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Rates dropped under - and stayed under - 7% this week! Barely, but we’ll take it!
CPI (Consumer Price Index) inflation data came out a little better than expected with the CORE CPI dropping down to 3.4%. Still quite a bit above the Fed’s target inflation of 2%, but making progress.
Momentum has a way of taking hold, and many times markets move due to changes in direction. While it has definitely been choppy and a bit of a roller coaster, it does appear we are headed downward.
There might not be a big drop in rates coming. Rather, it will likely be a long smooth downward trend. Homebuyers are easing back in to the market and getting used to the elevated rates.
Pulsenomics, in collaboration with Fannie Mae, predicts home prices will continue to rise over the next 5 years. This is a compilation of predictions from 115 real estate experts throughout the country, including educators, economists, banks, mortgage bankers, and other real estate experts.
These experts, on average, predict real estate values will rise over 20% the next 5 years.
If rates drop in 12 months to 6%, on a $400,000 purchase, a homebuyer would gain over $16,000 through appreciation and paying down their mortgage despite paying a premium on their mortgage payment for a year.
Get educated on how buying a home now can truly benefit you long term will help grow your wealth!
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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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