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Housing Market Update - October, 2022

Almost immediately after the Fed raised the rate on September 22, mortgage rates went up further, touching into the 7% plus range as an average in the US.

We all thought lenders built this in, but the talk about continuing increases really led them to react even more.

Here's Brian Woltman, producing Branch Manager at Embrace Home Loans, to give us a mortgage minute and let us know exactly what's going on in our local market.
BRIAN:
​The Federal Reserve raised interest rates, and more importantly, after they raised interest rates, they said a few important bullet points.
They said they're going to continue to raiserates at the end of this year.
They're going to incrementally raise rates in 2023, and they see themselves pulling rates back in 2024.

So if you read between the lines, what they're saying is they feel like they're going to have inflation under control by the end of 2023, which means we may see rates start to come down towards the end of that year or into 2024, which is a great opportunity for people to refinance.

The average rate in America right now is a little over 7%. We've got products that embrace right now, they're still hovering around the fives. And, you know, the rule of thumb is every 1% of interest rates go up, a buyer loses 10% of their purchasing power. Every little bit matters.

Right now, this is a great opportunity to buy, because in a couple of years from now, we're going back to a situation where there's going to be limited inventory and there's going to be a lot of home buyers out there.

So, you deal with the rate now. Of course, make sure you can afford the home - that's the most important part.

But the inventory issue is the underlying problem. Interest rates are high, but it does not fix the lack of inventory that we haven't had for the last couple of years. So thank you so much for having me. I really appreciate it, it's good seeing you, as usual.
MARIE:
​Thanks, Brian. 
For an honest look at what this all means for us here locally, if you'd like an update on our local housing market as well as today's rates since September 22, I invite you to my October local market update.

It includes the third quarter and a look forward at how things have been since the rate increase. Tune in!

BASKING RIDGE REAL ESTATE:  Search The Hills, Basking Ridge, Bedminster, Bernardsville, Bridgewater, Real Estate and Homes for Sale  Copyright Marie Young 2005-2021
  
MARIE YOUNG, SALES ASSOCIATE
COLDWELL BANKER REALTY

1 South Finley Avenue, Basking Ridge, NJ  07920.

Email:  marie@marieyoung.net
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​The property information herein is derived from various sources that may include, but not be limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. ©2022 - 2023 Coldwell Banker. All Rights Reserved. Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.  
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  • Home
  • Marie
  • Search Homes
    • 2023 Featured Listings
    • Search Basking Ridge & The Hills Homes
    • Search The Hills by Each Subdivision
    • Search Homes In NJ
  • MARKET WATCH
    • Monthly Home Sales, Trends
    • Mortgage Matters
  • BUY OR SELL
    • Home Buyer's Guide
    • Home Seller's Guide
  • Open Houses
  • Town, School and Commute Info
    • Commute, Get Around
    • Towns and Schools
  • Events and Happenings
  • The Blog