Mortgage Rates 2023

As your local Ventura County Realtor and real estate team, we have been on the lookout for mortgage rate trends entering 2023. The trend of mortgage rates on the rise has directly impacted the buying power of most buyers on the market. This has halted the extreme buying frenzy that we witnessed in the last several years as rates hit historical lows. If you are considering buying or selling your home this year you will want to keep your eyes on the fluctuating interest rates.
Economists predict that rates will level off sometime in the year 2023. Entering this new year rates seem to be hovering around the 6% mark. Predictions set by many experts are hopeful that we have seen the peak of mortgage rates already at the end of 2022. In fact, we are finally starting to see a very slow and steady trend downward. Keep in mind that even if rates do dip back down, refinancing is not always the answer. You will want to take into consideration exactly how much longer you will stay in your home, closing costs, and your current monthly payment. If you plan to move in the near future your cost to close on a new loan will likely be greater than the savings, you will get for the duration you are in your home. Also, you will want to calculate the savings long-term by starting over with a new 30-year mortgage if there truly is a savings involved.
As your local Ventura County Realtor and real estate team we are always here to help advise you the best we possibly can. If you have any questions about how the mortgage interest rates are affecting your situation, please feel free to give us a call. We look forward to helping you achieve all of your real estate goals this year.