Current state of housing market - rates and number of buyers

My take on the housing market for March 2023. Lets talk about current rates and number of people applying for mortgages to purchase a new home.
 
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📍 📍 What's up, guys? As I'm studying the housing market and what is going on and watching the interest rates and what they do purchase versus the purchase loan applications, it's crazy. I like to track loan application volume as it shows the numbers of those applying for mortgages. The mortgage application data is the telltale sign of how the housing market is trending.

With people making applications to purchase houses or get a mortgage. Here's a fascinating chart that I went back to five years ago. We've bottomed it out for five years, and I go for ten years. We're at an all-time low for ten years.

It shows the difference between mortgage loan applications in the orangeish color and the interest rates in the blueish, grayish color. So we've hit our apex where they meet. And the mortgage rate, if you look at the current, is today's rate. Most mortgage professionals track mortgage news daily.

It gives a pretty good mortgage. Average rates currently are at 6.75%. If you look at the chart of mortgage rates, we are at an all-time high. Higher rates will discourage some people from buying a house, especially in the market where our housing prices have mostly stayed the same.

They're maintaining a flat. Now, what is the fix? What is the solution? I don't know yet. With the failure of banks, you know that everybody's got a lot of million questions on what will happen with these big banks collapsing. What's that going to mean for our economy? What will that mean for our housing market or interest rates and that kind of stuff?

I think the housing market is going to stay healthy. The fact is, we've got jobs, so as long as there's plenty of jobs, there's plenty of people relocating to your area too—houses, to get jobs, that kind of stuff. Then the housing prices are going to maintain themselves. It's going to stay healthy.

We may not see the huge spike and increase in housing prices, but we will see it level off. It may taper back down, but the tapering down is just regulating itself to where it should have been. Many people were pricing their houses way too high.

But houses still are selling. People are still borrowing money. We still do have a job, right? So mortgage rates go up and down. Housing prices go up and down. But if you'll follow the purchase index is what they call it, the Mortgage Banker's Association, NMBA, puts out a purchasing index. Here you can find the number of mortgage applications for people applying for a house loan. So, although we are at an all-time low, what happens when the charts bottom out? At some point, they hit bottom, and it's called a bounce. So we'll see the bounce happening now and the gradual rise of the numbers. We'll see it bounce back this spring within the next month. March is here. We're mid-March right now, and applications are already starting to pick back up seasonally, so people are buying houses in March. So this is not the time to fear.

If you want to buy a house right now, just buy it and plan on refinancing next year. It's not the end of the world. Interest rates will taper back down when the government gets control of inflation. Well, at least that's what all the analysts are saying, and that's what we're hoping.

I hope this helps you guys, and feel free to hop in and leave any comments.

#MortgageMarshal #valoan #mortgagebroker #valoanexpert #valoanspecialist

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