{"id":8954,"date":"2023-06-17T13:26:01","date_gmt":"2023-06-17T18:26:01","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=8954"},"modified":"2023-06-19T09:54:39","modified_gmt":"2023-06-19T14:54:39","slug":"demand-is-up-as-rates-dip","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/demand-is-up-as-rates-dip","title":{"rendered":"Demand is up as rates dip"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Buyers are back<\/h2>\n\n\n\n<p>Purchase mortgage applications&nbsp;<a href=\"https:\/\/www.cnbc.com\/2023\/06\/14\/mortgage-demand-surges-higher-as-interest-rates-fall-.html\" target=\"_blank\" rel=\"noreferrer noopener\">increased<\/a>&nbsp;last week by 8% as&nbsp;<a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">rates<\/a>&nbsp;eased slightly from their May highs. While rates remain in the same range, any&nbsp;<a href=\"https:\/\/www.cnn.com\/2023\/06\/15\/homes\/mortgage-rates-june-15\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">improvement<\/a>&nbsp;is welcome news for buyers, with the increase in applications proving that strong demand remains.<\/p>\n\n\n\n<p>This dip came ahead of the Fed\u2019s latest meeting on Wednesday, where it passed on increasing interest rates for the first time in over a year. While mortgage rates are unlikely to drop significantly in response, the move could be a positive signal for the housing market. Some experts, including<a href=\"https:\/\/www.realtor.com\/news\/trends\/the-fed-just-gave-the-housing-market-a-break-mortgage-rates-are-poised-to-fall-by-this-much\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;Realtor.com\u00ae Chief Economist Danielle Hale<\/a>, believe that rates have likely peaked. Fed Chairman Jerome Powell even called out the housing market directly in his&nbsp;<a href=\"https:\/\/fortune.com\/2023\/06\/14\/housing-market-is-bottoming-says-fed-chair-powell\/\" target=\"_blank\" rel=\"noreferrer noopener\">comments<\/a>&nbsp;during Wednesday\u2019s meeting, noting that we see \u201chousing putting in a bottom and maybe moving up a little bit.\u201d Other factors, including a&nbsp;<a href=\"https:\/\/www.cnbc.com\/video\/2023\/06\/15\/were-in-a-shortage-situation-in-the-housing-market-says-realtor-coms-danielle-hale.html\" target=\"_blank\" rel=\"noreferrer noopener\">significant shortage<\/a>&nbsp;of available homes, continue to weigh on the market, but we could be entering into a period where buyers see some improvement in affordability.<\/p>\n\n\n\n<p>It\u2019s important to note that the Fed may resume rate hikes in the near future \u2013&nbsp;<a href=\"https:\/\/apnews.com\/article\/interest-rates-inflation-federal-reserve-economy-f6318be5023f6e50afc115778c9ec174\" target=\"_blank\" rel=\"noreferrer noopener\">inflation is still off from their 2% target<\/a>&nbsp;\u2013&nbsp; but the pause in hikes is a sign that some key benchmarks (including the recent&nbsp;<a href=\"https:\/\/www.cnn.com\/2023\/06\/13\/economy\/cpi-inflation-may\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">consumer price index<\/a>&nbsp;data) are headed in the right direction.<\/p>\n\n\n\n<p>-Robert Heck, VP of Mortgage&nbsp;@&nbsp;Morty<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.policygenius.com\/homeowners-insurance\/quotes\/bundle-location?utm_campaign=658&amp;utm_content=&amp;utm_medium=affiliate&amp;utm_source=Morty\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png\" alt=\"\" class=\"wp-image-8879\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-1024x341.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-300x100.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1-768x256.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/05\/unnamed-1.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\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\"><img loading=\"lazy\" decoding=\"async\" width=\"598\" height=\"280\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-1.png\" alt=\"\" class=\"wp-image-8955\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-1.png 598w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-1-300x140.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-06-16\/housing-market-isn-t-slowing-down-adp-s-richardson-says-video\" target=\"_blank\" rel=\"noreferrer noopener\">Housing Market Isn&#8217;t Slowing Down, ADP&#8217;s Richardson Says<\/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\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"280\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-2.png\" alt=\"\" class=\"wp-image-8956\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-2.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-2-300x140.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/06\/14\/housing-inflation-will-almost-surely-fall-soon-say-economists.html\" target=\"_blank\" rel=\"noreferrer noopener\">Why economists say it\u2019s a near certainty that housing inflation will soon fall<\/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.bankrate.com\/real-estate\/inflation-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"282\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-3.png\" alt=\"\" class=\"wp-image-8957\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-3.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/06\/unnamed-3-300x141.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.bankrate.com\/real-estate\/inflation-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inflation and the housing market: Decoding the latest numbers<\/a><\/p>\n<\/div>\n<\/div>\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\"><figure class=\"wp-block-media-text__media\"><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\"\/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-larger-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\"><a class=\"wp-block-button__link has-theme-palette-3-color has-theme-palette-9-background-color has-text-color has-background has-text-align-center wp-element-button\" href=\"https:\/\/www.morty.com\/mortgage-rates\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">SEE TODAY&#8217;s rates<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buyers are back Purchase mortgage applications&nbsp;increased&nbsp;last week by 8% as&nbsp;rates&nbsp;eased slightly from their May highs&#8230;.<\/p>\n","protected":false},"author":30,"featured_media":6086,"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-8954","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 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