The Best Way To Keep Track of Mortgage Rate Trends

<article class="post-1019197 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1019197"><span class="entry-date">April 23, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">The Best Way To Keep Track of Mortgage Rate Trends</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=The+Best+Way+To+Keep+Track+of+Mortgage+Rate+Trends&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fthe-best-way-to-keep-track-of-mortgage-rate-trends%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="The Best Way To Keep Track of Mortgage Rate Trends Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240423-The-Best-Way-To-Keep-Track-of-Mortgage-Rate-Trends.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>If you’re thinking about <a href="https://www.simplifyingthemarket.com/2024/03/20/does-it-make-sense-to-buy-a-home-right-now/" rel="noopener noreferrer" target="_blank">buying a home</a>, chances are you’ve got <a href="https://www.simplifyingthemarket.com/2024/03/26/whats-the-latest-with-mortgage-rates/" rel="noopener noreferrer" target="_blank">mortgage rates</a> on your mind. You’ve heard about how they impact how much you can <a href="https://www.simplifyingthemarket.com/2024/04/18/is-it-getting-more-affordable-to-buy-a-home/" rel="noopener noreferrer" target="_blank">afford</a> in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan <a href="https://www.simplifyingthemarket.com/2024/03/28/is-it-easier-to-find-a-home-to-buy-now/" rel="noopener noreferrer" target="_blank">your move</a>.</p>
<p>The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.</p>
<h4><strong>The Latest on Mortgage Rates</strong></h4>
<p>Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors.</p>
<p>Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the <em>Federal Reserve</em>, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at <em>First American,</em> <a href="https://www.cnet.com/personal-finance/mortgages/mortgage-rates-go-up-for-homeseekers-mortgage-interest-rates-for-april-12-2024/#what-to-expect-from-mortgage-rates-in-" rel="noopener noreferrer" target="_blank">explains</a>:</p>
<blockquote><p><em>“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”</em></p></blockquote>
<h4><strong>Professionals Can Help Make Sense of it All</strong></h4>
<p>While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on <a href="https://www.simplifyingthemarket.com/2024/04/09/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home/" rel="noopener noreferrer" target="_blank">the pros</a>.</p>
<p>They coach people through <a href="https://www.simplifyingthemarket.com/2024/03/15/the-latest-trends-in-housing-infographic/" rel="noopener noreferrer" target="_blank">market conditions</a> all the time. They’ll focus on giving you a quick summary of any <a href="https://www.simplifyingthemarket.com/2024/03/22/3-helpful-tips-for-first-time-homebuyers-infographic/" rel="noopener noreferrer" target="_blank">broader trends</a> up or down, what experts say lies ahead, and how all of that impacts you.</p>
<p>Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you <a href="https://www.simplifyingthemarket.com/2024/03/25/what-every-homebuyer-should-know-about-closing-costs/" rel="noopener noreferrer" target="_blank">buy a home</a>. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (<em>see chart below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240422/20240423-How-Mortgage-Rate-changes-Impact-Your-Purchasing-Power.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240422/20240423-How-Mortgage-Rate-changes-Impact-Your-Purchasing-Power.png"/></a></p>
<p></p>
<p>As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget.</p>
<p>It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and <a href="https://www.simplifyingthemarket.com/2024/04/05/top-5-reasons-to-hire-an-agent-when-buying-a-home-infographic/" rel="noopener noreferrer" target="_blank">expertise</a> needed to guide you through them.</p>
<p><strong>You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side.</strong></p>
<h3>Bottom Line</h3>
<p>Have questions about what’s going on in the housing market? Connect with a real estate professional to take what’s happening right now and figure out what it really means for you. </p>
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