Good news for the Real Estate Market is that Mortgage refinances has risen 18% for the fifth consecutive week in a row in 2023. Interest rates dropped to 6.18% this week as it sparks interest in refinancing. All mortgage applications rose 7.4% in the previous week compared to prior weeks according to the Mortgage Bankers Association. The rates are at their lowest levels since September 2022 and that has sparked an 18% surge in applications however it is still down 75% from this same time last year. Many buyers have put their home purchase on hold last year as interest rates spiked from 3% to over 6% for the same time last year. Average loan size has also jumped to $428,500, the largest increase since May of 2022. The Federal Reserve continues to monitor the situation and has signaled that it will continue to raise interest rates for the time being but at a slower rate and hope to begin lowering them later this year. The drop in interest rates will be a big tailwind for the Real Estate Market as it will make homes more affordable.
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