MOLINGO: Mortgage Lingo with Michele Hammond, Carbon Team at CrossCountry Mortgage
It’s June already?! Summer is just around the corner which means we are nearly halfway through the year. It’s a great time for a 2022 market recap. Here’s what we have seen so far this year…
🔥 A scorching hot housing market with nationwide home appreciation up 20% year over year
⬆️ Rates have jumped from the 2s in Jan to the 5’s in May. The fastest increase in 40+ yrs.
💰Cash buyers represented 25% of all purchases nationwide
🚫 Buyers have been waving all inspections and contingencies
📉 A volatile stock market & inflation caused Fed policy changes, and Prime Rate increases
The good news is that rates are settling & we even saw a slight dip last week! Arm programs are becoming more popular and with rates in the 3s, Arms are an excellent option. Double digit appreciation means sellers are getting record high prices and inventory could increase. More inventory will help normalize the market and bidding wars will decrease. This is a great formula for buyers to start winning in the second half of 2022!
Vice President of Lending
CrossCountry Mortgage, LLC
Personal NMLS85839 Branch NMLS1601092