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This week showed why mortgage rates can change even when nothing seems different in the housing market.
Early in the week, global headlines created uncertainty for investors. When markets are surprised, interest rates often rise as money moves out of long term investments. That reaction caused mortgage rates to open higher than last week.
As the situation cooled, markets settled and rates stabilized. This is a reminder that mortgage rates are influenced by confidence and global events, not just home prices or inventory.
Inflation data released this week was calm and steady, helping support more stable rates over time.
Housing affordability is also receiving more attention from policymakers. Ideas being discussed could allow buyers to use part of their 401k to help with a home purchase. For many buyers, the biggest hurdle is coming up with cash upfront, not the monthly payment.
The Federal Reserve is another factor to watch, as future policy decisions may influence interest rates.
Buying a home is a big decision. When you understand what is driving mortgage rates and focus on preparation and long term goals, you are better positioned to move forward with confidence when the right opportunity comes along.
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
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