January 2023 market archive. This article discussed mortgage rates and buyer activity ahead of the 2023 spring season. Its figures and economists’ expectations describe that period; they are not current mortgage quotes or a recommendation to list a home now.
The Mortgage Bankers Association’s January 25, 2023 release reported a 7% weekly increase in its seasonally adjusted composite application index for the week ending January 20. That included purchase and refinance activity. The seasonally adjusted purchase index rose 3%; the refinance index rose 15%. Applications are not completed home purchases or a count of qualified Telluride buyers.
These were conditional assessments quoted in January 2023. They do not prove that every predicted change occurred or that the same conditions apply to a specific property today.
Compare recent closed sales, active competition, condition, likely ownership costs and the seller’s timing constraints. Mortgage rates are one influence among several. A national weekly application change alone cannot establish local buyer competition, the right asking price or an optimal listing date.
Anne-Britt Ostlund at Mountain Rose Realty can discuss a property-specific plan and the evidence behind it. Buyers should obtain current terms from a lender and compare the full payment and ownership budget.