Salvador Cortez at Absolute Mortgage Group Inc.
Salvador Cortez
Absolute Mortgage Group Inc.
Phone: (916) 668-0043
Email: [email protected]
NMLS# 1813194
Company NMLS# 1874315
Home
site.enter("0") onMouseLeave= className= > Loan Programs Home Purchase
Refinance
Forgivable Equity Builder Loan
Contractors
Mortgage Calculators
site.enter("1") onMouseLeave= className= > Resources Loan Programs
Loan Process
Mortgage Basics
Online Forms
FAQ
site.enter("2") onMouseLeave= className= > About Testimonials
Meet Our Team
Contact
Blog
site.enter("3") onMouseLeave= className= > Events Upcoming Events
Past Events
The 2nd CA Dream for All
Apply Now
Inflation. It’s a word that gets thrown around a lot, but what does it really mean for you, especially if you’re thinking about buying a home or refinancing your current mortgage? Let’s break it down in a way that’s easy to digest.
At its core, inflation is the rise in prices over time. When inflation is high, your money doesn’t stretch as far as it used to—think of how much more you’re paying for groceries or gas compared to a few years ago. But inflation isn’t just about the cost of living; it also affects things like interest rates, which are crucial when you’re looking to buy a home or refinance.
The latest inflation report, which covers the 12 months ending in July, shows that inflation is starting to cool down. The Consumer Price Index (CPI), which is one of the main ways we measure inflation, is now 2.9%, close to the Federal Reserve’s target of 2%.
It's important to note that this number reflects the overall inflation rate. Housing costs haven't dropped yet but are expected to follow soon.
When housing costs rise, it’s often because mortgage rates are high. Higher mortgage rates make it more expensive to borrow money to buy a home, which in turn drives up housing costs. This creates a tricky situation—especially for those of you looking to enter the housing market or refinance your mortgage.
The good news is that mortgage rates have already dropped and may fall even further if the Federal Reserve cuts interest rates soon, possibly as early as September.
So, what should you do if you’re thinking about buying a home or refinancing now that mortgage rates are already on the decline?
1. Act Quickly: With mortgage rates dropping ahead of the Federal Reserve’s September meeting, this could be an ideal time to lock in a lower rate. Acting now might help you secure a more affordable loan before rates potentially stabilize or rise again.
2. Assess Your Options: As the housing market recovers and inventory improves, you might find more choices and better prices. However, with rates already dipping, waiting too long could mean missing out on favorable terms. Weigh your options carefully, and consider if now is the right time to make your move.
3. Stay Informed: The economic landscape is ever-changing, and so is the housing market. Keeping yourself updated on the latest trends and rate changes will help you make the most informed decision, whether you’re buying or refinancing.
With mortgage rates already on the decline, now might be the perfect moment to take advantage of the changing market. Whether you're looking to buy a home or refinance your current mortgage, staying proactive and informed is key.
By acting quickly and carefully considering your options, you can secure a better deal that could save you money in the long run. As the economic landscape continues to evolve, being prepared to make your move could put you in the best position to benefit from these positive shifts.
We've been helping customers afford the home of their dreams for many years and we love what we do... Company NMLS: 1874315 Personal NMLS: 1813194 NMLS Consumer Access
1942 Del Paso Road, Suite 130 Rm 103 Sacramento, CA 95834 Phone: (916) 668-0043 [email protected]
Legal
Privacy Policy
Accessibility Statement
Site Map
Loan Programs