Once again interest rate hike July 2022. This is the second consecutive month for a rate spike of a .75% rate hike. This was expected and no surprise at all, this is a national 30 year historic moment, Fed's are looking at another in September, November and December. Their goal is to offset inflation and curb the economy and housing market. Also I emphasize this is an ugly reset and cooling off phase we are in. Not only this affects homes for sale in Dr Phillips, but homes across the nation and world. A few areas has already to decline in home prices is what they want to happen to curb inflation. The average home price has already started to increase this year by 20.4% in April according to the S&P Core Logic Case-Shiller National Home Price Index and with the Federal Reserve has expressed to curb U.S. inflation even if it results in a recession. Click to see more info on rising mortgage rates
Many buyers that were in contract are out of contract and cannot qualify to buy the home of their dreams. However it seems to be that Florida will remain growing as many flee to the retirement State but at a slower rate. The interest rate spikes goal is to stabilize the housing market. Here are a few reasons that are governed this decision. Rising mortgage rates reduce home buying demand that can lead to reductions of listing prices. Continued economic growth leads to increased employment and wages, and lastly increased wages will give buyers power and should reduce bidding wars.
In this economy, this interest rate hike not only hurts homebuyers across the board this affects credit cards, business loans, financing to purchase vehicles and refinancing. This makes it more costlier to borrow money in all facets. Click to see more info on refinancing /RISING-MORTGAGE-RATES---32819---32836---Dr-Phillips---Orlando-Florida-6-22096.html
This is why stellar credit and cash saved helps in times like this to keep you in the game. There are mixed signals concerning the economy and anxiety sent stirring we are in or about to go into a recession. Click /ARE-WE-IN-A-RECESSION---32819---32836---Central-Florida-6-22139.html
With the midterm elections coming in November, the unexpected sits on the horizon with this subject. President Biden ratings has been lowered along with the rumors hearing that the democrats may lose many seats in the House and Senate. As your trusted advisor contact Kevin Strawter today at 407 479-8583 to steer you in the right direction wether it's to sell or buy a home. Serving Dr Phillips and Central Florida. Click here to see more about Kevin Strawter /ABOUT-KEVIN-STRAWTER-P-A---MRP--GRI--ABR-6-14330.html