If you've been watching the Grand Forks market from the sidelines, here's what you need to know heading into summer: this market is not cooling down — it's speeding up.In May 2026, 59 homes
Lower Mortgage Rates Are Bringing Buyers Back to the Market
Dated: January 31 2023
Views: 85
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.
Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.
So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.
Mike Fratantoni, SVP and Chief Economist, MBA:
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
Thomas LaSalvia, Senior Economist, Moody’s Analytics:
"We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit."
Sam Khater, Chief Economist, Freddie Mac:
“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”
Bottom Line
If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.
Josh Steinke
In the dynamic world of real estate in Grand Forks, North Dakota, Josh Steinke stands out as a realtor with a deep connection to the community and a profound understanding of the local property market....
Latest Blog Posts
By Josh Steinke | Berkshire Hathaway HomeServices Family Realty 701-741-1335 | joshsteinke.grandforksfamilyrealty.comIf you've been thinking about buying or selling a home in Grand Forks or East
If you've been thinking about buying or selling a home in Grand Forks or East Grand Forks, here's the honest truth: the spring market is not waiting around.I've been watching this market closely,
Spring has arrived in Grand Forks — and so has a wave of real estate activity. If you've been thinking about buying or selling, here's an honest look at what the market is doing right now and
Tax and special assessment figures are provided by the listing companies and are usually from the most recent tax bill, but buyer should verify amounts with appropriate governmental departments for accuracy and future estimates. New construction listings often have incomplete or no information on tax or special assessment estimates provided by listing companies, so they must be verified. Figures do not reflect any pending, proposed, or future special assessments which may be levied by governmental
Grand Forks Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
