This is a YouTube video titled "Housing Market’s Warming Up! 🔥 #homeloans #homebuyer #fhaloan #interestrates #firsttimehomebuyer" containing a monologue or presentation about recent trends in mortgage rates and home buying activity as of early 2023. The speaker discusses the drop in mortgage rates, increased interest rate locks, and the ongoing shortage of homes, providing insights for potential home buyers.
Mortgage rates dropped back in November, just as predicted at that time. And as mentioned, it takes about a two month lag time before those drops in interest rates equal home buyers. So that two months leads us to January. And January's numbers are in January, interest rate locks are up 32%, meaning 32% more people are locking in their interest rates, meaning they are starting the home loan process. That's the first time that that number has increased in the last nine months. So interest rates dropped. It seemed like they hit their ceiling. Mortgages seem like they're starting to rebound and pick up activity. We are still way, way short in houses. That was a problem previously, before rates dropped. That's why the housing frenzy was so crazy, because so many buyers looking for so few homes. It kind of got masked the last couple of months because there's been a drop in activity. But rates are dropping. You know, big picture, there's ups and downs day to day, but there's more better days right now than there are worse days. Activities going up. We're still way short on homes. So if you're a buyer, these are things to be aware of because it's going to start getting competitive again.
