The U.S. Federal Reserve has confirmed a 0.75% increase in the federal funds rate today. Mortgage rates increased to 6% accordingly in anticipation of this increase.
This will be the third rate hike initiated by the Fed so far this year, with possibly another expected to follow as soon as the next meeting on July 27th.
Buying a Home or Refinancing...Don't wait
If you've been thinking about buying a new home or refinancing your mortgage, market experts recommend you do so prior to the next rate hike. Rates will be going up as the Fed takes further expected action to halt inflation this year.
Mortgage rates are still closer to historic lows than highs. However, before the rates go up further now is the time to act and consider locking in a rate. On a national average mortgage rates (for good credit) continued to this week and more increases are likely and soon.
If you are considering buying a home in the Phoenix metro and would like to get prequalified for a mortgage and find out how much home you can afford, feel free to give me a call or text at 480-242-6500 for introduction to a qualified lender. I will also help you find the home that is right for you as your REALTOR®
Home Ownership is Good for America
Not only is home ownership an important "value" in America it is a significant contributor in our economy. RISMEDIA also reports that "housing is a key driver of our economy, accounting for 15% of our Gross Domestic Product in general. Research shows that for every home purchased, $60,000 is pumped into the economy for furniture, home improvements and related items. Plus homeowners pay 80-90% of individual federal income taxes, contributing to federal programs that benefit all Americans."
Home ownership is what America is all about (Photo Michelle Bryant- Pixabay)
Ready for Your Dream Home in Arizona?
Let me know if you need a referral to a mortgage lender. Are you thinking of moving to the Phoenix metro area including Scottsdale or the great desert southwest? If so, check out FREE MLS Search for the Phoenix metro area or homes for sale in Scottsdale
Meet Jeff Masich, Associate Broker, REALTOR® to purchase your Arizona Dream Home
Jeffrey Masich with the Arizona Homes and Land Group would be pleased to meet and represent you as a Buyer or Seller in Scottsdale, Paradise Valley and the Phoenix metro area.
To learn more about Scottsdale living or in the Phoenix metro area and to see homes for sale: Scottsdale Homes For Sale or Arizona Homes For Sale.
Here is a FREE MLS Search for homes for sale in Arizona. I, Jeff Masich would be pleased to help you find Arizona Homes For Sale and the right home at the right price!
Press FREE MLS Search to search for Arizona Homes and Land
Comments(6)