Mortgage Rate Update - February 20, 2023
Updated: Mar 12
What the heck is going on?
Three things are driving the market right now. Employment is high, inflation shows signs of being sticky, and inflation data for the last few months was revised upward. The market is in the midst of a “repricing event.” If you haven’t watched mortgage rates the last week, it is not going our way.
The market is finding a new footing. Inflation is not under control. The Fed will likely keep rates higher for longer. Interest rates are trending up. It will take significant economic news to reverse course.
Remember, you don’t control the rates, so it is time to exude confidence and report the news. Use this trend to help your buyers and sellers make an informed decision. It is a great time to buy.
