Mortgage MARKET update December 2023

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2022 Was Rough For Rates and Housing, But 2023 is a Blank Canvas
So long 2022! Don't let the door hit you. You were the worst year for mortgage rates that most of us have seen in our lifetimes in terms of the pace of the rate spike. Sure, our friends who have more "life experience" are happy to remind us about their double digit mortgage rates in the 80s, but that was then, and everything's relative.
During that time, huge milestones were achieved
1. The average home appreciated by roughly 40%, even after accounting for the modest correction in prices
2. Home sales exploded to levels well above anything else seen during the past decade
3. Rates plummeted well into new all-time lows and stayed there for much longer than any previous stint.
4. Even if we shift gears to the stock market, we find gains of almost 50%. Even after the crummy 2022, stocks are still up roughly 20% from pre-covid levels.

Reviews

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reginald a hughley

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"Michelle has been amazing in our home buying process. This was our first time buying a home and her expertise was so helpful. She made everything easy to understand, and her quick response was greatly appreciated in our fast closing. "

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