The Federal Reserve continued their fight against inflation and possible recession last week by increasing rates another 75 bps. This affects things like HELOCs, Credit Card APRs, Auto Loans and personal loan. Over the last few months, we’ve seen mortgage rates jump into the high 5’s and, in some cases, 6.0%.  As we mentioned in our last market update, much of this increase was in anticipation of the Fed’s plan over the next year or so. With this most recent rate hike, mortgage rates fell in response – below 4.99% for most loan programs. We’re starting to see a housing inventory increase as well as a higher time on market for current listings – both good things if you’re in the market to buy a home!

While there is a lot of uncertainty in the world, don’t let that deter you from purchasing. Home values are strong so build some equity rather than rent and we’ll be here to refi you in a few years when things settle down!