MARKET UPDATE

YOUR QUICK GUIDE TO THE PORTLAND MARKET THIS WEEK

The market was subdued earlier this week due to the observance of the National Day of Mourning for Jimmy Carter. The bond market has shown volatility, influenced by inflation concerns and mixed Treasury auction results. Several Federal Reserve officials spoke cautiously against rate cuts in January. Mortgage rates increased, with the average lender offering top tier conventional 30yr fixed rates near 7.24% with no points (Source: Mortgage News Daily). For buyers, now may be a good time to lock in rates before any further increases, especially with inflation still posing risks.

Key Points:

• Rates are up. The right lending partner can be the difference between a buyer getting approved or not—and even a significant difference in their interest rate and payment.
• The economy is doing better than expected: The major reason why rates are up is because the economy is doing better than expected. This means the potential for better earnings for buyers and less risk of a recession.

As always, feel free to share this and let me know if you need anything— I’m only an email, call, or text away :)