We are well into the new year now and the housing market is still experiencing constant shifts and changes which leaves many people wondering what will mortgage rates be like in 2023 and will home prices decline? We have the answers and insight to all these questions and more.
Let’s take a look!
There are reasons to be optimistic that rates will be improving in 2023. As we all saw, rates more than doubled in 2022.
Homes are staying on the market longer, but supply is still low and there are more buyers than homes available so it's still a seller’s market which means continued upward pressure on home prices.
Whatever your situation, it's always best to get pre-approved so you know what payment you can afford and what price range you should be looking at.
A recent survey by MeridianLink found that 21% of respondents were planning to pull equity out of their homes in 2023.
If you have high interest credit card debt and a super low mortgage rate, it may make sense to refinance and cash out into a higher mortgage rate.
Remember, it does depend on your specific scenario so please reach out to a EHL Loan Officer so we can review your needs.
The housing climate of 2008 is different from todays. Why?
We certainly wish we had a crystal ball to answer this question.
We wish we had a crystal ball to predict what’s going to happen with mortgage rates or price appreciation, but we unfortunately can’t control that. Remember, the team at
Emerald Home Loans is always here to help answer any questions you have. We are happy to sit down with you to discus which home buying option best suites your scenario and find out how much home you can afford. We’re here to help.