\"https:\/\/www.nytimes.com\/live\/2023\/01\/12\/business\/december-cpi-inflation-report\" target=\"_blank\" rel=\"noreferrer noopener\">National Housing Survey<\/a>\u00a0showed a 5% increase in the number of respondents who believe that now is a good time to buy a home. While the figure is still low at 21%, the increase points to a gradual increase in confidence\u00a0<a href=\"https:\/\/www.cnbc.com\/2023\/01\/09\/consumer-confidence-in-housing-rises-as-prices-fall.html?__source=sharebar%7Clinkedin&amp;par=sharebar\" target=\"_blank\" rel=\"noreferrer noopener\">as prices soften<\/a>. A focus on affordability remains, with homebuyers continuing to leverage tools like\u00a0<a href=\"https:\/\/www.axios.com\/2023\/01\/09\/mortgage-buydowns-housing-market\" target=\"_blank\" rel=\"noreferrer noopener\">buydowns<\/a>. <a href=\"https:\/\/www.morty.com\/resources\/the-morty-report\/lower-rates-at-last\">Check out our Q+A on buydowns<\/a>\u00a0in case you missed it.<\/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<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 has-background is-layout-flow wp-block-column-is-layout-flow\" style=\"background-color:#dce4ef\">\n<p class=\"has-text-align-center has-theme-primary-color has-text-color has-background\" style=\"background-color:#dfedec00;font-size:18px\"><strong>Have questions about the market?<\/strong> Drop us a line on Twitter @himorty or email MortyReport@morty.com. We\u2019ll happily answer your questions and even connect you with our team of experts if you need more assistance.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Reader Question<\/strong><\/h3>\n\n\n\n<p class=\"has-large-font-size\"><em>&#8220;If I\u2019m already pre-approved, but not quite ready to make an offer yet, how do I know when it\u2019s the right time to lock my rate?&#8221;<\/em> \u2013 Olivia O., Arlington, Texas<\/p>\n\n\n\n<p>Typically, you\u2019re able to lock your rate once you have a signed purchase agreement, so it in part comes down to your own individual home search. That said, there are a few steps you can take to make sure you\u2019re getting as competitive and flexible a rate as possible.<\/p>\n\n\n\n<p>Typically, rate locks provide homebuyers a standard window (usually between 30 and 60 days) within which to close on a property at the agreed-upon rate. However, there are a variety of lenders that can offer extended rate lock periods of up to 180 days, including those in Morty\u2019s marketplace. These extended rate locks allow you to solidify an interest rate during that window.<\/p>\n\n\n\n<p>There are also lenders and programs that offer TBD locks, where you are able to lock a rate without a property, and float down options, which will lock in a current rate with the ability to lower it if rates drop \u2013 this can be extremely valuable in a volatile mortgage rate environment. If you\u2019re buying a new construction home, there are programs that can offer even longer extensions.<\/p>\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:36% auto\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/rates-1x1-1.png);background-position:50% 50%\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1080\" height=\"1080\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/rates-1x1-1.png\" alt=\"\" class=\"wp-image-8885 size-full\"\/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-white-color has-text-color has-large-font-size\" style=\"line-height:1.3\"><strong>Explore your options<\/strong>.<\/p>\n\n\n\n<p class=\"has-text-align-center has-white-color has-text-color has-medium-font-size\" style=\"line-height:1.3\">Get pre-approved in a flash.<br>Get a downloadable quote.<br>Speak with an expert.<\/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\/mortgage-rates\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">Get started<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>January is looking brighter for homebuyers Newly released data shows the Consumer Price Index (CPI)&nbsp;rose&#8230;<\/p>\n","protected":false},"author":30,"featured_media":6606,"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":[63,564],"series":[562],"class_list":["post-6596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-buying","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Positive signs in the housing market as rates dip | Morty Resources<\/title>\n<meta name=\"description\" content=\"January is looking brighter for homebuyers. 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