My New Blog

Ok, its 2023 now. I have given thought again as to the current state of market conditions concerning mortgage interest rates for the present moment and into the year 2024.

Home Mortgage Rates are slowly dropping now and this should continue to the end of 2023. Other economists have expressed higher interest rate predictions to be the norm but as long as the US does not engage in a war or have another extreme market government caused condition like the past Covid Lock Down had on business and the world, I see a brighter forecast for 2023 and 2024.

The mortgage rates could, in my opinion, be in the low 5% range or lower with Variable Mortgage Rates which may be fixed for 7 years before they adjust.

There are just too many people that want to return to work force now and the Government knows they should leave business alone so that the recovery of the economy through "Trickle Down Economics" can do what it normally does when goods and services are purchased with respect to buying and improving Real Estate.

My first Mortgage in 1974 was at a rate of 22.5 FHA and there was also an oil embargo which was similar to what was seen in the past couple of years.

 Mortgage Interest rate in 2023 will continue to fall and in 2024 the interest rates will fall again. Why, well because it will be a Presidential Election Year and the Government officials will be beating their chests again as to How Great and Wonderful They Are in taking credit for the recovery, when it was Free Market Enterprise all along doing what it does to recover on its own.

I predict 2024 will have both a stronger Market for purchasing homes and a Refinance Market with even lower rates.  Homeowners and Investors will have equity saved and the lenders will be coming out of the wood work to service and create these new loans.

 Lenders have been reducing many office staff personal at this time to reduce overall office costs but will add staff when the business picks up. Even the same goes for Silicon Valley Tech which has recently made huge adjustments to labor, but I believe the Tech Industry will think its way out of this mess and create a better mouse trap, widget or technological wonder or find blue collar jobs until they can return to Tech.

Just have to take it one day at a time to get through 2023 Market Conditions which I predict will improve toward the end of 2023. Then the economy to be getting along better in 2024 of an Election Year as election officials do not want to mess up an improving economy just before an election. Interest rates will drop again further in 2024.