NAR Reaction to Consumer Price Inflation

Inflation didn't slow at the expected rate, but it appears that a “soft landing” may be possible without a recession. Don't expect a massive drop in mortgage rates. However, the second half of the year looks promising.

That said, on-the-fence buyers will jump back into the market when rates hit their desired target. Each 1% of mortgage rate change equals about 10% in buying power. For example, a buyer who could afford a $500K house today, could afford a $550K house after a 1% drop. Unfortunately, prices could easily increase more than any saved amount in a multiple-offer market.

Buy a house now while there are some choices and still some bargains. You can refinance when rates drop significantly.

I’ve Got Your Six!

Mark M. Hancock, GRI, MRP, AHWD
REALTOR, New Build certified
214-862-7212
DFWmark.com

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