Over the last few years, the housing market has become extremely volatile. When it comes to housing prices, interest rates, and property taxes, the real estate realm can be an unpredictable and intimidating landscape. One of the most influential aspects of a potential homeowner's purchasing power, however, is the status of mortgage rates. If you plan on buying a home in 2023 or are interested in the state of the housing market, keep reading to gain some insight on what you can expect mortgage rates to look like in 2023.
In the final months of 2022, rates for home loans have been caught in the crossfire between the Federal Reserve's manipulation of interest rates and high inflation. This has indirectly pushed rates higher without solving the problem at hand. The good news here is that mortgage rates and inflation rates eventually reach a ceiling. The bad news is that we still have a ways to go before that ceiling is reached. Many economists speculate that this could take a few months and will be largely reliant upon the status of inflation as a whole. While this waiting period doesn't have an indelible time frame, there may be light at the end of the tunnel. What goes up must come down, and the longer something goes up, the longer it must fall.
How to secure an optimal mortgage rate in 2023
- Monitor and Improve your Credit Score
- Compare lenders and do your research
- Keep up with the status of rates
- Be proactive
- Refinance (if applicable)
What are my Next Steps?
If you are looking to become a homeowner in 2023, let Hurley Insurance Group take care of your insurance needs so you can focus on getting the best deal for you and your family. Stop by our office or give us a call today to talk to a licensed agent. If you prefer to do business online, click here to get a quote today!