We got a nice move in the 10yr yield last week after Mr. Powell's press conference. I think the market expected him to be more hawkish then he was, and instead pretty much stuck with what he's been saying since the year began. He expects to cut rates three times this year, and as of now remains data dependent. Some inflation numbers have for sure proven sticky in the Fed's goal to get back to 2% inflation, but overall most numbers are coming down and the labor market is showing signs of cooling off. With that said we can see signs of demand in the market at these 6.875 - 7% mortgage rates. I continue to want the market to come down to an even 6%. I believe this will create a more healthy housing market. Sellers could feel more comfortable brining their house to market, increasing inventory, as we settle into a nice mortgage rate equilibrium between the 3% lows and 8% highs. I've got an incredible listing coming in South Sac in a couple weeks, If you know anyone who'd like a head start on the competition, let me know! What are you seeing or hearing? I'd love to know paul@guiderealestate.comVisit www.paulpelettarealtor.com |
