Market Flip Fast
Happy Friday! This is Brian Manning with your weekly update. Let’s get right to it. It looked like rates were finally going to improve this week, but the market suddenly flipped with incredible speed. We started the week with mortgage rates moving in the right direction, and as momentum built, there was a real sense of excitement about the progress. Unfortunately, everything changed midweek when a hotter-than-expected PPI report was released. This indicated that wholesale inflation is still a major problem and that price pressures are not going away, which immediately put significant pressure on interest rates.
At the same time, the Federal Reserve updated its outlook for the year, signaling they now anticipate only one rate cut. Jerome Powell indicated some uncertainty regarding the next move, adding another layer of complexity to the situation. Global events are also making an impact, as conflict in Iran is pushing oil prices higher. Since energy is one of the biggest drivers of inflation, this adds further strain. Additionally, Europe is signaling a potential rate hike in April, which creates even more global pressure on the markets.
By today, mortgage rates have unfortunately moved higher in response to these factors. We are currently in a very sensitive market where rates react quickly to inflation data and global headlines. Until inflation cools and geopolitical tensions ease, we should expect continued volatility. My big takeaway for the week is that while rates tried to improve, inflation punched back and pushed them higher. I wish I had different news to share, but that is the reality of the current landscape.
I am available seven days a week from 8 to 8, so please give me a call if you have any questions; we would love to help you. For the realtors out there, we have an amazing new class called “Just List, Just Sell, Just Win.” We just held one yesterday at The Capital Grille to a sold-out room, and we have three more coming up in Boulder, Denver, and Loveland. If you can make it, please RSVP, as we would love to see you there. I hope you have a great day and a wonderful weekend!
___________________________________________________________________________
Questions? Concerns? Ready to get started with my strategic buyer consultation?
Call me any day of the week, Monday- Sunday to get connected & learn about your options.
It’s never too soon to understand what you can afford!
303-500-3839
Brian@BrianManningTeam.com
LICENSED TO SERVE YOU IN:
- Colorado
- California
- Arizona
- Florida
- Wyoming
Oh yeah, want to get my weekly Friday Market Update straight in your inbox?? Join our mailing list!
Email me directly at Brian@BrianManningTeam.com