Today’s high inflation has triggered aggressive moves from the Federal Reserve which has many economists worried that we’re headed toward a recession. These concerns also come at a time when home prices are at an all-time high and mortgage rates are rising, causing home shoppers to weigh whether they should buy now, or wait to see if home prices drop from a potential recession.
The U.S. consumer price index (CPI) rose to 9.1% in June, according to the Labor Department. It was the highest annual increase in more than 40 years and beyond what many had predicted for the month. The Fed has raised its federal fund rate to contain inflation and intends to continue doing so. Such actions indirectly cause mortgage rates to jump as well.
That leads to several questions, including:
- Should Home Shoppers Buy Now Or Wait?
- Have Sellers Missed Peak Prices?
Homeowners on the fence about selling their homes may have missed the peak sales point in the housing market right now, but that doesn’t mean they should wait. Most real estate experts agree that prices are on a downward trend, so putting off selling until next year or even next month could cost some sellers thousands of dollars or more.
Todd Sheinin, chief operating officer at Homespire Mortgage, offered commentary about current market conditions.
Read the full article in Forbes Advisor.
Homespire Mortgage is an award winning national residential mortgage lender. Homespire has been included in Inc. 5000’s List of America’s Fastest-Growing Private Companies and recognized as one of the “Best Mortgage Companies to Work for” by National Mortgage News for four consecutive years. For more information, visit www.homespiremortgage.com.