Hope you’re having a great start to April! I’m popping in to keep you informed about the latest happenings in the mortgage and housing market. It’s a dynamic time, so staying in the loop is crucial, whether you’re ready to make a move now or in the future.
This past week, we’ve seen mortgage rates hold relatively steady, with the 30-year fixed-rate mortgage trending slightly lower, according to Freddie Mac. Each week it seems we’re seeing rates up a little or down a little. The bigger picture is that since January rates have remained under the 7 percent peak in January and in a rather narrow range over the past month. This week they are sitting in the lower end of that range. This stability is encouraging and has contributed to a noticeable increase in mortgage applications, which is great news!
However, several factors are influencing the market. We’re closely monitoring the uncertainty surrounding upcoming U.S. tariffs. The details of these tariffs and their potential impact on the economy and inflation are key concerns. We’re also seeing a shifting dynamic between stocks and bonds, and global debt continues to be a factor.
On a positive note, Fannie Mae’s Economic and Strategic Research Group has revised its mortgage rate projections downward. They now anticipate rates to end 2025 at around 6.3 percent and 2026 at approximately 6.2 percent. This suggests we could see a more favorable environment for borrowers in the coming months.
Looking ahead, all eyes are on Friday’s Jobs Report and the related employment data released throughout the week. This information will be crucial in understanding market trends. First up is ADP’s report on private sector job growth. Private payrolls are expected up a decent 120,000 in March after rising a sluggish 77,000 in February.
As for the government’s Jobs Report, new job creation is seen up by a somewhat muted 131,000, with the unemployment rate rising to 4.2 percent from 4.1 percent in February.
The bottom line is that while we’re seeing some positive trends with mortgage rates, we need to remain aware of the broader economic landscape. My goal is to keep you informed and help you navigate these fluctuations.
As always, I’m here to answer any questions and help you explore your mortgage options. Reach out today to discuss your specific situation by either sending me an email or call/text me at 818.307.6072.
