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November 17, 2023
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November 17, 2023
Inflation Week Didn't Disappoint!
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Mortgage rates improved this week, dipping below 7.5%, and we're going to take it!
This week was “Inflation Week,” and it didn't disappoint. Both the Consumer Price Index and the Producer Price Index came down and were better than Wall Street expected.
The mortgage backed securities market rallied on the good inflation news, sending rates below that 7.5% level.
Combined with a good inflation data was other weak economic news showing jobless claims increasing. The continuing jobless claims continues to increase, showing it is more difficult for those who have lost a job to find a new one.
On the real estate front, builder confidence hit its lowest point in over a year due to the rising rates. Simply put, it costs builders more to build a home due to the higher carrying costs of elevated interest rates. This is not a good thing for homebuyers, as it will lead to less supply in a market where we already have a limited supply.
This is why Bill believes it is so important for homebuyers. They can qualify now to seriously consider jumping in despite being uncomfortable with their desired mortgage payment. You can help them by negotiating seller pay, closing costs, including a 2-1 buydown.
Rates have dropped almost 3/4 of a percent in less than a month. In Bill’s opinion, mortgage rates could drop rapidly when Wall Street believes the economy has lost its steam.
When that happens and mortgage rates drop, we will see more buyers jumping in, competing for less inventory. Get your qualified buyers out there!
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
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.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
