Nuwave Rate Update - 2.1

Happy February everyone!

The FED is meeting today (Feb 1) for the first time since their Dec meeting. Most expert are expecting the FED to raise rates 25-50bps to continue the fight of inflation.

However, we are seeing overwhelmingly good news in the world of mortgage rates. For the first time in what feels like a decade, (but more realistically 6 months) we are under 6% for mortgage rates. As we continue to see frequent price drops across the market, we have been getting closer to true affordability for first-time buyers.

With limited inventory, I would still highly advise clients to get preapproved early so that they are prepared to put in offers when they find the home they love.

I will be making a video later today on instagram detailing any keys announcements from the FED and their expectations moving forward.