Months of Inventory- Over the past year we have seen inventory more than double, this meaning those buyers entering the market have a stronger chance of getting the home they want. This is creating sellers to be a little more realistic about our current market conditions. Additionally we are seeing homes sit on the market longer, creating inventory numbers to rise. As you notice we have also see inventory go down from the month of Nov to Dec, this is a seasonal correction as most do not list their homes during the holiday season.
The most basic way to think about interest rate movement is to assume that a strong economy pushes rates higher and vice versa. There are many other considerations that end up taking precedence at times, but today was a good, old-fashioned, boring, logical day in that regard.
There were three separate employment-related reports out in a short window of time early this morning. All of them were stronger than expected. Strong jobs data does a few things. It suggests a strong economy (which is more capable of supporting higher rates). It suggests upward pressure on wages (which, in turn, drives inflation higher, and high inflation = high rates). But most importantly, it fuels the expectation among investors that the Fed will draw similar conclusions about the economy and inflation.
We care an awful lot about the Fed's take on such matters because if they're concerned about inflation or if they think an extra strong jobs market allows them some wiggle room to be extra aggressive in fighting inflation, they will err on the side of hiking rates a bit higher than they otherwise might. They'll also try to keep rates at the ceiling level for longer than they otherwise might.
All of this is more important of a consideration than normal today because tomorrow morning brings the Employment Situation--the big "jobs report" that causes more market movement than any other labor market data.
As for today, the trifecta of lesser reports was enough for some modest upward pressure with the average lender back up to 6.5% for a top tier 30yr fixed scenario. Things could change appreciably tomorrow, depending on the outcome of the data.
-Matthew Graham, Mortgage News Daily January 5, 2023
Current Interest Rates
Fun Facts About Real Estate
1. The average American moves 12 times in their lifetime
2. In 2020, 31% of sales were to first-time homebuyers
3. Thursday is the best day to list your home, Data shows that homes listed on Thursdays sell for $3,000 more than the list price, on average. Why? The leading theory is this is when serious buyers start compiling their list of open houses for the weekend.
Your profile is almost complete! Just a few more details from you.
By digitally signing this form you are providing with your express written consent to send you marketing communications via email and by SMS, calls or prerecorded messages dialed by a natural person or by an automatic or automated telephone dialing system. This express written consent applies to each such email address or telephone number that you provide to us now or in the future and permits such communication regardless of their purpose.By checking the box, you consent to receive marketing text messages. If checked, you consent to receiving texts including marketing and promotional communications, from . Messages and data rates may apply. Message frequency varies. To opt out of text messages, reply STOP. Your consent is not required as a condition of any purchase. By continuing, you also agree to our Terms & Conditions and Privacy Policy
By digitally signing this form you are providing with your express written consent to send you business and marketing communications via email and by calls or prerecorded messages dialed by a natural person or by an automatic or automated telephone dialing system. This express written consent applies to each such email address or telephone number that you provide to us now or in the future and permits such communication regardless of their purpose.
If checked, you consent to receiving texts including marketing and promotional communications, from . Messages and data rates may apply. Message frequency varies. To opt out of text messages, reply STOP. Your consent is not required as a condition of any purchase. By continuing, you also agree to our Terms & Conditions and Privacy Policy
Are you buying or selling a home?
Buying
Selling
Both
When are you planning on buying a new home?
1-3 Mo
3-6 Mo
6+ Mo
Are you pre-approved for a mortgage?
Yes
No
Using Cash
Would you like to schedule a consultation now?
Yes
No
When would you like us to call?
Thanks! We’ll give you a call as soon as possible.
When are you planning on selling your home?
1-3 Mo
3-6 Mo
6+ Mo
Would you like to schedule a consultation or see your home value?
Schedule Consultation
My Home Value
Please confirm your property details:
Sorry, we couldn’t find ''
Please check the spelling, try clearing the search box, or try reformatting to match these examples:
Address: '123 Main St, Anytown' Neighborhood: 'Downtown' Zip: '98115' City: 'Anytown' or 'Anytown, State/Province' MLS number: 'MLS# 38065544'
