Is Now the Time To Buy? Homebuyer’s Mortgage Watch – April 14, 2019
This Week Highlights the Following Updates:
- Mortgage rates notched upward last week as markets absorbed the latest Fed meeting minutes and tame inflationary data.
- Recently, the probability of a rate cut began to be discussed in certain circles. With the shaky economic start to 2019, the idea is unsurprising.
- However, the Fed’s minutes make it clear it is trying to be “data dependent,” and as long as inflation remains tame, we are unlikely to see a rate cut any time soon. However, we are also fairly unlikely to see another rate increase this year.
- While we ran into a period of reasonable growth over the last couple of years, inflation remains calm, and the economy appears to have settled back into a stable, slow growth mode. While we do face headwinds from global slowing, the delay of Brexit pushes that uncertainty out six months.
- The market’s tone for the next few weeks may be set by this week’s release of Retail Sales data. With expectations at almost 1.0%, another month of weak growth, below 0.3%, will hold mortgage rates down.
- If Sales come in over 1.0%, then rates are likely to end the week moving upward.
The Best Place to Live Once Again
US News & World Report released its annual “Best Places to Live in the USA” report, and for the third year in a row, Austin, TX claimed first place. The researchers used multiple indices including housing, happiness, healthcare, taxes, and employment to score 125 metro areas. Coming in behind Austin are Denver, Colorado Springs, Fayetteville, AK, Des Moines, IA, Minneapolis-St. Paul, San Francisco, Portland, OR, Seattle, and Raleigh-Durham, NC.