Orphe Divounguy
speaker
63 appearances
1 recordings
1 series
first heard Apr 2023
last heard Apr 2023
Orphe Divounguy’s voice in public audio — every appearance, attributed to the second.
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Appearances
The housing market is inching toward a more balanced market.
But markets are local.
Every city and every neighborhood is going to be very different.
It's a pleasure.
Thanks for having me.
Yes, we have.
Historically, mortgage rates have hovered around 7%.
Rates are roughly 6.5% today.
But look, housing costs have risen rapidly over the last three years.
but incomes just haven't kept up.
And that means buyers have lost a ton of purchasing power over the last couple of years.
Mortgage rates doubled over the course of 2022, bringing the typical mortgage payment on a home purchase 45% higher than it was just a year ago.
And when you combine the price increases and the increases in mortgage rates, mortgage payments are now double what they were in 2020.
And that means basically fewer home buyers are shopping.
But the flip side of it is that for buyers who can afford it, they just won't see the lines out the doors that they saw in 2021 or the bidding wars on most listings.
They'll have more time to shop when compared to a year ago.
Competition for well-priced and move-in ready homes is still very rapid, very strong when compared to before the pandemic.
And that's because inventory is still very, very low, 40% lower than it was before the pandemic.
At any time mortgage rates dip, we see an increase in mortgage applications and housing sales.
But it's very hard to predict where mortgage rates will go next.
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