Tate Johnson, Mortgage Broker NMLS #221985
Providing opportunities for low rates, hassle free mortgages for buying or refinancing a home throughout Florida.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ญ๐ด, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates moved quite a bit higher last week, giving up all of the gains seen earlier in March. Rates moved higher due to hotter inflation and strong economic data that make it much less likely the Fed will need to cut rates anytime soon.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ ๐ฎ๐ป๐ฑ ๐ฐ๐ผ๐๐น๐ฑ ๐บ๐ผ๐๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ โ ๏ธ
This week has the potential to open the door for rates to move even higher, or to settle back down a bit, depending on how Wednesday's Fed meeting and press conference play out.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Fed meeting: Wednesday at 2pm ET, the Fed is expected to leave policy rates unchanged, but will signal what may come at future meetings in its policy statement.
- Fed rate forecasts: At this meeting, Fed members will make their anonymous forecasts for where policy rates will end this year and the next few years. The last projection was for three Fed rate cuts in 2024, and if that falls to two cuts it could pressure mortgage rates higher.
- Powell press conference: Fed Chair Jerome Powell's press conference at 2:30pm ET Wednesday is likely to cause volatility in mortgage rates, causing lender repricing and setting the direction for rates over the next few weeks.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ญ๐ญ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฑ ๐
Mortgage rates remained unchanged for much of last week, moving lower Thursday and Friday on economic and labor market data. Although more jobs were created last month than expected, prior months were revised to have less jobs created than originally reported, with higher unemployment and lower wages in February.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ ๐ฎ๐ป๐ฑ ๐ฐ๐ผ๐๐น๐ฑ ๐บ๐ผ๐๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ โ ๏ธ
This week has a few rate moving reports, with Tuesday's inflation data being the biggest. If you are in process with a mortgage application, you may want to talk with your mortgage pro about locking Monday ahead of this data. There is less risk for loans closing April or later.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Inflation data: Tuesday AM brings the CPI inflation data, and traders anticipating it could come in showing inflation continued to heat up in February. Last month's report showed hotter inflation, and mortgage rates moved higher and didn't fall again for three weeks. Thursday brings wholesale inflation, which has much less effect on rates.
- Other economic data: Thursday and Friday bring other economic reports like consumer sentiment and retail sales that could influence mortgage rates to end the week.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฐ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ฒ๐ฟ๐ฒ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Similar to last week, mortgage rates moved slightly higher through the middle of the week before dropping back on Thursday and Friday to end the week unchanged.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐ฏ๐๐ ๐๐ต๐ฒ๐ฟ๐ฒ ๐ถ๐ ๐ฟ๐ถ๐๐ธ โ ๏ธ
It may be overly optimistic, but we think rates could improve this week with some help from labor market data and the Fed. However, this data could also push rates higher if it comes in showing a stronger labor market and economy. Remember, mortgage rates can only move lower once markets anticipate Fed rate cuts are more likely to come earlier in the year in June or possibly May, which is not the case right now.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: This week is full of labor market data, starting on Wednesday and wrapping up with Friday's big BLS jobs report. Last month's BLS report showed unexpected labor market strength and sent mortgage rates moving higher through February. Hopefully this month we see revisions to last month's data that shows a much softer labor market.
- The Fed: Fed Chair Jerome Powell will testify in front of Congress this week, as he does twice a year. His comments Wednesday could affect mortgage rates this week.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ฎ๐ฒ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ฒ๐ฟ๐ฒ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Mortgage rates crept higher through the week last week, but a strong performance on Friday helped to end the week basically unchanged. Faced with the current rate climate, that's a win for the week.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐บ๐ผ๐๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
This week there's a lot of economic data that markets will be watching that could push mortgage rates higher. If the economic data points to a strong economy, that means it is less likely the Fed will cut rates anytime soon... and that means mortgage rates will suffer for the week.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: This week has a full calendar, with reports every day as well as Treasury auctions through the week that could influence markets and affect mortgage rates. The biggest reports come out Thursday and Friday.
- Month's end: The underlying markets that set mortgage rates could be affected by traders positioning portfolios for month's end.
- The Fed: Rates hit their recent best levels in December when markets thought the Fed would be forced to cut in March or May to avoid doing damage to the economy, but mortgage rates have moved higher now that markets are speculating the Fed won't cut till June or even July.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ฎ๐ฌ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates moved higher again last week, this time due to inflation coming in higher than expected. Inflation is not good for rates, and the report was made worse because it makes it unlikely the Fed will consider cutting rates till at least May and more likely June.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ฎ๐ ๐ฐ๐ฟ๐ฒ๐ฒ๐ฝ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
This week is likely to see mortgage rates move slightly day-to-day and possibly creep a bit higher by the end of the week. Rates will not drop significantly from here until we see some data showing the labor market and economy is weakening and inflation is falling, and we won't see that data until at least March.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: The minutes from last month's Fed meeting come out on Wednesday along with some economic reports on Thursday. There is nothing on Tuesday or Friday, and markets were closed on Monday.
- The Fed: Mortgage rates are not set by the Fed, but are strongly influenced by Fed actions. Rates were lower when markets were forecasting Fed rate cuts to start in March, and have moved higher as the chances of that happening have grown slim. Speculation now calls for Fed rate cuts to most likely start in June.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ญ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates crept just slightly higher last week, but didn't move much throughout the week as markets waited for this week's inflation data.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐ฟ๐ฒ๐ฎ๐ฐ๐ ๐๐ผ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ฑ๐ฎ๐๐ฎ โ ๏ธ
This week rates could move either way, depending on how the inflation data comes out. If inflation moves lower, markets will expect the Fed to react by cutting rates sooner this year and that would help mortgage rates move lower this week. However, if the inflation readings don't come in low enough, it could spook markets to listen to the Fed's message that it wants to hold rates longer, and that would push mortgage rates up as much as .25%.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Tuesday brings the most important consumer inflation data, with retail sales data on Thursday and wholesale inflation on Friday. The inflation data will be affected by new factors used in seasonal adjustments, making it harder than normal to forecast what we may get for readings.
- Fed speakers: There will be more members of the Fed out speaking this week, and depending on how the data comes out they could have more of an effect on mortgage rates for the week.
โ ๏ธ With mortgage rates forecasted to move lower this year, it has many house hunters waiting for rates to drop... ๐ฎ๐ป๐ฑ ๐๐ต๐ฎ๐ ๐ถ๐ ๐ฎ ๐บ๐ถ๐๐๐ฎ๐ธ๐ฒ! ๐ฒ
๐ ๐๐ ๐ฎ ๐ด๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐น ๐ฟ๐๐น๐ฒ, ๐ป๐ผ๐ ๐ถ๐ ๐ฎ ๐ด๐ฟ๐ฒ๐ฎ๐ ๐๐ถ๐บ๐ฒ ๐๐ผ ๐ฏ๐๐ ๐ฎ ๐ต๐ผ๐บ๐ฒ, ๐ฎ๐ป๐ฑ ๐๐ผ๐ ๐๐ต๐ผ๐๐น๐ฑ๐ป'๐ ๐๐ฎ๐ถ๐ ๐ณ๐ผ๐ฟ ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ผ ๐ฑ๐ฟ๐ผ๐ฝ.
๐๐ฒ๐ฟ๐ฒ ๐ถ๐ ๐๐ต๐...
โ
Rates are not likely to drop significantly anytime soon. Although we see rates move up and down week-to-week, rates are not likely to drop and stay lower until later this year.
โ
Home prices never fell like some people thought they would, because there continues to be a shortage in home inventory. When rates drop, lots of potential buyers will come back into the market, making it more competitive and driving home prices higher.
โ
Buying now when rates are higher will likely give you more homes to choose from and help get your offer accepted. Once you own the home, you may be able to refinance when rates do fall later this year.
๐ง๐ต๐ผ๐๐ฒ ๐ฎ๐ฟ๐ฒ ๐๐ต๐ฒ ๐ด๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐น ๐ฟ๐ฒ๐ฎ๐๐ผ๐ป๐, ๐ฏ๐๐ ๐ถ๐ณ ๐๐ผ๐ ๐๐ฎ๐ป๐ ๐๐ผ ๐ฑ๐ถ๐๐ฐ๐๐๐ ๐๐ต๐ฎ๐ ๐๐ผ๐ ๐ฐ๐ฎ๐ป ๐พ๐๐ฎ๐น๐ถ๐ณ๐ ๐ณ๐ผ๐ฟ ๐ฎ๐ป๐ฑ ๐ฐ๐ผ๐บ๐ณ๐ผ๐ฟ๐๐ฎ๐ฏ๐น๐ ๐ฎ๐ณ๐ณ๐ผ๐ฟ๐ฑ, ๐ฎ๐ ๐๐ฒ๐น๐น ๐ฎ๐ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ ๐น๐ผ๐ฎ๐ป ๐ผ๐ฝ๐๐ถ๐ผ๐ป๐ ๐๐ต๐ฎ๐ ๐ฎ๐ฟ๐ฒ ๐ป๐ผ๐ ๐ฎ๐๐ฎ๐ถ๐น๐ฎ๐ฏ๐น๐ฒ ๐๐ผ ๐๐ผ๐, ๐ฟ๐ฒ๐ฎ๐ฐ๐ต ๐ผ๐๐ ๐ฎ๐ป๐๐๐ถ๐บ๐ฒ.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฏ๐ฟ๐๐ฎ๐ฟ๐ ๐ฑ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates actually improved last week after the Fed meeting and press conference on Wednesday, but saw the gains disappear when Friday's jobs data came in crushing expectations with almost double the new jobs created than was forecast. Mortgage rates ended the week slightly worse than the previous week.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐น๐ถ๐ธ๐ฒ๐น๐ ๐๐ผ ๐บ๐ผ๐๐ฒ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
This week rates are likely to move higher as markets give up on a March Fed rate cut and start to question if we will even see one at the next meeting in May. Mortgage rates will creep higher if markets believe that the Fed will not cut until later in the year, and the strong economic data and labor market data we've seen the last few weeks makes it unlikely the Fed will need to cut rates to stimulate the economy anytime soon.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: There is no economic data this week that is likely to either push mortgage rates higher or lower.
- Fed speakers: There will be members of the Fed speaking every day this week, sharing their opinion on when the Fed should start cutting rates. Mortgage rates will creep higher if markets believe the Fed will not cut until later in the year.
๐๏ธ ๐๐ฎ๐ฝ๐ฝ๐ ๐๐ฟ๐ผ๐๐ป๐ฑ๐ต๐ผ๐ด ๐๐ฎ๐! โ๏ธ
โโโ What does Punxsatawney Phil predict about mortgage rates? ๐ฒ
Groundhog Day, held on February 2nd, is when we ask, "Are we in for six more weeks of winter?"
Only a groundhog named Punxsutawney Phil knows for sure... (๐๐ฒ๐ฒ ๐๐ต๐ฎ๐ ๐ฃ๐ต๐ถ๐น ๐ฝ๐ฟ๐ฒ๐ฑ๐ถ๐ฐ๐๐ ๐ณ๐ผ๐ฟ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ ๐ฎ๐ ๐๐ต๐ฒ ๐ฒ๐ป๐ฑ ๐ผ๐ณ ๐๐ต๐ฒ ๐ฝ๐ผ๐๐!)
Each year on Groundhog Day, people flock to Gobblerโs K**b in Punxsutawney, Pennsylvania, to await the forecast of the local rodent celebrity.
Originating with German settlers, who came to Pennsylvania in the 1700s and brought their seasonal superstitions with them, legend has it that if Phil sees his shadow on February 2nd, the winter chill will continue. Oddly, if the weather is cloudy and he doesnโt see his shadow, we can expect warmer temperatures and early spring.
What does Punxsutawney Phil have to say about weather and mortgage rates? ๐ค
๐ ๐ฆ๐ผ ๐๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ, ๐ฃ๐๐ป๐
๐๐๐๐ฎ๐๐ป๐ฒ๐ ๐ฃ๐ต๐ถ๐น ๐๐ฎ๐๐: BRING ON SPRING!!! ๐๐ธ๐ก...
..and BRING ON THOSE LOWER MORTGAGE RATES!! ๐
๐ฆ๐ผ ๐ถ๐ณ ๐๐ผ๐ ๐๐ผ๐๐น๐ฑ ๐น๐ถ๐ธ๐ฒ ๐๐ผ ๐๐ฎ๐น๐ธ ๐ฎ๐ฏ๐ผ๐๐ ๐ต๐ผ๐ ๐ ๐ฐ๐ฎ๐ป ๐ต๐ฒ๐น๐ฝ ๐๐ผ๐ ๐๐ผ ๐ฒ๐ถ๐๐ต๐ฒ๐ฟ ๐ฏ๐๐ ๐ฎ ๐ป๐ฒ๐ ๐ต๐ผ๐บ๐ฒ ๐ผ๐ฟ ๐ฟ๐ฒ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ, ๐ด๐ถ๐๐ฒ ๐บ๐ฒ ๐ฎ ๐ฐ๐ฎ๐น๐น, ๐๐ฒ๐
๐, ๐ฒ๐บ๐ฎ๐ถ๐น, ๐ผ๐ฟ ๐๐ .
Or, just reach out and we can celebrate the early arrival of spring! ๐
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฎ๐ต, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates moved just slightly higher last week, but not by much. Inflation cooled to an almost three-year low, and that is a good sign for future mortgage rates to come back down.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ โ ๏ธ
The week will start off quiet and mortgage rates are unlikely to change much until Wednesday, but then the fireworks start when the Fed releases its policy statement and Chair Powell holds his press conference. We also could see more rate movement on Friday when jobs data comes out.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- The Fed: The Fed is expected to leave its policy rate unchanged at this meeting but markets will be looking for signs about when cuts will begin, especially Wednesday afternoon during Powell's press conference. If traders think Powell is leaving the door open for rate cuts sooner, we could see mortgage rates improve. However, if Powell ruins any hope of cuts starting at the March meeting, mortgage rates may move higher.
- Jobs data: Although there are a few different labor reports during the week, Friday's jobs data will have the most effect on mortgage rates. Labor market weakness will help rates, strength will hurt them.
๐๐ผ๐ป'๐ ๐น๐ฒ๐ ๐ท๐๐๐ ๐ด๐ฒ๐๐๐ถ๐ป๐ด '๐ฝ๐ฟ๐ฒ๐พ๐๐ฎ๐น๐ถ๐ณ๐ถ๐ฒ๐ฑ' ๐ฐ๐ผ๐๐ ๐๐ผ๐ ๐๐ผ๐๐ฟ ๐ฐ๐ต๐ฎ๐ป๐ฐ๐ฒ ๐ฎ๐ ๐ฎ ๐ต๐ผ๐บ๐ฒ!
๐๐ป๐๐๐ฒ๐ฎ๐ฑ, ๐๐ผ๐ ๐บ๐ฎ๐ ๐ฎ๐ฐ๐๐๐ฎ๐น๐น๐ ๐๐ฎ๐ป๐ ๐๐ผ ๐ด๐ฒ๐ ๐ฝ๐ฟ๐ฒ๐ฎ๐ฝ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฑ.
What is the difference? ๐ค
๐ Getting prequalified is the process of providing a mortgage lender with some background information like your credit, income, and expenses so the lender can help you determine how much you can afford and what you are likely to qualify for.
๐ A preapproval, however, means you've provided the lender with proof of your income and assets and had a credit check to determine exactly how much you can be approved for. In some cases, a preapproval can show you are approved for a loan before making an offer, which makes your offer stronger and could help you win a bidding war.
๐ช๐ต๐ถ๐ฐ๐ต ๐ผ๐ป๐ฒ ๐ถ๐ ๐ฟ๐ถ๐ด๐ต๐ ๐ณ๐ผ๐ฟ ๐๐ผ๐? ๐๐ถ๐๐ฒ ๐บ๐ฒ ๐ฎ ๐ฐ๐ฎ๐น๐น ๐ผ๐ฟ ๐ฐ๐ผ๐ป๐๐ฎ๐ฐ๐ ๐บ๐ฒ ๐ฑ๐ถ๐ฟ๐ฒ๐ฐ๐, ๐ฎ๐ป๐ฑ ๐'๐น๐น ๐ฏ๐ฒ ๐ต๐ฎ๐ฝ๐ฝ๐ ๐๐ผ ๐ต๐ฒ๐น๐ฝ ๐๐ผ๐ ๐ฑ๐ฒ๐ฐ๐ถ๐ฑ๐ฒ. ๐
I can provide either one, depending on your unique situation and where you are in the house hunting process. The best part? The conversation is absolutely free, and there's no obligation. ๐ก ๐
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ฎ๐ฎ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates are heavily influenced right now by speculation of when and how much the Fed will cut its policy rate this year. Last week mortgage rates moved higher as markets started to give up on the idea that the Fed will have to start cutting its rate in March to head off a recession.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ฐ๐ฟ๐ฒ๐ฒ๐ฝ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Although starting the week off a little bit better than Friday, mortgage rates could move higher this week if we continue to see markets give up on a March Fed rate cut. The likely best case scenario is that rates hold steady, because it is unlikely they will improve much from here this week.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Thursday brings the preliminary 4th qtr GDP, along with unemployment claims. Friday we get the PCE inflation data, the Fed's favored inflation gauge, which could influence rates to end the week.
- Fed rate cuts: Markets have been pricing in a Fed rate cut in March the last few weeks, which helped mortgage rates fall from October highs. However, markets are finally listening to Fed members who say a March cut is unlikely, causing rates to creep up, but there is room for rates to move higher yet.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ฑ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐น๐ผ๐๐ฒ๐ฟ ๐
Mortgage rates improved a little bit last week, even though the consumer inflation numbers came in slightly higher than expected. Wholesale inflation was down, but doesn't have as much influence on mortgage rates.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ฎ๐ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐
Mortgage rates could see some more improvement this week if markets continue to bet on Fed rate cuts to start at the March meeting. Despite labor market and economic data that points to the Fed keeping policy rates at current levels, markets believe the Fed will have to start cutting much sooner than it expects if it wants to avoid a recession. Rates are unlikely to move higher unless that belief falters.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: A holiday shortened week brings Wednesday's retail sales data and the Fed's Beige Book on the economy. Not much other data to worry about this week.
- The Fed: Mortgage rates continue to reflect the belief that the Fed will need to cut rates six times in 2024, although Fed officials have been saying it will be less. If markets start to waiver in the belief that the Fed will cut rates dramatically this year to avoid a recession, we could see mortgage rates creep higher.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ด, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
Mortgage rates lost a little bit of ground last week as markets started to doubt the Fed will cut its policy rate at the March Fed meeting. Friday's jobs data also pressured rates a bit higher, showing the labor market remains resilient and making it less urgent for the Fed to cut rates to stimulate the economy.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐บ๐ผ๐๐ฒ ๐๐ถ๐๐ต ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ฑ๐ฎ๐๐ฎ โ ๏ธ
Mortgage rates are not likely to move much higher or lower from where they start the week if inflation data comes in as expected. However, a report that shows inflation is dropping faster or slower than expected could cause rates to move up or down a bit depending on the news.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Consumer and wholesale inflation reports come out near the end of the week, and will help set the direction of mortgage rates for the next couple of weeks.
- The Fed: Mortgage rates continue to reflect the belief that the Fed will need to cut rates six times in 2024, although Fed officials have been saying it will be less. If markets start to waiver in the belief that the Fed will cut rates dramatically this year to avoid a recession, we could see mortgage rates creep higher.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ, ๐ฎ๐ฌ๐ฎ๐ฐ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Mortgage rates were basically unchanged last week as 2023 came to an end.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐๐ถ๐๐ต ๐ต๐ฒ๐น๐ฝ ๐
Mortgage rates will need help from labor market data to improve this week. Signs of a softening labor market in this week's data would support expectations of future Fed rate cuts, which would help mortgage rates to improve at least a little bit. However, if we instead see signs of labor market strength from the data this week it could cause rates to creep slightly higher, especially on Friday.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: This week brings multiple reports about the labor market, starting on Wednesday with the Job Opening and Labor Turnover Survey. Thursday brings the ADP payroll report and unemployment claims, with Friday's new job creation and unemployment numbers being most likely to affect mortgage rates.
- The Fed: Mortgage rates continue to reflect the belief that the Fed will need to cut rates six times in 2024, although Fed officials have been saying it will be less. If markets start to waiver in the belief that the Fed will cut rates dramatically this year to avoid a recession, we could see mortgage rates creep higher.
๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฒ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Mortgage rates were basically unchanged last week, as mortgage rates continued to reflect markets' belief that not only is the Fed done hiking rates, but will start cutting rates in March. Friday's PCE inflation report came in even lower than expected, supporting the idea that the Fed will be able to reduce rates as inflation cools.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ต๐ผ๐๐น๐ฑ ๐ฏ๐ฒ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Traders generally take off the last couple of weeks of the year around the holidays, and mortgage rates tend to hold steady during that time. There is little risk of seeing rates move higher from here this week, although it is also unlikely we see any kind of significant improvement.
๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: There is no important economic data this week, and nothing that should pressure rates to move from here. Markets were closed on Monday for Christmas, and will be closed early Friday and closed on day on Monday for New Years.
- The Fed: Mortgage rates will hold these lower levels for as long as markets believe rate cuts will start as soon as March. If that belief reverses we could see rates creep higher, but that is not going to happen this week.
๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ญ๐ด, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฑ ๐
Mortgage rates fell to the lowest levels in months last week, because the Fed signaled it is likely done raising rates and will probably cut rates in 2024. Although the Fed doesn't set mortgage rates, Fed rate cuts will contribute to lower rates across the board, including mortgage rates.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ฎ๐ ๐ฐ๐ฟ๐ฒ๐ฒ๐ฝ ๐ต๐ถ๐ด๐ต๐ฒ๐ฟ ๐
When rates move significantly lower like we saw last week, we often see some give back in the following days. Also, the current lower mortgage rates reflect a belief that the Fed will cut rates six times next year, starting as soon as March. Fed officials are trying to convince markets that cuts are not likely to begin that soon and that the Fed is forecasting it will only cut rates three times next year.
๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Mortgage rates may be influenced this week by the final 3rd qtr GDP reading on Thursday, as well as the PCE inflation data on Friday. Stronger economic data may pressure rates slightly higher.
- Holidays: Traders tend to take the end of year off, resulting in less trading volume that contributes to market volatility that can cause day-to-day and intraday swings in mortgage rates. Markets will be closed for Christmas.
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๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ญ๐ญ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ป๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ๐ฑ ๐
Mortgage rates varied a bit day-to-day last week, but ultimately ended the week basically unchanged. The labor market data showed some softening with less job openings than forecast, but also showed strength with more new jobs created than expected and unemployment falling.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐๐ถ๐น๐น ๐ฏ๐ฒ ๐๐ผ๐น๐ฎ๐๐ถ๐น๐ฒ โ ๏ธ
This week brings new inflation data and the Fed meeting, the combination of which will set the tone for mortgage rates through the rest of the year. This week is a good week to stay in close contact with your mortgage professional.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Inflation data: Consumer inflation comes out Tuesday morning, with wholesale inflation released on Wednesday. If inflation improves more than expected it would help mortgage rates fall further, but the opposite is true if we see inflation data that fails to impress markets.
- The Fed: The Fed meets this week, and is unlikely to raise its policy rate. However, markets will be looking for updates to the Fed's rate forecast and looking for signs that the Fed is open to cutting rates sooner in 2024. Fed Chair Powell's press conference Wednesday afternoon will likely cause volatility in mortgage rates.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐๐ฒ๐ฐ๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฐ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฑ ๐
Mortgage rates continued to slowly improve from October's highest rates seen in decades, reacting to markets' now speculating that the Fed may begin cutting policy rates as soon as March after previous expectations of cuts starting in June.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐
Although rate improvements will lose steam eventually, the next couple of weeks could see rates move even a bit lower from here. This week we get a lot of labor market data, which could improve mortgage rates if traders find any weakness in the jobs data. Next week we get inflation data and the Fed meeting.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: Every day after Monday brings some kind of labor market report. Tuesday is the Job Opening and Labor Turnover Survey, Wednesday is ADP private payrolls, Thursday is unemployment claims, and Friday brings the biggest report with new job creations, wage increases, and unemployment numbers.
- The Fed: It was Fed members' comments last week that helped push mortgage rates lower, but Fed members are now on a media blackout until the Fed meeting next week. As markets increase the belief that the Fed will cut rates sooner in 2024, rates will improve.
โ๐ก ๐ก๐ฒ๐ ๐ฐ๐ผ๐ป๐ณ๐ผ๐ฟ๐บ๐ถ๐ป๐ด ๐น๐ผ๐ฎ๐ป ๐น๐ถ๐บ๐ถ๐๐ ๐ณ๐ผ๐ฟ ๐๐ฎ๐ป๐ป๐ถ๐ฒ ๐ ๐ฎ๐ฒ ๐ฎ๐ป๐ฑ ๐๐ฟ๐ฒ๐ฑ๐ฑ๐ถ๐ฒ ๐ ๐ฎ๐ฐ ๐บ๐ฎ๐ ๐ต๐ฒ๐น๐ฝ ๐๐ผ๐ ๐พ๐๐ฎ๐น๐ถ๐ณ๐ ๐ณ๐ผ๐ฟ ๐บ๐ผ๐ฟ๐ฒ ๐ต๐ผ๐บ๐ฒ!
๐Today's news means you may be able to qualify for ๐บ๐ผ๐ฟ๐ฒ ๐ต๐ผ๐บ๐ฒ ๐ฎ๐ ๐ฎ ๐น๐ผ๐๐ฒ๐ฟ ๐ฟ๐ฎ๐๐ฒ, because a "conforming" loan often has a better rate than a "jumbo" loan that you would normally need for higher mortgage amounts.
The conforming loan amount is going from $726,200 to $766,550 in 2024. Some areas of the country qualify for even higher limits, sometimes as high as $1,149,825!
๐ ๐๐ณ ๐๐ผ๐'๐ฑ ๐น๐ถ๐ธ๐ฒ ๐๐ผ ๐ธ๐ป๐ผ๐ ๐ต๐ผ๐ ๐๐ต๐ฎ๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ ๐๐ผ๐, ๐น๐ฒ๐ ๐บ๐ฒ ๐ธ๐ป๐ผ๐ ๐ฎ๐ป๐ฑ ๐'๐น๐น ๐ฏ๐ฒ ๐ด๐น๐ฎ๐ฑ ๐๐ผ ๐ด๐ผ ๐ผ๐๐ฒ๐ฟ ๐ถ๐ ๐๐ถ๐๐ต ๐๐ผ๐.
๐ฅ๐ฒ๐บ๐ฒ๐บ๐ฏ๐ฒ๐ฟ, ๐ถ๐ณ ๐๐ผ๐'๐ฟ๐ฒ ๐๐ต๐ถ๐ป๐ธ๐ถ๐ป๐ด ๐ผ๐ณ ๐ฏ๐๐๐ถ๐ป๐ด ๐ฎ ๐ต๐ผ๐บ๐ฒ ๐ผ๐ฟ ๐ฟ๐ฒ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด, ๐'๐บ ๐ต๐ฒ๐ฟ๐ฒ ๐๐ผ ๐ต๐ฒ๐น๐ฝ.
๐ก ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ณ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฟ๐ฒ๐บ๐ฎ๐ถ๐ป ๐๐๐ฒ๐ฎ๐ฑ๐ ๐
As was expected, rates were basically unchanged last week when markets slowed down over the Thanksgiving holiday. After reaching the highest rates in decades in October, rates have fallen in November on expectations that the Fed is done raising rates.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐ฐ๐ผ๐๐น๐ฑ ๐ถ๐บ๐ฝ๐ฟ๐ผ๐๐ฒ ๐๐น๐ถ๐ด๐ต๐๐น๐ ๐
This week it is likely to see rates once again remain relatively unchanged or improve slightly, depending on how some of the economic data comes in for the week including the Fed's favorite inflation gauge. However, it is next week's labor market data and the following week's inflation data and Fed meeting that hold the most potential for rates to improve through the middle of December.
๐๏ธ ๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: This week includes consumer confidence data, a revision of the 3rd quarter GDP, and the PCE inflation report along with lots of housing data. Signs of a slowing economy could help rates hold steady, while signs of economic strength could pressure rates to creep slightly higher.
- The Fed: Markets believe the Fed is done raising rates, and are looking for signs of when the Fed will begin to actually cut rates in 2024.
๐๐ผ๐ฟ ๐๐ต๐ฒ ๐๐ฒ๐ฒ๐ธ ๐ผ๐ณ ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฎ๐ฌ, ๐ฎ๐ฌ๐ฎ๐ฏ
๐๐ฎ๐๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐ฅ๐ฒ๐ฐ๐ฎ๐ฝ: ๐ฅ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ๐ฑ ๐น๐ผ๐๐ฒ๐ฟ ๐
Better than expected consumer and wholesale inflation data as well as a drop in retail sales for the first time in seven months helped mortgage rates improve for the week. Rates now reflecting a belief that the Fed is done hiking rates, and will begin cuts sometime in early 2024 as the economy slows down and the labor market softens.
๐ง๐ต๐ถ๐ ๐ช๐ฒ๐ฒ๐ธ'๐ ๐ ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฅ๐ฎ๐๐ฒ ๐๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐: ๐ฅ๐ฎ๐๐ฒ๐ ๐น๐ถ๐ธ๐ฒ๐น๐ ๐๐ผ ๐ต๐ผ๐น๐ฑ ๐๐๐ฒ๐ฎ๐ฑ๐ ๐
This holiday shortened week is likely to see mortgage rates remain relatively unchanged, although we may see some movement from day-to-day. Markets and lenders will be closed on Thursday for Thanksgiving, and markets will close early on Friday. If we do see rates move this week it will be more due to the holiday and low trading volume in markets than a shift in the outlook, and we should see a return to normal next week.
๐ช๐ต๐ฎ๐'๐ ๐ฎ๐ณ๐ณ๐ฒ๐ฐ๐๐ถ๐ป๐ด ๐ฟ๐ฎ๐๐ฒ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฒ๐ธ:
- Economic data: There are only a couple of small reports this week that are unlikely to cause too much of a stir for mortgage rates.
- Thanksgiving: This is usually a quiet week around the holiday, as most traders take off after Wednesday morning's data for a long weekend.
๐ค ๐ช๐ต๐ฎ๐ ๐ฑ๐ผ๐ฒ๐ ๐ถ๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐ฑ๐ผ ๐๐ถ๐๐ต ๐บ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฟ๐ฎ๐๐ฒ๐ ๐ฑ๐ฟ๐ผ๐ฝ๐ฝ๐ถ๐ป๐ด? ๐ฅณ
This morning's inflation report showed inflation hit a two-year low, which makes it unlikely the Fed will need to raise rates.
๐ง๐ต๐ฎ๐ ๐ต๐ฒ๐น๐ฝ๐ฒ๐ฑ ๐บ๐ผ๐ฟ๐๐ด๐ฎ๐ด๐ฒ ๐ฟ๐ฎ๐๐ฒ๐ ๐บ๐ผ๐๐ฒ ๐น๐ผ๐๐ฒ๐ฟ.
How much lower? It depends on your situation.
โ
If you were following rates, thinking of buying but waiting for rates to fall, or talking about maybe refinancing to wrap up some debt and save some money each month... let's talk.
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