Mortgage Rates Taking a Breather... What's Next?

Hope you're having a wonderful week! Just wanted to keep you in the loop on the mortgage and housing markets. They’ve been a bit unpredictable lately, kind of like trying to guess what to make for dinner! (Anyone else relate? ??) But there's good news – things seem to be stabilizing, at least for the moment.

Here's a quick rundown:

• We saw a slight rise in rates this past week. After that sudden jump, it's definitely a welcome break to see rates hold steady-ish. Seems like the dip in oil prices and signs of easing inflation around the world helped to put the brakes on rising rates.
• But don't get too excited; they're still a bit higher overall. Freddie Mac reported the average 30-year fixed rate at .12 percent higher as of last week’s survey of average rates. Now, I know that might seem high, but remember, it's still considerably lower than what we were seeing last year at this time!
• So, what's next? Well, your guess is as good as mine! But in all seriousness, it really is a bit of a waiting game with relatively few economic reports coming out. The upcoming election, inflation reports, and the job market will likely be the biggest drivers of rate movement in the coming weeks. And as always, keep an eye on those 10-year Treasury yields – they often give us a hint about where mortgage rates might be headed.

As for what I’m watching this week:

• We’ll get a look at the numbers for New and Existing Home Sales. New Home Sales for September are expected to increase to 718,000 after falling to 716,000 in August from July's 751,000. Sales numbers for Existing Homes are also expected to rise at a 3.9 million seasonally adjusted annual rate, a slight uptick from August's 3.86 million annual rate.
• We saw the numbers come out for Retail Sales which reported above expectations, which sounds lovely. However, when adjusted for inflation it looks like Americans aren’t buying more, they’re just paying more. This is important to note as we head into the all-important holiday shopping season and the fact that two-thirds of our nation’s economic activity is tied to retail sales.

Here's my take on the situation: Even with the recent uptick in rates, it's still a favorable time to be considering a mortgage or refinancing. Remember, rates are still historically low, and with a bit of diligent searching (with help from yours truly!), you can snag a great deal.

As always, please don't hesitate to reach out if you have any questions, want to explore your mortgage options, or just need someone to commiserate with about the ups and downs of the market. I'm here to help!