National Market Update Michael Mahoney

by Michael Mahoney

Here is what has happened with mortgages last week:

Mortgage Rates Decrease for the Third Consecutive Week
March 30, 2023

Economic uncertainty continues to bring mortgage rates down. Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers. See historical reports and data from Freddie Mac

National Data Shows Home Owners are Just Not Putting Homes on the Market

While the first three months of 2023 have had significantly more housing demand than we expected coming out of the ice-cold fourth quarter, the real story of the year continues to be restricted supply of homes to meet that demand. There are 413,000 single family homes on the market this week across the US - basically unchanged for three weeks in a row. Homeowners in America just aren't interested in selling yet.

I went to seveal open houses this weekend and they were busy. A friend of mine said their open house was busy.

If you want to get a sense of the market nationally, the video below will give you a good graspe of it. Homes in the Northeast are selling.
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