Are Mortgage Rates Dropping This Summer?

Hi Friends & Family,

 

I know you all think about interest rates and want to "time" the drops when buying.  If you know me, you know I like to use times when they are higher to create other creative ways to get deals that are completely unrelated to interest rates...but today we are simply going to get excited that they are dropping and could drop even more here in the next month or so.  

 

You also know how closely I rely on the lenders I know in Tri-Cities, WA regarding this topic.  One insight I have is the rates got worse about a month ago and have recently shifted back down.  It might be a bit before we see them in the 5's again, but people are trying to buy while they sit in the 6's and not 7's.  All these numbers change based on your situation, but my second insight is I'm hearing this rate drop might only last for a handful of months and could bounce back up to a worse place.  

 

So...here is a window to take advantage.  If I were thinking of buying this year, I'd consider being the first to benefit from this rather than being the last and dealing with multiple offers driving up home prices again.

 

The article below discussed the April CPI report.  This is one marker my lender friends watch to put some of these insights together.  

 

I hope this helps you with any fence you might be sitting on.  Remember, waiting is only a strategy if you are ready to strike.  If you aren't ready to strike and call it waiting, I would consider it avoiding.  I get it though, I avoid things when I am unsure, when I don't have all the information, and/or when I feel overwhelmed. If you are feeling any of these things and want to start striking rather than avoiding, let me know and allow me to help you gain clarity on your situation.  

 

 

 

-Andy Webster

Pure Life Realty Team