This was the first week of 2024 and fairly bumpy week for rates as the markets were anticipating the first major economic report of the year: the Government issued Employment Report!
This impacts rates because it illustrates the strength of the economy by companies hiring more people (essentially). We created more jobs than we planned on which is good for people who wanted to make a change, but a bit of a rainy for the interest rate world. Thankfully, it was mostly government employees so everything settled down and rates remained mostly unchanged.
Today we’re seeing most 30 year loans trade in the mid 6% range and some FHA/VA options trading right around 6%.
Coming up we’ll continue to watch economic data closely – Experts are predicting rates to fall below 6% at some point this year as long as inflation continues to play nice.
Housing Crash Update: Overall home values increased 7% in 2023 and are projected to increase between 3% and 5% in 2024. Although… if rates drop, and buyer demand picks up we’ll see that range grow.
The Frost’s rang in the New Year in our old neighborhood next door to our old house. It’s one of our favorite traditions! As you can see below I continue to out kick my coverage in the world of having an amazing family.
Thank you for all of your continued support and referrals in the new year 2024. As a partner and supporter of Novi Now Community, and small businesses, nothing means more to us than when you recommend our company to your friends and family. We’re grateful and honored to take care of them with the highest level of service possible.
