Mortgage Market Update & the Broker Advantage

I wanted to keep you updated on the latest happenings in the mortgage world. We've seen some interesting developments lately, and I'm here to help you make sense of it all.

Rates Are Down, but Stay Alert!

Interest rates are at their lowest point in 2024 and are even nearing the best levels we've seen since early 2023! This is great news for anyone looking to buy or refinance. The labor market is cooling down, and the Fed is expected to cut rates further in the coming months, which could lead to even lower rates.

However, September has historically been a volatile month for both stocks and bonds, so it's important to stay in touch. We want to make sure you're ready to take advantage of any opportunities that come your way.

What I’m Watching This Week

We’ve got some very important inflation news coming out this week, starting with the CPI (Consumer Price Index). Overall prices are expected to rise 0.2 percent in August that would match the as-expected 0.2 percent rise in July. Annual rates, which are the most important figures we’re tracking - in July were 2.9 percent overall and 3.2 percent for the core (both 1 tenth lower than June). They are expected to continue to moderate slightly at 2.6 and 3.2 percent, respectively. Any surprises could lead to some notable volatility in rates.

The following day, wholesale price inflation gets reported. Producer prices in August are expected to rise 0.2 percent on the month versus a marginal 0.1 percent rise in July. The annual rate is seen at 1.8 percent versus July's 2.2 percent which compared favorably with expectations for 2.6 percent.

Brokers Save You Money

I also want to highlight some recent research that confirms what I've always known: mortgage brokers save consumers money. A new study found that borrowers save an average of over $10,000 by working with a broker compared to a retail lender.

We have access to a wider range of loan options and can often negotiate better terms for our clients. Plus, we're committed to providing personalized service and guiding you through every step of the mortgage process.

Let's Chat!

There’s lots of talk about the large numbers of mortgage holders that will want to refinance down if and when rates hit six percent. If this is you, please reach out and let’s talk about your strategy and what makes the most sense for your financial goals. I’m happy to help!

As always, whether you're thinking about buying a new home, refinancing your current mortgage, or just have questions about the market, I'm here to help.

Feel free to give me a call or shoot me an email anytime.