Happy Thursday – I hope you are doing well. If you have been watching the news or received mortgage estimates recently you know rates have been going up again. I have provided a good article on this below, but it is still all about inflation. Inflation has started coming down but not as much as the Fed wanted just yet. The big market movers from a rate perspective will be the jobs report on Friday and the CPI numbers in 2 weeks.
As I have been saying, rates are going to be volatile the rest of the year until we see inflation come down month to month. I think we could continue to see rates range from the 6% - 7% range but do think we are at the back end of this and will get relief soon.
The bigger concern for our local market has continued to be inventory so I want to put this out there again. When rates do start coming down, you will see more people enter the market and our inventory issue will get worse. We are already seeing multiple offers right now and think it could be twice as bad once rates come down. So, if you are in a position to buy, then buy now and refinance once rates do drop. The short-term higher interest rate will be a lot less expensive than having to bid against 10+ people to win your offer.
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 14793