The Real Deal: Mortgage rates expected to remain high throughout 2023
Is a new home in your plans for the new year? What are the mortgage rates looking like?
News 12's consumer reporter Janice Lieberman gives us The Real Deal.
Mortgage rates are high, upward of 6.76% on a 30-year fixed -- making it difficult for home buyers to afford the home they really want.
Caleb Silver, of Investopedia, has the forecast.
"Mortgage rates in the tri-state area have more than doubled in the past year," says Silver.
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Home owners who locked in at a good rate, are reluctant to sell their homes and look to upgrade.
"The effect of this has been a real slowdown in housing sales and in housing inventory. Housing inventory is down 15.8% year over year. Housing sales have slowed nearly 33% over the past 12 months," Silver says.
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So what is the forecast?
"Mortgage rates are expected to remain high throughout 2023 as the Federal Reserve continues to raise interest rates and inventory remains pretty tight. That said, we are starting to see price reductions throughout the tri-state area, which means that you may have an opportunity to buy a home that you've been eyeing at a discounted price," Silver says.
If you are serious about house hunting, your best best is to get pre-approved for a mortgage, so you can make a deal quickly.
If you have a story idea, question or tip, click here to reach out to Janice.