As Thanksgiving approaches, amidst the challenges of soaring interest rates and a complex housing market, it’s a moment to embrace gratitude for the treasures that truly matter — family and home.
Despite financial uncertainties, our homes stand as havens where laughter echoes and memories thrive. The mortgage industry’s fluctuations remind us not just of market shifts but of human resilience in creating and preserving these sanctuaries.
In the face of high rates, our focus shifts to the unwavering comfort of family. Gathered around tables, we find solace in togetherness, realizing that, amidst economic complexities, the essence of home remains unchanged.
This Thanksgiving, let’s celebrate the enduring warmth of family ties and our homes’ invaluable sanctuary. Beyond rates and markets, our gratitude prevails for the priceless blessings of love and shelter.
Now, I have to throw in something regarding rates and the economy… Given the recent set of economic data that has come out over the past several weeks, it does appear that the “inflation ghost” that our Federal Reserve friends have been chasing is slowly disappearing, with inflation dropping from as high as 9% to our current levels of roughly 3.2% based on their calculations (I would argue we are closer to 2% currently). They have accomplished this via a series of unprecedented rate hikes over the past 16 months, raising rates by close to 5% during that period, pushing mortgage rates to over 20-year highs, and driving the economy into what appears to be soon-to-be a “recession.” But it does look like we may be closer to 5.5% by next Thanksgiving for 30-year fixed rates on a national average, and housing sales will be much better in 2024 compared to 2023.
I hope all of you have a wonderful Thanksgiving and enjoy your time with Friends and Family during this Holiday Season!!!
Remember… The BEST RATE… IS A LOCKED RATE… with a float down… ask me about our program that allows you to lock your rate and then float down if rates move lower.
Make sure you (or your buyer) get pre-approved before looking at homes so we can determine if you are looking in the correct price range and have you armed to submit an offer with a pre-approval letter!
Thank you for reading this blog. I hope that the facts and insights I share provide value for you.
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Blog post date: Tuesday, November 21, 2023