The data this month is similar to prior months. The 30-year fixed mortgage rate is hovering around 7% while property values continue to increase. The Fed has been steadfast in their policy that they will wait for inflation to get to 2% before reducing the Fed Funds rate. The April CPI index came in at 3.4%. The Fed came off indications of three rate decreases this year to maybe one. It seems the Fed will maintain policy until they see a decrease in inflation.

While the Fed has been maintaining policy, 30-year fixed mortgage rates have remained around 7%. It appears mortgage rates will remain in this range as long as the Fed continues its current policy.

Property values, however, continue to increase. The median sales price increased 7.5% since last year. Many people have been waiting for mortgage rates to decrease before they purchase. But, it does not appear that mortgage rates will decrease any time soon. If you are considering buying, you may want to consider buying sooner rather than later.

Each month we send out the Interest Rates and Values email to keep you up-to-date with what is happening in the residential real estate market. We feel the more you know, the better you will be able to make a decision on purchasing and financing real estate. If you would like to receive these emails and videos, message me and I’ll add you to the list.

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