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Inflation just hit a three-year high. So why didn’t mortgage rates spike?
Because the headline was alarming, but the details were calmer.
The Consumer Price Index rose to 4.2% year over year in May, and producer inflation ran hot too. Normally, that would be tough news for rates. But this time, most of the pressure came from oil tied to the US/Iran conflict.
Once you looked past oil, inflation was calmer than expected. That helped mortgage rates hold steady and even ease a bit by week’s end.
Housing kept moving too. Existing home sales reached their strongest level in several months, and first-time buyers made up the largest share of sales since 2020.
A loud headline doesn’t always mean a bad market.
The buyers in the strongest position right now aren’t trying to time every rate move. They’re getting clear on their numbers, getting prepared, and staying ready for the right home.
Curious what buying could look like for you this year? Reach out and we’ll walk through the numbers together.
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Source: Keeping Current Matters
The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
Keeping Current Matters is a trademark of Keeping Current Matters, Inc. CrossCountry Mortgage, LLC; its subsidiaries; and its affiliates have not been authorized, sponsored, or otherwise approved by Keeping Current Matters, Inc. or any of the above-mentioned companies.
