Local Mortgage Update – October 2023

Published On: October 19, 2023234 words1.2 min read

I can’t think of anyone who wants an 7.5% mortgage, unless of course we step into my time machine and head back to 1986. In 1986 I was working for a mortgage brokerage operation in San Jose and we had a totally radical office party when mortgage rates dropped below 10%. It was the eighties, employers threw totally radical parties, with free alcohol, and loud music and no one got sued… I guess you had to be there. But I digress, interest rates can be matter of perspective, and 7.5% is historically not too bad. If you or a loved one is waiting for 3% mortgage rates to return before you make your next move, forget about it. The crash brought down homes values 25% to 50% (bad), which led to massive federal stimulus (bad), which in-turn created 3% mortgages (good) and the inflation we are experiencing today (bad). I believe we can all agree this chain of events is not likely to occur again. 2024 is an election year and I believe the current administration will move heaven and earth to lower Treasury rates, so we may see a 5.5% mortgage rate by next Summer. I’ll be happy to refinance anyone who gets stuck with a scary rate.

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