We’ve seen a good deal of volatility in the mortgage world lately, so I wanted to give you a quick update on what’s happening and what it means for you.
Interest Rates: Ups and Downs
Remember those fantastic rate dips we saw a few weeks ago? Well, mortgage rates have ticked up a bit since then, influenced by some surprisingly strong economic news (like that jobs report!). The good news is that they’ve calmed down recently, and are still significantly lower than they were in the spring, and way lower than this time last year.
What’s influencing rates?
Several factors are at play:
• Economic Data: Keep an eye on this Thursday’s Retail Sales report – it could cause some rate movement.
• Global Events: Even things like the situation in the Middle East and oil prices can impact mortgage rates.
• The Fed: While they aren’t directly setting mortgage rates, their decisions about the economy definitely influence things.
Home Prices
Home prices are still climbing, but the pace of increase is slowing down. This is partly due to higher mortgage rates, making affordability a challenge for some buyers.
What does this mean for you?
• If you’re thinking about buying: It’s still a great time to buy a home, especially with rates still historically low. But with home prices remaining strong, it’s more important than ever to get pre-approved and understand your budget. And don’t forget, there are down payment assistance programs and other options that might be available to you!
• If you’re already a homeowner: You may be feeling “locked in” by your current low rate. But remember, refinancing could still be a good option, especially if you want to tap into your home equity or shorten your loan term.
I’m Here to Help!
As always, I’m here to answer any questions you have and help you navigate the mortgage process. Whether you’re a first-time homebuyer, a seasoned homeowner, or thinking about refinancing, I can provide expert guidance and personalized advice.
Feel free to reach out anytime!
