You may have heard that the Federal Reserve raised the federal funds rate by .75% on Wednesday. This rate controls how expensive it is for banks to borrow and lend from each other – which influences how much it costs for most consumers to borrow money, too. What does this news mean for mortgage rates and your homebuying journey? Here’s what you should know about the … [Read more...] about The Fed’s latest rate hike: here’s what homebuyers need to know
A shifting market amplifies the ‘rent or buy?’ dilemma The Consumer Price Index (CPI) report from July shows that inflation has begun to cool – somewhat, anyway – in response to the Fed’s actions over the past few months. But there’s no question that challenges remain for buyers and sellers, and positive inflation news won’t … [Read more...] about Will cooling inflation heat up the housing market?
Why 'deal's off' is a big deal for buyers. Last month, nearly 15% of purchase agreements in the U.S. fell through before closing – a possible signal that buyers are gaining more negotiating power amid the market slowdown, according to a Redfin analysis. While buyers may be less likely to waive inspections and appraisals in the current conditions, the data also … [Read more...] about Buyer power shifts as affordability falters
Not sure what to do? Ask Robert!We’ll address homebuyer FAQs each week. Submit your question for a chance to be featured in an upcoming newsletter. Email MortyReport@morty.com or find us on Twitter @HiMorty. Reader Question of the Week: How quickly will we see a change in mortgage rates after a Federal Reserve meeting? - Mel C. in Broomfield, CO There’s a common … [Read more...] about The Morty Report: What the rate hike means for mortgages