🏠updates on mortgage interest rates: WHERE ARE WE AND WHERE ARE WE GOING?😮

updates on mortgage interest rates: What is going on with interest rates?
Hey there, future homebuyers! Today, we're going to talk about the current state of interest rates and what that means for you.
Right now, interest rates are still relatively high, sitting at 7.32%. However, we have seen a nice drop over the last two months from over 8%. This drop is a positive sign for potential homebuyers.
Why has this happened? The Federal Reserve has increased short-term rates to slow the economy, and we are finally starting to see not only a slowdown in the economy but also a drop in both headline inflation as well as core inflation, which excludes the volatile food and energy sectors.
Moreover, the two items that have continued to cause angst for the Fed were the still strong jobs market as well as wage growth. As these two items remained something the Fed was still concerned with due to their resilience, it was proving difficult to have mortgage rates drift lower.
Let me say this in a way that might be easier to understand: The government raised short-term rates to try and slow down how fast the economy was growing. As a result, we're seeing the economy slow down, and the prices of things we buy (like food and gas) aren't going up as quickly as before.
But there are a couple of things that are still making the government worried. One is that lots of people are still finding jobs easily, and wages (how much people get paid) are still going up. Because of these two things, it's been hard for mortgage rates (how much you pay to borrow money for a house) to go down.
Now that we are seeing a slowdown not only in inflation but also in the jobs market, the market is beginning to feel as though we are nearing the end of this high rate cycle as we have had falling rates over the last two months.
This is great news for potential homebuyers, as it means that you may be able to lock in a lower interest rate on your mortgage. If you've been thinking about buying a home, now is a great time to take advantage of these lower rates.
What does this mean for buyers?
With lower mortgage rates, buyers are responding with enthusiasm, resulting in a surge of mortgage applications. It's like a Black Friday sale, but for homes!
But here's the plot twist - buyers are mainly focused on new construction due to higher inventory and incentives offered by builders. This presents a unique opportunity for those looking to buy a new home. It's like getting the latest model of your favorite car with all the bells and whistles!
And guess what? It's still a buyer's market, especially with existing homes. You're more likely to get a seller contribution or concession. It's like getting a bonus prize with your purchase!
As rates continue to drift lower with a slowing economy, we should begin to see more existing homes hit the market as sellers are more apt to trade up as those two rates converge. It's like a game of musical chairs, and the music is about to stop!
So, if you've been thinking about buying a home, now is a great time to take advantage of these favorable market conditions. It's like getting front-row seats to the hottest show in town!
Thanks for watching, and happy house hunting!
We are full-time parents and Realtors with ERA Advantage Realty, Inc. in Port Charlotte, FL. In our free time, we love spending time with our family, boating, working out, and enjoying everything that this beautiful state has to offer. We love showing you the southwest Florida experience.
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