2022 Fourth Quarter Market Report – Real Estate
In the 2022 Fourth Quarter Market Report, we continue to see pending home sales decrease. Interest rates and low inventory continually influences contract signings by buyers. Knowing there are always highs and lows in the real estate market, home-buying activity will inevitably rebound in the coming months and help economic growth. Bluewater Real Estate firm production for December was $14,701,883.00. Agents closed 46 sides in December with an average sales price of $386,892.
Mortgage Rate Forcast with Atlantic Bay Mortgage
As we dig into the 2022 Fourth Quarter Market Report, we found that mortgage rates increased significantly this year. They are sitting at double what they were at the start of 2022. Economists question whether this indicates a steady decline in 2023 or whether rates will continue to rise. The average 30-year, fixed-rate mortgage was 6.31% for the week ending December 15. It was the fifth consecutive week of declines after the rate reached 7.08% on November 10.
Some experts say they’re hopeful that interest rates won’t rise this year. Others say the increases will likely continue into early 2023 until inflation is under control. Rates for home loans are caught in a tug-of-war between high inflation and the Federal Reserve’s restraining actions, which have indirectly pushed rates higher. The Federal Reserve began hiking its benchmark interest rates in March, totaling seven increases by December. Rates will likely undergo upward pressure in the coming months or at least until inflation moderates. While some housing experts say mortgage rates have probably reached their peak in the wake of the latest rate declines, but remain cautious.
Do You Have Additional Questions About The 2022 Fourth Quarter Market Report?
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Source: Forbes Advisor, Atlantic Bay Mortgage