MARKET UPDATE: Inflation down. Rates drop.

Inflation is trending downward and rates follow.

ANALYSIS

This week fed into the story that the economy is cooling, inflation is dropping, and rates are looking more and more likely to have topped out. That’s big.

Mortgage rates have responded by moving down from the 8’s to the mid-7’s. Anecdotally, I’ve noticed even this small shift has noticeably relaxed potential buyers. Of course, the market remains extremely tight, but hope for a return of both buyers and sellers in the early spring – is looking more likely.

WHAT’S NEXT

Next week will be very quiet with the holiday. I’ll be taking off Friday to recover from the food coma my wife’s INSANELY GOOD pecan pie puts me in every year. There might be some wine involved too…please don’t judge.

Have a great and happy Thanksgiving!