Talking to a mortgage executive about his predictions for 2023.
With such a turbulent year in our rearview mirrors, many people are wondering if they should expect bumpy roads ahead. No one can predict the future with certainty, and last year, many people’s predictions were wrong. That happens.
Recently, I got to talk to Jeff Ratanapool with Stockton Mortgage, and he said his predictions were off last year because of Russia’s attack on Ukraine. Since he works in finance, his predictions were based on markets; unfortunately, no one could’ve predicted that attack and how it would affect the world.
This year, he believes that mortgage rates will drop back down around 5.5% in the first or second quarter. He feels confident about that because we’re already seeing improvements in December. Also, he believes the real estate market will hold because of the lack of inventory. Plus, there will always be people who can’t let the rates affect them, like first-time homebuyers and people with life changes, and they’ll still have to buy and sell. This will help the market.
Of course, no one can guarantee that Jeff will be 100% accurate, we’ll just have to wait and see what the future holds. If you have any questions or are interested in buying or selling, don’t hesitate to reach out! Call or email me anytime.