With the latest inflation reports, it’s no wonder why mortgage rates are so finicky lately and breaking the rules.
Hi, I’m Tanja Odzak, eXp Realty, and I help people sell and buy homes here in the East Bay.
First off, let’s remember inflation is the key reason that rates are as high as they are right now. In theory, if inflation falls back then mortgage rates should follow. However, with the latest consumer price index reports, inflation was up again at 3.2% in July slightly higher than in June. This has caused rates to take a jump in recent weeks. According to Realtor.com, mortgage rates have been hovering back and forth in the 6-7% range for the past several months, with the most recent forecast predicting the 30-year fixed rate will close out the year at an average of 6.6%. Most experts are predicting a bumpy road for the remainder of the year and into the beginning of 2024. But let’s remember rather than worry about mortgage rates, as a buyer, focus on what you can control. There are still plenty of options available when shopping for a loan.
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I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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