Rates went down a little mortgage applications went up

I think 2023 is going to be an interesting year for the housing market. Interest rates have gone down a little and at the same time

US Mortgage Applications Jump the Most since 2020 Mortgage applications in the US surged 27.9% in the week ended January 13th 2023, the biggest jump since the first week of March 2020, as interest rates dropped to the lowest level since September, data from the Mortgage Bankers Association showed.”

Mortgage rate chart
Mortgage rate survey

The demand for housing remains high. Interest rates will likely go down further but we probably won’t see 3 or 4% again for many years.  Home prices will probably level out a bit but at this point in the Twin Cities, they are still rising.

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