U.S. mortgage rates have climbed at a historic pace in 2022, and many are wondering what 2023 mortgage patterns will manifest. Lee Mundy, mortgage sales manager, has three decades of experience in the mortgage industry, and can help analyze fluctuating details. In 2017, he joined Fulton Mortgage Company, a division of Fulton Bank. He provides mortgage services to the West Chester, Montgomery and Bucks region.
“I've been helping people with the financing of their homes for over 35 years. I really enjoy helping clients find the best mortgage program for their particular financial situation. When it comes to mortgages, it's not one size fits all. I assist clients in taking all information -- from employment, assets, debts and other information -- to determine optimal solutions for each situation," Lee says.
He adds whether someone is a first-time home buyer or a seasoned homeowner, he's happy to steer them through the process and answer questions.
Lee says his business is built on 100% referrals, so customer service is his top priority. "I guide customers throughout the entire mortgage process, from the pre-approval letter to closing."
Fulton Mortgage Company, a division of Fulton Bank, has an array of mortgage programs to help individuals or couples: Fixed and Adjustable Rate Mortgages (ARM), First Time Homebuyer Programs, FHA/VA/USDA Loans, Jumbo Mortgages, Second and Investment Programs, Construction and Renovation Loans, Non-Qualified (QM) and Exception Mortgages. They also have a specialty option called the “Physicians Mortgage” product.
Lee says the Physicians Mortgage is for physicians, pharmacists, dentists and veterinarians. "This program offers 100% financing with no private mortgage insurance. We offer competitive rates on 30- and 15-year fixed rates as well as ARMs.”
According to industry sources, mortgage giant Fannie Mae (Federal National Mortgage Association) predicts 30-year mortgage rates are going to cool significantly, averaging 4.5% in 2023. Federal Reserve board members are expected to raise rates by another 1.25 percentage points before the end of the year, Lee shares. They're also expected to raise rates another 0.25 percentage points during January 2023, he adds.
"Interest rates could start to settle down by the third quarter of 2023. I think buyers will be using ARM Mortgage products through the coming year. We have ARM programs with lower rates to enable greater buying power," Lee offers.
Lee says he believes 2023 will be a good year to buy a home, as home prices will start to drop.
"Interest rates have jumped from 3% to 7.5% in less than a year. What goes up must come down, so purchase your new home with an Adjustable Rate Mortgage and look to refinance in the next two to three years when rates drop. If FNMA is correct and the rates go to 4.5%, we will have a busy home market," he concludes.
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"We should also see a less competitive real estate market for homebuyers during 2023," foresees Lee Mundy, Fulton Mortgage Company mortgage sales manager.
