![]() A recent survey from shows that improving homes before selling is one of the top concerns among sellers. In addition to the “locked-in effect” of mortgage rates, sellers are facing another issue caused by high inflation: the increasing costs of home improvements prior to selling. Meanwhile, the housing market continues to face challenges as home sellers are less active this spring. In June, the Fed will release its updated economic projections, and we will have a clearer picture at that time after more data is available.Īs long as the economy continues to see progress on inflation, it is expected that mortgage rates will remain toward the lower end of the 6-7% range. In addition, although the labor market figures are promising amidst concerns of a recession, it also gives the Fed little reason to cut rates in the short term. economy is moving in the right direction, the pace of improvement is likely slower than desired by the Federal Reserve, and inflation still remains significantly above the target of 2%. On a monthly basis, both the headline and core indexes increased 0.4%, in line with forecasts from economists. The core inflation–which includes goods and services excluding volatile food and energy–was at 5.5%. In April 2023, the headline CPI climbed by 4.9% year-over-year, slowing for the 10th consecutive month and hitting its lowest level in two years. Despite a strong jobs report last week, April’s CPI data reinforced that we are very likely at the end of the tightening cycle. The Freddie Mac fixed rate for a 30-year mortgage rate continued to move lower this week to 6.35% as 10-yr treasury yields trended down. What Happened to Mortgage Rates This Week: Freddie Mac Mortgage Rates – May 11, 2023
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |