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Showing posts from June 9, 2024

Why Have Interest Lending Rates Fallen + Where Are We Going? per Local ATX lender Joel Richardson Vera Bank

  I’ve received a lot of questions this week about rate direction and my thoughts on what’s going on and where we’re headed.   Let’s do some quick catch-up! At the beginning of June, I was quoting 6.875% on a 30yr fixed mortgage. Today? 6.49%! That’s a huge movement in two short weeks.   What’s going on? Despite the Fed stating that inflation is not over and that they’ll be moving the rate lower only once this year, we’ve seen some deflationary numbers this week. It’s important to note that one data point doesn’t make a trend, but both CPI (Consumer Price Index) and PPI (Producer Price Index) dropped in May—below analysts’ expectations. Today, we see lower import prices and consumer sentiment waning. These are the types of reports that typically move rates lower, and we are seeing that.   Where are rates going? That’s the million dollar question! I think we’ll stay under 7%. There is nothing pushing them higher right now. Can they go lower? Sure, but let’s not bet on much lower. Listen

Check it out. I volunteered and help put together this West Austin Realtor/Broker/Industry Property Tour for Friday AM June 14th, What do you think about Central West Austin Real Estate and current pricing these days? GVM Broker Associate Austin Silent Market