January 27 2023 interest rates

 According to https://www.mortgagenewsdaily.com/news/01192023-big-llpa-changes, the interest rate currently is around 6.2%   This rate is for the "optimum" candidate, as interest rates will vary depending on the borrower's credit, income, type of job, etc.  

The interest rates have been much more "stable" lately than in 2022, although we have ahead of us possible rate hikes and other economic factors to move through before the ideas of lower interest rates ahead...  https://www.mortgagenewsdaily.com/markets/mortgage-rates-01272023  

Originally, we were told locally (in Ukiah, Willits, Mendocino County and Western Lake County) that the interest rates should come down a bit by summer 2023, but right now that remains to be seen!

Mortgage Applications

Mortgage applications dropped by the end of May 2021, so we shall see what impact this means soon.  Here is the article I was reading: https://www.housingwire.com/articles/fewer-people-are-submitting-mortgage-applications/

Basically,  less buyers were wanting to jump into the market. Is it the high prices? Cost of construction and materials? Or because many were vacationing for the 1st time in a long, long time?  I do know several buyers who backed off and stopped looking for now due to rising prices and also being beaten out on one home after another.  But I also see a lot of people enjoying vacations right now, too.

Only time will tell...