Since March 2022, we have seen mortgage interest rates rise at the fastest pace in 40 years. With the 30-year mortgage rate back in March around 3.0% and now at around 7.0%, these higher rates are bringing the mortgage loan and real estate world to its knees. Why? It’s all about inflation. Higher cost of goods and services have caused the Federal Reserve to raise its benchmark rate every meeting this year.
Tomorrow is a BIG day for mortgage rates. Thursday morning brings the release of the Consumer Price Index (CPI)–an inflation report that has resulted in bigger market movement than any other economic report this year. If that report indicates inflation is starting to get under control, we could see a nice downward move for mortgage rates. If the report says inflation is still a beast to be battled, mortgage rates could go even higher.
So buckle up and watch the fireworks Thursday morning! It’s gonna be a bumpy ride!!!!!!!!!!