Your Mortgage Market Update – August 2022

Hear from MortgageCS CEO Ben Stucker (NMLS #168345) about interest rates, housing market trends, and more mortgage updates for homebuyers and homeowners! Whether you’re a homebuyer dealing with tough market competition or a homeowner looking to do a cash-out refinance, we have market updates for you.

This Month in the Market (August 2022)

In summary: rates are down by 1/2 of a percent since my June newsletter and a full percent lower from their peak this year. This has opened a refinancing opportunity for some and brought new homebuyers off the sidelines in a less competitive market.

Thinking of purchasing a new home?

      • Housing inventory is increasing, yet it is still very low.  The good news is that there are a record 1.6m million homes under construction, the most since1973 for the baby boomer generation, although most were apartments.
      • Since June and the height of recent mortgage rates, we are seeing sellers be more flexible – it’s a good time to get back into the market if you haven’t been looking recently.
      • If you haven’t updated your pre-approval recently or would simply benefit from a conversation, please do not hesitate to schedule a time on my calendar or call/text me via phone at 267-391-7425.

Considering a refinance of your home?

      • If you have purchased within the last year and have a rate in the fives there is a small chance that a refinance could make sense for you.
      • As always, debt consolidation at today’s rates can also save you money compared to paying much higher rates on other types of high-interest debt.

Get Answers to Your Mortgage Questions

For more market information and unbiased answers to your mortgage questions, reach out to us directly! We’ll review your financial goals and help you devise a strategy that suits your needs. Schedule a call here today!