The Fed, Inflation, Interest Rates.......Higher for Longer
The economy remains strong as retail sales rose by .7%, which was much higher than expected. The Fed kept rates unchanged and, due to inflation data, indicated that interest rates will stay higher for longer. The projections of three quarter point rate cuts this year are now down to one or two. The recent inflation report, which came in at 3.5%, signals that prices are not relenting. Existing home sales fell in March 2024 4.3% from February and are off 3.7% from a year ago.
The good news is that inventory has increased over the last few weeks but buyer demand remains very strong.
Check out the market stats below..... the three month rolling period shows prices for almost all areas are increasing.
Weekly national mortgage rates for loans under $400,000, top credit scores:
30 yr. fixed rate 7.10
15 yr. fixed rate 6.49
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18 Steps To Getting Through Escrow
