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Slow and steady… rates ticked up a bit this week, but not significantly. There were a couple of economic reports indicating the economy is still strong. However, if you look deeper into the reports and consider revisions from previous reports, the economy is not as strong as it is portrayed to be.
Next week, we will see some data from Case-Shiller on the housing market to see how home values are holding out. We will also get another read on GDP and the strength of the economy. The big report we watch for is the Personal Consumption Expenditure (PCE) which is the Fed's favorite indicator of inflation.
As for homebuyers, some of those who are waiting on the sideline may be too late to the game. It’s virtually impossible to time the market.
Many people have heard the expression, “You better get comfortable being uncomfortable!” The reality is homebuyers today will have to get uncomfortable before they can get comfortable. Real estate is a long-term investment. It’s not a get-rich quick scheme.
It’s super easy for buyers to get incredibly myopic right now. Everything in the current moment seems dire and absolutely critical. Are they making the right decision? Is this the best time to buy? Should I wait? Again, real estate is a long-term game.
As long as the buyer goes into the purchase of a home being educated and knowing their timeframe, time is on their side and will overcome any perceived mistake by purchasing now or waiting.
Buyers and sellers might need to be uncomfortable before they can be comfortable. It’s time to buy! It’s the buying season. Values are not going to crash!
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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.
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