Have You Heard? Mortgage Rates are Dropping

Hey guys just want to bring you a quick update about mortgage rates. As you know they've risen quite a bit. The Fed has been raising their rate which does affect mortgage rates a little bit but mainly mortgage rates are affected by the bond markets. The bond markets are affected by a lot of things but really what's been raising them right now is the inflation. Everybody's concerned about inflation. The fed's been raising their rate to try to curb inflation.

Well there were a couple of reports that came out in the in the past week or so talking about inflation and the numbers came in much better than anticipated. What does that mean? That means mortgage rates are dropping right now they've dropped significantly in the past week. We think they're going to continue to drop that's really good if you're looking to buy a home.

I would suggest not waiting a long time though. As these rates drop more buyers are going to come out. You will have more competition. Right now there is no competition or, let’s say, there's very little competition.

Sellers are anxious to sell they're offering all sorts of incentives, reducing prices. It's really hard to beat some of the deals that you can see out there right now. So if you've been sitting on the fence waiting for interest rates to go down, well, they have started going down we think they're going to continue to do so. You may want to go ahead and start looking for a house and get one under contract before all the other buyers come out and then you've got more competition. We can discuss this further with you. Reach out to myself or a member of our team and we would love to assist you.