Interest Rates are Back into the 6's
As of July 14, 2023, Bond prices rocketed higher this week in reaction to the lower inflation (CPI & PPI) numbers. This allowed average 30-yr mortgage rates (no points purchased) to move below 7% for the first time since mid-June. Make no mistake, homebuyer demand remains robust. It's just affordability (mortgage rates) and availability (supply of homes for sale) that have constrained sales.
from: Chris Maxwell, mortgage lender with Bank of Albuquerque