Mortgage rates tick higher after strong employment data
The national average for a 30-year fixed-rate mortgage ticked slightly higher on Thursday after an employment report from ADP showed that the job market was stronger than expected. The report showed that private sector employment increased by 235,000 jobs in December and annual pay was up 7.3%. The national average for a 30-year fixed rate mortgage ended trading at 6.50%, up 0.09% from the day before.
The Federal Reserve has raised interest rates in an effort to cool off inflation. One of the side effects of the rate increases is typically higher unemployment. The recent jobs reports indicate that companies continue shrugging off the higher interest rates, continue to hire, and that appears to have impacted the mortgage market.
Which US cities will offer the most bang for your buck in housing in 2023?
Realtor.com released its top 10 metro areas that could see dramatic increases in housing prices by the end of 2023. The list is dominated by mid-sized markets that are known for affordability and local manufacturing hubs. Coming in at first place? Worcester, MA with predicted growth of over 10% by the end of the year.
Sun Belt cities like Columbia, SC, August, GA, and Chattanooga, TN also appeared in the top 10.
What percentage of home buyers were first timers in 2022?
While 2022 saw elevated home prices and surging mortgage rates, it also saw 26% of homes sold to first-time home buyers. That was down from 34% in 2021, but considering the market conditions of the past year, it’s impressive that first-timers were that well represented.
Do you want to join the ranks of first-time home buyers in 2023? Check out our guide to buying a home specifically created for first-timers, and get started on your journey to home ownership. Market conditions may be a challenge, but our team can help you work through current conditions and get into the home that’s been on your mind.
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