Did You Miss The Low Mortgage Rates? – April 16, 2024

Video Transcript

April has been unkind to first-time homebuyers. Since April 1, mortgage rates have moved steadily higher including one day last week that had one of the biggest 24-hour jumps in mortgage rates since the pandemic. And now to start this week again, mortgage rates got worse.

The push behind the move higher on Monday was the Retail Sales report. It showed consumers spending twice as much as expected into the economy that adds fuel, which supports economic growth, which is not bad on its own. But when we combine it with growth and jobs and wage growth, again, objectively both good things, put them all together and it suggests the economy is not decelerating at a pace that is consistent with the slowdown in inflation.

It takes 2 to 3 quarters for us to see how this is going to play out in the broader U. S. economy.

But for now, Wall Street is taking a defensive stance, selling off bonds, pushing rates up close to their six-month high. For more mortgage rate news, subscribe to our main channel. I’m Dan with Homebuyer.com.

Happy homebuying.