Things are still happening in the housing market. If there’s one thing I want you to learn from this mid-year update on the home financing market, it’s that we’re still here.
Even when the media talks about high interest rates and low housing inventory, we’re still helping homeowners and homebuyers every single day. And we’re here to help you too. Here is our take on where things stand today.
Homeowners
Many of our clients took our advice over the last few years to finance or refinance at historically low rates, and now they are enjoying the ride. Though national home prices fell at the end of last year, the most up-to-date reporting shows them climbing to a new record in May.*
The takeaway – many homeowners are sitting on good rates and strong equity. Emerald Home Loans is helping many access cash from that equity with lines of credit or loans.
Homebuyers
The picture is more challenging for those who hope to buy. Though interest rates are still below the long-term averages, they are significantly higher than their lows. Many U.S. markets are less affordable than their long-run averages.*
Listings are down more than 50% from pre-pandemic levels, so buyers simply don’t have as many choices. There’s hope there, however, as inventory improved modestly in May and new construction is trying to fill in the gaps.*
The recently released Consumer Price Index shows inflation moderating more quickly than expected. Slowing inflation can be good for rates – and that's good for affordability.
The takeaway – It may be tougher to buy now. Yet you can be assured that if you need or want to purchase, we have mortgage programs that can offset the impact of high rates and help you get the most for your money.
*Black Knight Mortgage Monitor May 2023
Bottom Line:
In all types of markets, the team at Emerald Home Loans remains committed to helping you make the most of your home financing. Any time we can assist you or someone you know, please reach out!
