{"id":8819,"date":"2023-04-10T15:26:24","date_gmt":"2023-04-10T20:26:24","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=8819"},"modified":"2023-04-10T21:02:12","modified_gmt":"2023-04-11T02:02:12","slug":"rates-remain-stable-as-stubbornly-low-inventory-drives-the-spring-market","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/rates-remain-stable-as-stubbornly-low-inventory-drives-the-spring-market","title":{"rendered":"Rates remain stable as low inventory drives the spring market"},"content":{"rendered":"\n<p>While spring is typically considered a prime time for the housing market, things are shaping up a bit differently this year. To start, inventory remains persistently low, with only 2.6 months of unsold inventory at current projections, <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\">according to the National Association of Realtors<\/a>. While this is higher than during the hot markets of 2021\/2022, it\u2019s over 10% below January\u2019s levels and notably low on a historic basis. This means you may see continued competition, especially for homes in move-in condition. There simply aren\u2019t enough homes to meet demand in many markets, despite the current rate environment.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Speaking of <a href=\"https:\/\/www.morty.com\/mortgage-rates\">mortgage rates, <\/a>&nbsp;they have gradually <a href=\"https:\/\/www.cnn.com\/2023\/04\/06\/homes\/mortgage-rates-april-6\/index.html\">trended downward<\/a> over the past several weeks (with Freddie Mac\u2019s benchmark <a href=\"https:\/\/money.com\/current-mortgage-rates\/\">dropping .4%<\/a> over the one week period ending in 4\/6) but some <a href=\"https:\/\/www.mortgagenewsdaily.com\/markets\/mortgage-rates-04072023\">volatility remains<\/a>. Buyers should continue to navigate this rate environment with caution, being careful not to wait around for a better rate if they expect to move forward imminently on a home, and leveraging float-downs and other options when possible.&nbsp;<\/p>\n\n\n\n<p>It\u2019s important to note that these forces are not being felt consistently across markets. Inventory levels and price flexibility can vary greatly down to the city and neighborhood level. Understanding where you\u2019re shopping (and potentially expanding your search) could help you achieve success. While it\u2019s not easy for buyers right now, it\u2019s important to stay flexible, consider <a href=\"https:\/\/www.morty.com\/mortgage-rates\">your options<\/a> and lean on trusted partners (your realtor and a mortgage expert) for guidance.<\/p>\n\n\n\n<p>-Robert Heck, VP of Mortgage<\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:25% auto\"><figure class=\"wp-block-media-text__media\"><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<p class=\"has-text-align-center has-large-font-size\">Want to know what you can afford?<\/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\">VIEW Mortgage RATES<\/a><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">In the news<\/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.nytimes.com\/2023\/04\/07\/realestate\/home-buyers-sellers-disappointment.html\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"604\" height=\"274\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-at-4.21.17-PM.png\" alt=\"\" class=\"wp-image-8820\"\/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.nytimes.com\/2023\/04\/07\/realestate\/home-buyers-sellers-disappointment.html\" target=\"_blank\" rel=\"noreferrer noopener\">Buying or Selling a Home? Welcome to the Year of Disappointment<\/a><\/p>\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.nar.realtor\/newsroom\/baby-boomers-overtake-millennials-as-largest-generation-of-home-buyers\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"280\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-at-4.21.54-PM.png\" alt=\"\" class=\"wp-image-8821\"\/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.nar.realtor\/newsroom\/baby-boomers-overtake-millennials-as-largest-generation-of-home-buyers\" target=\"_blank\" rel=\"noreferrer noopener\">Baby Boomers Overtake Millennials as Largest Generation of Home Buyers<\/a><\/p>\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.redfin.com\/news\/housing-market-update-scarce-new-listings-fast-market\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"598\" height=\"278\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-10-at-4.22.11-PM.png\" alt=\"\" class=\"wp-image-8822\"\/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-scarce-new-listings-fast-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Housing Market Update: Demand Outpaces Limited Supply, Making Some Markets Feel Hot Despite Few Sales<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While spring is typically considered a prime time for the housing market, things are shaping&#8230;<\/p>\n","protected":false},"author":30,"featured_media":5948,"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":[],"series":[562],"class_list":["post-8819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - 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