Happy Thursday – I hope you are doing well. I am sure you have seen on the news that a few banks have failed but what does this mean for you? It means that interest rates have finally started to come down and the fed should not raise rates as high as expected next week. The Fed has been raising rates to fight inflation and the recent bank failures were unintended consequences so now they have to step back and see if what they have done so far is already working. So for now, rates have dropped back in the low to mid 6’s and hopefully will continue to go down.
To keep this in perspective, rates were in the high 6’s last week and based on the economic data from February they were expected to keep going up. So this is great news if you are looking to buy a home right now. If you were pre-approved prior to this week, you should reach out to your lender for updated numbers.
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938