Home mortgage rates are expected to decrease over the upcoming year. Experts in the industry agree, interest rates should keep falling. Some borrowers are finding rates below 6 percent.
“Mortgage rates declined for the fourth straight week and have now fallen almost 40 basis points over the past month,” says Joel Kan, deputy chief economist at the Mortgage Bankers Association.
“Treasury yields were higher on average last week, while mortgage rates decreased, which was a sign of a narrowing spread between the two,” Kan says. “The spread between mortgage rates and the 10-year Treasury has been abnormally wide since early 2022. Further narrowing of that spread is expected to put downward pressure on mortgage rates in the coming months”
“Mortgage application activity sunk to a quarter-century low this week as high mortgage rates continue to weaken the housing market,” said Khater, Freddie Mac’s Chief Economist. “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.
What does this mean if you are looking to purchase a house in 2023?
The fact remains, the lower your interest rate, the more you can borrow, the more home you can buy. So, it is important to find the best mortgage for your situation.
An independent mortgage company here in Florida will take a more personal approach to the process. Taking the time to understand your personal situation and helping you get through any obstacles.
Reduce your stress by working with an independent mortgage broker. Finding the most competitive loan for your situation takes a lot of time and hard work A mortgage broker understands the industry and can find the best loan for you. Which means you can focus on shopping for your dream home instead of a mortgage.
The buying process is stressful enough, getting a pre-approved mortgage can significantly remove that burden. This way you will have negotiating power and know how much of a home you can afford. A pre-approved mortgage will also give you a competitive edge when it comes to that dream home you’ve always wanted.
Palm State Mortgage Company is on your side!
As a premier lending company in Central Florida and Boca Raton, Palm State Mortgage, offer personalized support and service. Choosing the right home mortgage is just as important as choosing the right home. With a large network of lenders, we can provide you with a competitive mortgage. We are here to answer any of your questions and know what to expect along the way.
We provide the resources and free tools to help borrowers achieve the home they always wanted. Get started today by contacting Palms State Mortgage Company.
