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Weekly Mortgage Watch
To find out if now is the time to buy, check out this week's mortgage highlights: for more in-depth info about the market, click here!
- Mortgage rates climbed higher again last week with more experts urging quick action by the Fed. The market is fully pricing in a half-point increase in rates at the Fed’s May meeting.
- Only a few months ago, the idea of a half-point move seemed radical, but with so many factors converging to press prices higher, a half-point move is now the minimum.
- In many ways, the economy is slamming into a perfect storm for inflationary pressures to grow.
- A sizeable domestic bounce-back in demand, added economic stimulus, extremely tight labor and housing markets, a war in Europe, COVID lockdowns in China, and other factors are all at play.
- Some analysts are now wondering if we need to slam the brakes hard enough to create a mild recession to get prices under control.
- This week brings the first estimate for Q1’s GDP. Consensus estimates range from 0.2% to 1.9%. The lower the actual reading, the slower rates will climb.
- Friday’s critical release of PCE Prices could also slow the climb if it comes in under expectations. Of course, if it comes in high, rates will rise.
Will Increasing Rates Stop You From Selling?
As mortgage rates march higher, some homeowners are wondering if they shouldn’t hold onto their homes with their low mortgage rates. While financing always plays a major role in home sales, fear of paying a higher interest rate may not be in your best interest. Before you close the door on selling your home, you need to talk to a financial pro to help calculate what your new mortgage might be and help you understand the total financial impact of not selling now.
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