It’s No Over Yet!

Despite predictions of mid-year mortgage rate drops, a hotter than expected inflation number recently sent rates to their highest level of the year.

This demonstrates the market’s response to expectations. Investors had previously expected Fed policy rate cuts, so mortgage rates fell. Now that the Fed is less likely to act quickly, mortgage rates have risen.

Home values are expected to continue rising over the course of the year, making the home market even more challenging for buyers.

If you are qualified to purchase a home but have been waiting for lower rates, it’s worth considering how future higher prices might impact your payment. You could end up paying more later than with current rates and prices.

If you’d like to run the numbers for your scenario, please reach out.

I’ll be happy to help, Keith