What the 'new normal' means for buyers

Is it time for buyers who have been waiting to step off the sidelines?

Last week, we talked about how the cooling housing market has entered a “new normal” that looks much different than the frenzied, competitive activity of the past two years. Mortgage rates hit three-month lows even after the Fed raised interest rates again last week – further illustrating that the market is driven by a range of macroeconomic factors (and not solely by inflation).

So what does this “new normal” mean for you as a buyer? The key thing to remember is that high rates don’t automatically mean it’s a bad time to buy. In fact, the current market could even present a strong opportunity for those sidelined by the low inventory, high demand and bidding wars that had come to define many markets across the country during the pandemic.

Have you gotten back into the market recently? Tell us why or why not on Twitter @HiMorty or at MortyReport@morty.com.

– Robert Heck, Vice President of Mortgage @ Morty