The Summer of Opportunity

by Matt Thomas

The Summer of Opportunity may be coming to a close, but the fall of opportunity may pick up where summer left off. Anticipated interest rates drops have the homebuying world buzzing with a sense of opportunity and optimism.

Mortgage Minute

Earlier this week revisions to the BLS (Bureau of Labor Statistics) Jobs Report were made public which revealed that job growth had been previously overstated by as much as 911,000 jobs (76,000/month). These numbers proved to be so overstated, in fact, that word of the revised numbers has caused interest rates to relax to their lowest point in 11 months.

Local lender and trusted colleague, Brian Dewald and I discuss this and more as well as the silver lining throughout all of this: the best interest rates in nearly a year.

Watch our latest Mortage Minute below:

BOTTOM LINE

While rates have relaxed recently, one never knows how long an opportunity will last. The Federal Reserve is scheduled to meet next week to discuss the revised job market numbers. If The Fed comes out next week and drops the bank rate slightly next week, chances are the market will have already expected that. If markets have indeed already factored in the anticipated rate drop then interest rates could stay put or even increase. We'll know more once the Fed meets again next week. However, if they drop rates more than anticpated the markets could respond by dropping mortgage rates even lower.

The question is always how long will opportunity last. Some believe a larger decrease in the Fed bank rate could surprise markets causing a reactionary dip in interest rates. If that happens, maybe the opportunity lasts a bit longer. Will you take advantage?

We know every situation is unique, so call us to see what advantages this market may offer you.