What about prices, you might ask? Well, the median existing home price did drop<\/strong> by .9% year-over-year in March to $375,000 which is actually the largest annual decline since 2012, according to the Wall Street Journal<\/a>. This is a national figure, so price movements vary market to market, as we\u2019ve noted<\/a>. <\/p>\n\n\n\n A new study<\/a> out last week showed that buyers are looking for mortgage rates of around 5.5% to bring them into the market. This may seem like a stretch given where rates<\/a> sit (they were up .13% last week for an average of 6.39%, per Freddie Mac<\/a>), but getting close may not be impossible. Depending on the type of loan you\u2019re looking for and the amount you’re willing to pay upfront in the form of points, a range that includes 5.5% could be more within reach than some buyers realize. By using our rates tool<\/a> and exploring options with different points and credits, you can see for yourself. What\u2019s your magic rate number?<\/p>\n\n\n\n -Robert Heck, VP of Mortgage @ Morty<\/p>\n\n\n\n Want to know what you can afford?<\/p>\n\n\n\n Here\u2019s some highlights from last week’s news.<\/p>\n\n\n\n![\"\"](\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/rates-1x1-1.png\"){kind=spacer}
<\/a><\/figure>In the news<\/h2>\n\n\n\n
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