As of the release of CPI inflation data on April 12th, inflation has fallen to its lowest level since May 2021. These numbers came in just below predictions showing that consumer prices rose 5% since March of this year, which is down from 6% in February, but still a long way off from the Fed’s goal of 2%. The inflation data released notably excludes the volatile costs of food and fuel but does show we are moving in the right direction, albeit at a slow pace.
The overwhelming opinion is that we will see a 25 basis point (0.25%) hike in rates at the next meeting of the Fed, set to occur at the beginning of May. From there, it remains to be seen what, if any, further rate hikes will be warranted as we move into the summer and fall of 2023. Some experts are continuing to urge caution after the fallout last month of two banks, but the Fed has remained steadfast in its messaging. Lenders are already pricing in a quarter point hike in May, so if we see continued improvement with inflation numbers into the summer months, we may be nearing the light at the end of the tunnel.
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.