if anyone is buying it may be a good time to lock. If anyone is refinancing I have to question your judgement in not doing it anytime in the previous 24 months (before April 2022 when rates skyrocketed).
30 year fixed dropped to 6.62% from almost 8% yesterday. I dont know that i have ever seen a downward price adjustment that big in one day.
The reason is the CPI report that came out today showing inflation is stabilizing. Banks are pushing Home Equity Lines of Credit hard since most people dont want to refinance their 3% mortgage.
Why would anyone buy today when prices are going down. Refi? Most people have 3% mortgages if they were smart the last three years And the average rate yesterday was 7.25. not 8%. Where do you shop?
That is exactly what I would do if I were a bank and looked ahead to a major economic disaster coming my way. Hey, lets lower rates and snag as many mortgages/refinances as we can from our competitors so we will own a metric butt-load of houses and when a ton of them default we can sell them to the US government and Blackstone at a great profit while the rest of the country wallows in shit.
Inflation could be stabilizing, but we still have a ways to go IMO. All you have to do is look at prices (home, cars, eggs, etc). Still way up… Doesnt matter what I think or some of the “financial advisors“ (self-serving idiots) who think inflation is over now, LMAO. What’s important here is the FED thinks we have a ways to go as far as pushing inflation down. They go 50 basis points in December at the very minimum. I still think they may cut in Feb, but a lot can happen b/t now and then.