If you’re in the market for a home, make sure you do your research in this ever changing mortgage industry. Since the pandemic the industry has seen a lot of highs and record lows.
Recently the industry has seen about a three percent increase in mortgage applications. However, that number is still close to forty percent lower than the average from a year ago. In addition, we are seeing a slight decrease in interest rates over the past few weeks although they are still almost double from a year ago. Although still high, the average interest rate on a traditional mortgage is 6.6 percent. While rates decrease slightly it does give home buyers a little more power to purchase the home of their dreams.
As we close out 2022 it is anticipated rates may decrease a little more. Stay alert and involved in the trends to get the best mortgage rates and deal.