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We had good news this week! Mortgage rates dropped over 0.5% this week, and we're now below 7.5% percent.
Why the drop? It was a huge data week this week.
First, the Fed paused on the rate hikes, noting that the increases over the past year and a half are starting to kick in.
Most importantly, there was a ton of data that came out on the job picture: Jobless claims went up, the unemployment rate went up, new jobs went down. Previous job reports were revised downward as well. Average hourly earnings went down. We're also seeing overseas economies are slowing as well. All good news for inflation, the key driver of mortgage rates!
Remember, a 1% drop in rates can bring upwards of three and a half million homebuyers into the mix. Now, the news doesn't always spread to the consumer as fast. So get this out!
The headlines will focus on the decline in jobs and the economy, not on the opportunity for buyers to jump back into the market, get a little bit of a better rate and maybe seller concessions. So let them take advantage of this, and keep your buyers motivated and find them a home!
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Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
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