I'm back with your weekly market update!
Currently, Mortgage rates in Texas are 6.09% for a 30-year fixed and 5.37% for a 15-year fixed.
With rates rising, it has become a bit more costly to purchase homes compared to last year, which has detoured some from purchasing, BUT have no fear - I feel things are starting to look up.
As you know, the market has been in complete chaos for the past two years. Home prices skyrocketed, inventory was low, mortgage rates were low... it was a downright frenzy.
The reality today is that inventory has risen a bit locally, but so have mortgage rates, and the market has shifted. However, while it might seem like the market has slowed to a complete stop, that is certainly not the case. Instead, the market is leveling off and becoming just a bit more balanced, where supply and demand are finally equalizing.
Most experts still forecast home prices to appreciate well into 2023 but much slower than in the last two years. I believe mortgage rates will come down a bit in the coming months as we enter what is expected to be a recession, and the market will start to gain some steam as long as inventory maintains!
Whether you are buying or selling, having the right real estate professional that can help you strategize is more important than ever.
If you have any questions or want to hear how you can create a strategic plan, feel free to give me a call at 281.832.1033