homeowners admiring their home

Residential Real Estate – A 2023 Snapshot

2023 has been a challenging year for residential real estate and everyone is eager to guess, anticipate and predict what 2024 will bring. Without a crystal ball and a magic wand, it is hard to anticipate and change what will happen next year but before we move into the future, it is important to see where we are in December of 2023 and utilize this information to guess what might occur in the new year. Residential interest rates in 2023 have been the focus of everyone’s attention as this is a key factor in evaluating the economy. In December of 2022, the interest rate for a thirty-year residential mortgage averaged about 6.33%. The latest numbers reported that the average interest rate is 7.03%. The good news is that this average is actually lower than interest rates in the proceeding weeks and months. Similarly, fifteen-year fixed mortgage rates which averaged 5.67% in December of 2023

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