06/17/2024
Hey Facebook fam,
So here’s my 2 cents on mortgage interest rates (as you’ve probably seen lots of posts lately).
We have had a few decent inflation numbers (and inflation is the number 1 enemy to mortgage rates) which has been the catalyst for better rates in the last week or so.
Tomorrow brings us a critical retail sales report which is the most important news item of the week. If I were to handicap it, I think there’s a high likelihood it comes in below expectations which would be good for mortgage rates.
With that said, the fundamentals are still the same: still not enough houses for the demand and any perceived gain in better rates will quickly be offset by the inevitable price increases that come with extra demand (estimates are all over the place, but the concensus is millions, yes millions, of buyers on the sideline waiting for better rates before purchasing) and rate improvements are inevitable for more reasons than I can expound upon with one Facebook post.
For buyers in this market, now is the time to be aggressive and get the right home under contract. Anyone who buys later will have a better interest rate, but anyone who buys now will have a better rate (through refinancing) and equity.
Always available to discuss any questions/concerns. Make it a great Monday.
