1. Mortgage Rates Are Slightly Up
As of today, the average 30-year fixed mortgage rate is about 6.79%, which is a little higher than before. apnews.com+3Mortgage News Daily+3Mortgage News Daily+3
2. Why Are Rates Changing?
Tomorrow, a big report called the Consumer Price Index (CPI) comes out. This report tells us how much prices for things we buy are going up or down. Since mortgage rates are affected by inflation (how much prices increase), everyone is waiting to see what the CPI says. Yahoo Finance
3. Bond Market Movements
Bonds are like IOUs that governments and companies use to borrow money. Recently, bond markets have been moving up and down as they wait for the CPI report. This affects mortgage rates too because they often move in the same direction as bonds. Mortgage News Daily
4. What Does This Mean for You?
If you're thinking about buying a home or refinancing your mortgage, keep an eye on these reports. They can influence how much interest you'll pay.
It's important to remember that day-to-day or even month-to-month changes in mortgage rates are often minimal. Historically, the average 30-year fixed mortgage rate has been around 7.73% since 1971. Today's rates are slightly below this historical average, making it a reasonable time to consider purchasing a home. themortgagereports.com+1Trading Economics+1
Waiting for rates to drop significantly might not be the best strategy, as home prices could continue to rise, potentially offsetting any savings from a lower interest rate. Delaying your home purchase could mean paying more in the long run due to increasing property values.
Maybe even more importantly, delaying your decision to build a strong foundation for your new family, beginning to grow roots in a community, and creating a sense of stability and comfort for your wife and kids could come at a cost as well. A cost impossible to measure.
If you're ready and able, now might be a great time to take the leap into homeownership. Give me a call, I'd love to hear your story and put you and your family on the path to homeownership and fiscal stability!
Gerald (Jerry) McMillan
714-642-8711
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