Rates Fall To Lowest Level In Two Months

Dated: April 17 2023

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According to the latest weekly applications survey by the Mortgage Bankers Association (MBA), the average mortgage rates have dropped to their lowest point in two months. All loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 5/1 ARMs, and 15-year fixed-rate loans, experienced a rate decline. This rate decrease has increased buyer demand, as evidenced by the 8 percent rise in purchase applications last week.

Mike Fratantoni, MBA's senior vice president and chief economist, noted that the job market's slowdown was responsible for the drop in rates. He said, "Incoming data last week showed that the job market is beginning to slow, which led to the 30-year fixed rate decreasing to … the lowest level in two months. This year, prospective home buyers have been quite sensitive to any drop in mortgage rates, which played out last week with purchase applications increasing by 8 percent."

The MBA's weekly survey, which has been in operation since 1990, covers 75 percent of all retail residential mortgage applications. This news is a promising development for potential homebuyers looking to take advantage of lower rates. The decline in rates across all loan categories, coupled with the increase in demand, suggests that now may be an opportune time to buy a home. However, it's essential to remember that mortgage rates can fluctuate quickly and unpredictably, and potential buyers should consider working with a professional to determine the best time to make their purchase.

 

The MikeDowner.com website is the most comprehensive online source for Southwest Florida real estate information and services. Whether looking for the latest sales, trends, or homes for sale in Collier County and Lee County in Florida, Mike Downer and Coldwell Banker Realty have it all at your fingertips. Browse information regarding new listings, price changes, short sales, foreclosures, new construction, investment property, land sales, or commercial locations throughout Southwest Florida at www.MikeDowner.com or call Mike at 239-722-6453.


 



 

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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