Some much needed relief came for homebuyers today in the form of a 0.5% drop in rates after the Fed evaluates inflation
The Consumer Price Index data released on Thursday showed that inflation reached only 7.7% in October, even lower than the 7.9% rate that experts had anticipated, and lower than the 8.2% rate in September. According to the New York Times , this has caused a ripple effect throughout different industries including a boom in the stock market, a plummet in used car prices, and more.
But what does this mean for homebuyers?
It's really great news! Mortgage News Daily reported that today the average rate for a 30-year fixed mortgage dropped from 7.22% to 6.62% - a plunge that mimics the record drop at the beginning of the pandemic.
On an average Schuber Mitchell Home, a 0.5% rate decrease would result in approximately $100 of savings per month.
It gets better for Schuber Mitchell Homes' buyers...
If you have been waiting to purchase a Schuber Mitchell home, now is the time. With the .5% rate drop in conjunction with our Come Home Savings Program, your rate could be 1% lower than it would have been yesterday!
Reach out to us today to secure your home and lock in your rate!
