Brightwireloans
The
mortgage industry is a rapidly changing landscape. As a mortgage
broker NJ,
it's essential to stay ahead of the curve and be prepared for upcoming market
trends. 2023 is poised to be a pivotal year for NJ mortgage brokers, with
numerous changes expected in the industry. This article will discuss the top
market trends for mortgage brokers in 2023, helping you stay informed and
prepared for the future.
1.
Rising Interest Rates
Economists
predict that interest rates will begin to rise gradually in the coming years,
with 2023 being a notable turning point. The Federal Reserve has indicated that
it plans to tighten monetary policy, leading to higher interest rates. This
change will significantly impact the mortgage industry, as borrowers may be
more hesitant to take on new loans or refinance their existing mortgages.