02/09/2024
ARE INTEREST RATE DROPS ON THE HORIZON?
Mortgage rates briefly topped 7% for the first time since mid-December last week before settling back below that mark, according to a daily measure of rates.
The average rate for the 30-year fixed mortgage catapulted from 6.63% on Feb. 1 to a high of 7.04% on Monday, according to Mortgage News Daily index. As of Thursday, the average rate had inched down to 6.95%.
According to Freddie Mac, the 30-year fixed mortgage reached 6.64% on Thursday, up from 6.63% the week prior.
The uptick came as Federal Reserve officials signaled they would likely hold off on cutting its benchmark interest rate until they were more certain inflation was cooling. The question is, is inflation cooling? 🤔
The central bank's delayed stance on reducing borrowing costs came after a stronger-than-expected jobs report last week. While a strong labor market is good for buyers, too much wage growth can lead to higher inflation. This seems to be an emotional rollercoaster for prospective buyers and investors.
Be sure to follow me for updates as we continue to monitor our market.
Sources: Freddie Mac, MarketWatch, YahooFinance
Taylor Ingram
Ingram Imperial Properties
Commercial | Residential
404.599.3338
[email protected]