Mortgage Rate Update: A Mixed Bag, But Hope Remains!

Happy belated Fourth of July! I hope you enjoyed celebrating our nation's independence with your loved ones.

A Look Back at the First Half of 2024

The good news is that home loan rates closed out the first half of the year on a positive note, reaching their lowest levels since early April. This improvement was driven by several factors, including weaker economic data, moderating inflation, and expectations of a potential Fed rate cut.

Looking Ahead: Key Factors to Watch

As we move into the second half, there are a few key factors that will continue to influence mortgage rates:

• Inflation and the Labor Market: The Federal Reserve will be closely monitoring inflation and labor market data to determine the timing of any interest rate cuts.
• Oil Prices: Higher oil prices can contribute to inflation concerns, potentially delaying a Fed rate cut and pushing mortgage rates up.
• Presidential Election: Historically, elections can create uncertainty, which can push bond yields and mortgage rates down. However, it's still early to predict the impact of the upcoming election.

Upcoming Data Releases:

This week's release of the Consumer Price Index (CPI) is a critical event. If inflation remains stable or shows signs of decline, it could be positive news for mortgage rates.

Mortgage Rates: A Mixed Bag

Rates ticked up only slightly this week. While the short-term outlook is uncertain, there's still a possibility of moderate rate decreases in the coming months, especially if economic conditions improve and housing inventory increases.

Don't Believe Everything You Read on Social Media!

A recent study revealed that many Gen Z homebuyers are turning to TikTok for information about the home-buying process. While social media can be a resource, it's important to be cautious and verify information before making significant financial decisions, so let’s talk! I’m here to answer all your questions and strategize with you, no matter what stage you’re in.

Let's Talk About Your Homeownership Goals!

The mortgage landscape can be complex, but I'm here to help you navigate it! I can provide you with accurate information and help you find the best mortgage option for your needs. Let's schedule a time to discuss your goals and see how I can assist you.