Where is the market headed as we approach 2024? Well, we finally have some good news for you all.
Mortgage rates are actually starting to come down and are now in the mid-7 range. Since mid-October, we have been seeing some promising moves.
Consumer Price Index
The CPI is showing that inflation is coming down. A lot of this has to do with shelter costs which is at 44%. Inflation is now closer to 2.9% versus the current 6.7% that is being reported in the CPI. We are happy to finally see some positive reports.
The core CPI has also seen a two-year low with gasoline, airlines, and other major contributors are down.
What does that mean for us?
The Fed is going to start cutting their rates sooner rather than later.
Market Expectations of Fed Hikes/Cuts
Housing Market Predictions for 2024
Loan Officer, NMLS # 729612
Mark Pfeiffer is a Mortgage Loan Originator with CMG Home Loans and a veteran of the mortgage industry since 2003. Mark is responsible for ensuring all loans originated by the Mortgage Mark Team offer competitive terms and close on-time.