Will the Fed Lower Rates, ever??? June 14, 2024
At the Fed meeting this week eight members expect there to be two rate cuts of 25 basis points before the end of the year. There were seven members that only expect one rate cut. There were four members that expect zero rate cuts. So the average consensus is one rate cut of 25 basis…
Mortgage Rates on the Rise! May 24, 2024
Yesterday and most of this week hasn’t been kind to mortgage rates. S&P Global’s service sector PMI rose to the highest levels in exactly a year, and that effectively matched the highest level in more than 2 years. Underlying details showed the highest prices in 18 months. None of the above was good news for…
Should You Buy a Home Now or Wait? May 20, 2024
Buying a home now, rather than waiting for lower interest rates, offers several compelling advantages. Despite the appeal of potentially lower future rates, the current market presents opportunities that might outweigh the benefits of waiting. Home prices are generally on an upward trend, and delaying a purchase could result in higher costs due to appreciation.…
Mortgage Rates higher to start April April 2, 2024
Today, mortgage rates are on the rise, propelled by the persistent stagnation in the battle against inflation. As consumer prices continue to surge, lenders are adjusting their rates to hedge against the eroding value of money over time. The Federal Reserve’s efforts to tame inflation through interest rate hikes have only marginally tempered the upward…
Mortgage Interest Rates Weather the CPI Storm! March 13, 2024
After the release of yesterday’s Consumer Price Index (CPI) report, mortgage interest rates experienced only a modest increase. Despite expectations for potentially significant fluctuations, the market responded with relative stability. This minimal uptick in rates reflects a cautious approach from lenders amidst economic indicators, as they assess the inflationary pressures highlighted in the CPI report.…
Mortgage Interest Rates Back on the Rise February 22, 2024
With the slight bump up today, the average 30 year fixed mortgage interest rate is as high as it’s been since the latter part of November 2023. The good news is that today’s 30 year rate is still almost a full percent lower than the high we saw in October 2023. That is when we…
New Housing Looking Better! February 21, 2024
The government tracks how many new houses are being built by gathering the number of new house permits are issued by counties and other municipalities. They separate those into single family building permits and multi family (duplex, fourplex, apartments, etc) building permits. It’s a good measure of what is happening in the economy. Ever since…
Mortgage Rates Move Sharply Higher February 6, 2024
Last Friday was the worst day for mortgage interest rates for over a year in movement from one day to the next. The cause? The all important jobs report that gets released at the first part of every month, usually the first Friday of the month. The report basically said employers are still hiring like…
First Fed Meeting of 2024 January 31, 2024
Today the Federal Reserve met for the first time this year. As expected, they did not decided to lower the Fed Funds rate, not did they raise it. However, many were hoping for language or an indication that rate cuts are coming. Fed Chair Jerome Powell did say that inflation is still too high for…
Will the Fed cut Rates soon??? January 9, 2024
We know the only way mortgage rates come down is if inflation is tempered, which will cause the Federal Reserve to lower their benchmark rate. So the question is, will that happen soon in 2024? There are a number or signs that can give us a whisper of prediction on this. December job creation was…
