Hey there, friends! It’s Johnny Apple, here to break down what’s happening in the real estate market right now. Whether you’re thinking about buying, selling, or just curious, I've got you covered with the latest scoop.

1. Good News About Mortgage Rates

Let’s start with some good news: mortgage rates are the lowest they've been in the last 9-10 months! Right now, rates are around the low 7% range. If you’ve got good credit, you might even score a rate in the high 6% range with a little extra cost upfront. This is great because lower rates mean lower monthly payments for homebuyers.

2. Prices Are Rising Slowly

Next up, we have something called the Consumer Price Index (CPI). Think of it as a report card on how much prices for everyday things are going up. Recently, this number came in lower than expected, which means prices are rising more slowly. This is good news because it helps keep mortgage rates from going up too fast.

3. Unemployment and Jobless Claims

The latest data shows that about 242,000 people filed for unemployment benefits. This might sound like a lot, but it’s actually a sign that the economy is cooling off a bit. When the economy cools, inflation (or the rise in prices) tends to slow down. This can be good for keeping mortgage rates steady.

4. Stable Producer Prices

Another important piece of the puzzle is the Producer Price Index (PPI), which tracks what it costs to make goods before they hit the stores. Recently, this number showed zero inflation, meaning the cost to produce goods hasn’t gone up. This stability can help keep prices at the store from rising too quickly, which is good for everyone.

5. The Fed’s Approach

Finally, the Federal Reserve (the folks who help control the economy) is being careful about lowering interest rates too quickly. They want to make sure inflation is really under control before making big moves. Lowering rates too fast could mess things up, so they’re playing it safe for now.

What Does This Mean for You?

• For Buyers: Now might be a great time to buy a home with these low rates. Act fast before rates go up again!
• For Sellers: With more buyers eager to take advantage of these rates, it’s a good time to sell. More competition can mean better offers for your home.

Overall, the real estate market is looking good right now, with low rates and stable prices. If you’re thinking about making a move, now’s the time to get in touch!