What Are Mortgage Rates Like Today (January 2023)

"What are mortgage rates like today?"

​I'm not a lender. However, I do work to keep folks updated about the entire home buying puzzle. Many people I speak to are planning a home purchase in the coming months, so naturally this question comes up. Right now (as in...RIGHT now) we're seeing some interesting trends.

According to Mortgage News Daily (1/18/2023), rates are at 4-month lows. Granted, we may never see anything near the historically low rates experienced over the last two years. For those that may need to make a move, the timing might be right. It is my opinion that we are in a limited window where demand is softer than it was, giving buyers an opportunity to actually negotiate with sellers on price and/or pre-paid expenses like closing costs. In addition, many buyers may have the ability to capture lower rates than a couple months ago.

If you're on the fence, now could be the time to capitalize on the opportunity. As soon as rates continue to come down and as we near the spring season, my prediction (sans crystal ball) is that we could see demand increase as other fence-sitters start their search again. Inventory is still low in our area, which could open the door for more competition in the buyer pool.

Starting the process doesn't have to be overwhelming! If you're looking to buy a property in 2023, and not sure where to get started, let's talk! I'm Jennifer Schurter, a real estate agent in the Portland, Oregon metro area and I can help you connect with a lender to answer all your mortgage questions.