February has given us some backwards movement with interest rates due to investors’ realization that the Fed has all but guaranteed they will not be making their first cut to the Fed Funds rate in March. Consumer Price Index data this month also showed we’re having a harder time kicking inflation than economists predicted, which means we may be waiting even longer for the Fed to start cutting rates. The outlook for 2024 remains that we will see rates improve, the timing on when that will occur and by how much is still the variable.
In terms of the wider economy, the US is in a much better position than the rest of the world. We created almost double the jobs predicted in January, and are nowhere near the brutal recession many expected last year. While we’re still dealing with higher mortgages rates and prices at the grocery store, China, the UK, and almost all the world's other major economies are struggling far more than the US.
Get yourself into a mortgage payment you can stomach for the next year or two, build some solid equity in your home, and look forward to refinancing into a lower payment when the time comes.
To get in touch, reach out to your Helen Adams Realty agent or contact Tom Baker directly.
About IntroLend Carolinas
IntroLend Carolinas is a mortgage marketplace that allows you to compare your options side-by-side, giving you the confidence to know you are receiving the best possible rate and terms. Helen Adams Realty has dedicated finance managers in their offices who have been in the mortgage and customer service industries for decades and understand how to take great care of any borrower in any scenario.