While the start of June saw a dip in interest rates, the ebb and flow of mortgage rates continues hovering around 7% for many buyers. However, the Mortgage Bankers Association reported an increase of mortgage applications in early June of more than 15% when adjusted seasonally, indicating some buyers may be willing to pull the trigger on buying a home when we see slight improvements in rates.
Retail sales are indicating a weaker economy, which could potentially encourage the Fed to begin their rates cuts earlier. However, Fed members continue their caution against overreacting to good inflation data and that more consistent data over time is necessary before they'll feel confident in the economy's improvement.
The Charlotte housing market continues following its seasonal course despite these uncertainties. The area is on pace for solid home appreciation this year which is encouraging for buyers who see the value in buying sooner rather than later.
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.