Yun predicts rent prices will rise 5% this year, already following a 7% increase last year. Such a market boost could increase competition for homebuyers in the springtime, traditionally when the market thaws out, and sales begin to rise.
If rates continue to stabilize and inflation slows, it could spark more demand for housing. Slight gains or losses in housing prices will vary across the country except for California, where Yun expects a significant price drop. Yun also predicted that home sales would decline by 6.8% below last year, and the national median home price would reach $385,800-which is only a 0.3% increase from 2022. 13, 2022, annual year-end Real Estate Forecast Summit. His presentation included this prediction during the Dec. Yun forecasted 2023 would see prices remaining stable and that 4.78 million existing homes will trade hands. Will the housing market change this year in Utah? He also predicted that mortgage rates would “settle” at 5.7%-but not until the very end of 2023. The gap between these two rates traditionally stays relatively even, meaning a lower Treasury rate (which closed last year at 3.88%) could easily indicate a similar decline in the 30-year rate.Ĭontinued market normalization, Yun added, will be “an opportunity for rates to decline even further.” Like other economists, Yun points to an unusually high spread between the Treasury and 30-year fixed-rate mortgages, which have historically had very close ties. Post-pandemic mortgage rates, Yun believes, have already peaked. Will the downward trend of mortgage rates continue? This trend would continue almost entirely throughout the year’s final weeks before a slight increase in the last week of December (6.27% to 6.42%) spoiled the streak. Many real estate professionals were pleased to see the 30-year FRM percentage start to drop on Nov. “Mortgage rates,” Yun said, “are the lifeblood that drives homes sales.” New-home sales are also projected to show a decline of 17% when all the dust has settled. That changed in 2022, with existing-home sales expected to cap off the end of the year at 16% lower, a level not seen since 2014. The National Association of Realtors Chief Economist Lawrence Yun described the pre-pandemic era as a “homebuying frenzy” when mortgage rates in Utah were at some of the lowest levels some people had ever seen. See Today’s Rates Are Utah mortgage rates expected to drop? Get customized rates tailored to your individual mortgage needs.
#Utah housing mortgage calculator mac
The Freddie Mac economist concluded his statement by suggesting that “forward leading indicators” point to continued “weakness throughout the winter.” “While the intensity of weakness is moderating,” Khater said, “the market continues to decline.” On the other hand, the 15-year fixed-rate mortgage averaged 5.68%, a slight decline from previous weeks when it averaged 5.69%.įreddie Mac’s Chief Economist, Sam Khater, is quoted as saying that the housing market continues to “remain in the doldrums with declining sales, inventory, and prices.”ĭeclines in sales and the deceleration in home prices began in earnest in 2022 but have somewhat leveled out since then.
29, 2022, Freddie Mac released the latest results of its survey, which showed the 30-year fixed rate mortgage averaged 6.42%.
Current mortgage rates and real estate trends in Utah Let’s look at what mortgage rates are doing in Utah and why first-time homebuyers and seasoned mortgage loan borrowers look to this beautiful state as a place to buy their homes. Surrounded by mountains and the beauty of mother nature, it’s no wonder Utah is so popular with homebuyers.Ĭould the new year spell a break in the mortgage rate increases we’ve seen in the year before? Could borrowers and mortgage lenders see a welcome heating-up in the real estate market for 2023? Interest rates are one of the most crucial yet variable aspects of buying a home in the Beehive state-but what is happening with mortgage rates in Utah?Įvery year, thousands of Americans choose to purchase their home in one of the most desirable states in the union.
0 kommentar(er)
