If you are waiting for mortgages to come back down, some experts say you may be waiting a long time. The chief economist at the National Association of Realtors says that in his lifetime he doesn't expect to see rates adjust back down to 3%. (If you are like me you are now asking how old is Lawrence Yun? I would say about 62.) He goes on to reflect on the fact that those historically low rates below 3% were a means to get us through unprecedented times during the pandemic and a once in a lifetime move. Here are some predictions from the National Association of Realtors and other real estate watchdog groups.


But before we get there, expect some rough waters in the mortgage industry. Just this week US Bank laid off workers in their mortgage department following the lead of other banks who have done the same. The dip in the number of sales and refinance customers has had a significant effect on them. Of course, First Republic and Silicon Valley Bank suffered and were bought out as a result of offering so many lower rate jumbo loans. In turn they were ill prepared when the rates starting raising and borrowing money was more expensive. Those working in the mortgage industry are feeling uneasy and rightly so. It's a tough time for them. For buyers, if you want to purchase a house the process is the same, and well qualified people should have an easy time. As I have said before though, shop around for the best program for you. Here are national averages this week.



If you didn't win the PowerBall and still need a mortgage to pay for your next home, I hope you find this helpful. My family did not hit the jackpot as you may have guessed, if we were the big winners I would not be writing this blog!


Have a great week! The sales activity this week seems to have slowed down. A seasonal affect for sure- vacations are being prioritized over home buying during steamy July!

I'm always available and more than happy to provide an analysis for you! Email me at teri@mgsgrouprealestate.com or call at 617-306-3642 to schedule a meeting.