December 12, 2022 / By Steven Thomas
Demand, a snapshot of the number of new escrows over the prior month, decreased from 1,212 to 1,133 in the past couple of weeks, shedding 79 pending sales, or down 7%. It was the lowest level since April 2020 during the initial lockdowns of the pandemic. first rise since mid-August. According to Mortgage News Daily, mortgage rates continued to ease on indications from the Federal Reserve that the climb in the Federal Funds Rate will most likely slow and have been hovering around 6.35% since the start of this month. Mortgage rates are expected to improve once inflation is trending down. That can come as soon as this week, with the release of the Consumer Price Index tomorrow. For the rest of the year, with fewer choices and plenty of holiday distractions, expect demand to plunge until ringing in 2023. From there, demand will slowly improve and gain speed upon transitioning to the Winter Market, mid-January through mid-March.
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