Understanding Rising Mortgage Rates - Tom's Take 344

📈 Mortgage rates are rising post-jobs report. What does this mean for buyers and sellers in today's market? Interest rates increased due to the recent jobs report: 3.8% unemployment and 336,000 new jobs added. Key job-adding sectors include leisure, hospitality, healthcare, professional services, and social assistance. This growth could be attributed to pent-up demand, aiming to match pre-pandemic employment levels. Wage growth is cooling, raising concerns about inflation. Inventory supply is up 9% YoY in the Greater Philadelphia area. Housing prices continue to rise. This might be the best time for buyers and sellers to act before the market becomes more competitive. Rates are likely to drop next year, prompting more market activity. But, acting now could secure better deals. If you're considering a move, talk to a real estate agent or schedule a call with us. In summary, the shifting market presents opportunities for serious buyers and sellers. Pay attention to these indicators!