Kizzie Fryson- Realtor

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10/03/2024

QUESTIONS EVERYONE IS ASKING LATLEY

How will the dock worker strike affect mortgage rates?”

Hard to tell at this point. When dock workers go on strike, it can slow down the shipping of goods, which might make things more expensive.

If prices go up too much, the Fed might raise interest rates to keep inflation in check, just like they did the last two years, which could lead to higher mortgage rates.

If the strike makes people worried about the economy or eventually costs folks their jobs, the Fed might lower interest rates to help the economy, which could make mortgage rates go down.

How will a possible war in the Middle East affect mortgage rates?”

Also a very difficult question. War can lead to higher or lower mortgage rates. It depends on what happens.

When there’s economic uncertainty, people get worried which could lead to lower rates.

However, if oil prices go up, as a result, that could lead to higher costs for everyday things, making mortgage rates rise too.

The Fed might then lower rates more to help the economy, but if prices keep increasing, they could also raise rates instead.

Let’s hope it doesn’t happen.

According to Mortgage News Daily, the NATIONAL AVERAGE rates for well qualified borrowers

6.20 conventional 30 yr
5.75 FHA 30 yr
5.77 VA 30 yr

Non-QM Rates, like bank statement loans, DSCR (no doc investors loans), are about 1-2 percent higher.
Also, I speak Spanish

If the opportunity arises, I appreciate your referrals!

René Rapalo
NMLS 51562
Reliant Mortgage

[email protected]