Recent estimates from Bankrate.com indicate that as of Monday, October 2, 2023, the current mortgage interest rates for a 30-year fixed mortgage are 7.81%, while the rate for a 15-year fixed mortgage is 6.99%. Additionally, U.S. Census Bureau estimates reveal that the homeownership rate in New Hampshire is around 71%, and the New Hampshire Housing Finance Authority reports that median home sale prices have been progressively increasing in recent times.
The mortgage interest rates forecast for October shows some fluctuations, but overall, rates are expected to remain high. Mortgage rates have been consistently above 7% for seven weeks straight, with a spike in August leading to the highest rates since 2001. However, the Federal Reserve’s decision to maintain rates in September has led to hopes that rates may decline slightly in the near future. While there may be more sustained declines in 2024, current rates are expected to remain high compared to pandemic levels.
Unfortunately, this makes it difficult for most homebuyers to afford houses in today’s market. Until rates and home prices begin to drop, mortgage demand will remain low. The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 22, 2023, showed a slight decrease in mortgage application volume by 1.3%, with home sales remaining
According to Zillow, the New Hampshire housing market continues to show strength with an average home value of $453,001, reflecting a 4.8% increase over the past year. This data is current as of August 31, 2023.