Inflation Drop: Lower Mortgage Rates & Growing Inventory - Tom's Take 376

Inflation data came in favorably last week, causing the ten-year yield to drop and mortgage rates to fall into the mid to high 6% range. This is great news for homebuyers and sellers.👀 Inflation for April was 0.3% higher than March but below expectations at 3.4% year-over-year. The ten-year yield dropped to 4.3-4.4%, and mortgage rates dipped below 7% for the first time in weeks. This is positive for buyers and sellers. 📉 The Federal Reserve is expected to keep rates the same at their next meeting, with possible rate cuts later in the year. This is the lowest mortgage rate in six weeks, and affordability has improved as inventory grows. In Pennsylvania, inventory is up 6.7% year-over-year. 🏡 If you're considering selling, now is a good time due to growing inventory and lower rates. Don't wait for prices to rise further as inventory increases in states like Florida, Arizona, the Carolinas, and Texas. 🤝 If you're looking to buy, take advantage of the lower rates. Time on market has increased, giving buyers more opportunities to make offers. Schedule a call with our team to understand your local market conditions and make informed decisions. 📲 https://calendly.com/tomtoole