The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.
So be advised…this may be the one and only window for the next few years to get into a buyers market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity, says David Stevens,Former Assistant Secretary of Housing.
The bottom line is temporary rate buydowns are a hot trend for mortgages as borrowers face higher costs for home loans. Some buyers are exploring alternatives to traditional mortgages in a period of rising interest rates that is expected to continue into 2023. . . Buydowns . . . are a less costly alternative to traditional fixed-rate mortgages.
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