{"id":8934,"date":"2023-06-06T16:15:23","date_gmt":"2023-06-06T21:15:23","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=8934"},"modified":"2023-06-07T09:56:00","modified_gmt":"2023-06-07T14:56:00","slug":"back-to-november","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/back-to-november","title":{"rendered":"Back to November"},"content":{"rendered":"\n

Rundown by rates<\/h2>\n\n\n\n

We hope your week is off to a good start. There\u2019s no question that rates<\/a> are high right now as they hover around 7%, on par with the levels we saw late in 2022.<\/p>\n\n\n\n

That said, the market remains active at many levels with many buyers continuing to navigate the market and compete for the (often limited<\/a>) properties available.<\/p>\n\n\n\n

While it’s understandable that some buyers are skittish about moving forward at the moment, we\u2019re here to help those buyers that are in the market navigate it as best as possible and get the most competitive options. Especially right now, buyers should look into conventional loan programs that sometimes fly under the radar, like HomeReady<\/a> and HomePossible<\/a>. Put simply, these have more flexible down payment requirements that can make them strong options for improving affordability for those who qualify, despite high rates.<\/p>\n\n\n\n

In terms of where rates head from here, there\u2019s still little to suggest<\/a> we\u2019ll see significant improvement anytime soon. That said, it\u2019s also unlikely rates will rise significantly higher, especially given the expectations that the Fed will not issue another rate hike<\/a> at its upcoming June meeting.<\/p>\n\n\n\n

-Robert Heck, VP of Mortgage @ Morty<\/p>\n\n\n\n

\"Policy<\/a><\/figure>\n\n\n\n

Buyer Question<\/h2>\n\n\n\n
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We\u2019ve been looking for a larger home near our current one (owned since 2011) for the past few months. I\u2019ve heard about others going through the process who have run into issues with appraisals for homes they\u2019ve made an offer on coming in too low.<\/strong> This wasn\u2019t an issue when we were last in the market. Why is this and what can we do if we find ourselves in this scenario?<\/p>\n\u2013 Elizabeth B., Lagrangeville, NY <\/cite><\/blockquote>\n\n\n\n

While there\u2019s a number of reasons that an appraisal might come in low, it\u2019s most likely that the appraised value hasn\u2019t kept up with changes in demand within your local market. This is especially likely if there are homes selling for above asking price. <\/p>\n\n\n\n

If an appraisal does come in low, you have a few options you might pursue:<\/p>\n\n\n\n