Mortgage Rates Crashing! Buyers are Coming Back into the Housing Market

Mortgage rates have declined substantially in 2023 as the number of people applying for a home loan have increased 25% in the last week alone. The mortgage rates peaked in November 2022 over 7% and now we have rates around 6.2% and declining. Inflation is taming as other parts of the economy have started to cool and lending has slowed down.

The mortgage forecast for 2023 is that rates will be in the 5-6% range for most of 2023 with some estimates in the mid 4% range by the end of the year. The crash of mortgage rates is because rates rose at the highest rate in over 40 years in 2022 more than doubling. The rise in interest rates caused numerous mortgage lenders to go out of business.

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