Content provided by Bellco Home Loans
Originally published February 2023
With the continued downward pressure on mortgage interest rates, new loan activity has rebounded in short order as we began 2023. Mike Fratantoni, Mortgage Bankers Association’s chief economist, revealed in a January press release that both refinance and purchase activity increased by double digits compared to the previous week’s data.
The declining interest rates, along with the discounts many homebuyers are seeing, has spread optimism across the housing industry. According to Nadia Evangelou, Senior Economist for NAR, with fewer homes on the market, the data has shown that sellers are more willing to negotiate as listing times elongate.
The question that remains is with the market now warming, could we see concessions/reductions waivers and bidding wars resume? Many industry experts feel that this very well could be the case with continued supply shortages and pent-up buyer demand.
The Bellco Home Loans team can assist Bellco members with any real estate questions or concerns they may have as they look to navigate this ever changing market.
Bellco Home Loans is a joint venture between Bellco Credit Union and Cherry Creek Mortgage, an independent mortgage lender that’s been helping families attain homeownership for over 30 years. Bellco Home Loans is an equal housing opportunity lender. All applications subject to approval. Bellco Home Loans, LLC, NMLS #2085298.