Inflation has proven to be more persistent than expected going into October. Paired with jobs data numbers being double the projections, both factors don't bode well for interest rates. However, a shift in tone from Federal Reserve members suggesting a potential delay in further rate hikes through the year has allowed mortgage interest rates to soften slightly.
An added layer of uncertainty lies in the developing conflict in Israel and Gaza, which took the world by surprise. This may be further reason the Fed will want to remain cautious in imposing additional rate hikes at the risk of causing too much damage to the economy.
The most likely scenario remains as not seeing interest rate cuts until next year – whether that occurs in the first half of the year or later in 2024, remains to be seen. The mantra of “marry the house; date the rate” remains the motto of 2023.
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.