Are buyers starting to come back to the housing market?

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Are homebuyers coming back to the housing market?

Rates have shown back-to-back weeks of decline and housing prices have cooled in certain areas, but have buyers come back to the market? According to a recent article from USA Today, the Mortgage Banker’s Association reported that mortgage applications have increased week over week but are still below last year’s levels.

The current challenge according to Lisa Sturtevant, the chief economist for Bright MLS, is a lack of inventory. Sturtevant said, “More inventory could entice some buyers to get back in the market.” However, Sturtevant also stated, “The recent dip in mortgage rates has not been enough to persuade homeowners with a sub-3% mortgage rate to list their home. We may have to see rates below 6% before significant numbers of sellers would be willing to trade in their super-low mortgage rate.”

What’s on the financial calendar for the week of 5/15 – 5/19?

The following events, reports, and announcements have the potential to move the financial markets next week:

Monday, May 15th

Empire State manufacturing survey – May 2023
Chicago Fed President Goolsbee on TV
Minneapolis Fed President Kashkari speaks

Tuesday, May 16th

Cleveland Fed President Mester speaks
Fed Vice Chair Barr speaks
Richmond Fed President Barkin speaks
New York Fed President Williams speaks
Chicago Fed President Goolsbee on TV
Atlanta Fed President Bostic & Chicago Fed President Goolsbee on panel
U.S. retail sales – April 2023
Retail sales minus autos – April 2023
Home builder confidence index – May 2023

Wednesday, May 17th

Housing starts – April 2023
Building permits – April 2023

Thursday, May 18th

Philadelphia Fed factory survey – May 2023
Initial jobless claims – May 13th
Fed Gov. Jefferson speaks
Fed Vice Chair for Supervision Barr testifies
Existing home sales – April 2023
U.S. leading economic indicators – April 2023

Friday May 19th

New York Fed President Williams speaks
Fed Chairman Powell and former Fed Chairman Bernanke on a panel

What do first-time homebuyers need to know before shopping?

Buying a home for the first time can be a challenging, stressful event that feels more like an obstacle to overcome than a key milestone in one’s life.

The good news is that the team at Guaranteed Rate is here to help. Our team of experts have developed a detailed guide to help first-time homebuyers better navigate their first home purchase.

From setting a budget to making it through closing, we have put together all the information a first-time homebuyer might need to get their first home and mitigate the amount of stress they might have to go through. Check what our guide has to offer and download your copy today.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.