We saw an exciting week in the market, but not for any good in the world of mortgage finance. Markets moved significantly due to a searing hot retail sales report. This heightened fears of the stubborn inflation fight the Federal Reserve is battling. Subsequently, the US bond and mortgage bond markets pushed rates higher. Things remain weird and hard to face for new home buyers:
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Low Inventory
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Affordability distress
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Multi-decade high mortgage rates
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Sales prices remain appreciating (albeit slower, around 2-3% annually, BUT for this to happen when rates basically tripled in a year and a half is just wild)
This market remains tough for buyers everywhere. All the more reason to use a quality real estate agent and lender when purchasing your home!
