Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

January's Inflation Report #homeloans #firsttimehomebuyer #inflation #realestate

24 Feb 2024

Watch on YouTube

This is a YouTube video titled "January's Inflation Report #homeloans #firsttimehomebuyer #inflation #realestate" containing a detailed explanation about the January inflation numbers, mortgage rates, and housing market trends as of February 24, 2024. The content is a monologue or presentation focused on economic indicators affecting home buying and inflation, without multiple speakers or a conversation involving Derek McGowan.

January's inflation numbers came out today and the results were not so favorable. It was expected to go from 3.9% down to 3.7% inflation year over year. It actually came in right at 3.9%. Mortgage rates pulled back up about an eighth or a quarter percent. But there's a little bit more developing here we got to read into. So we want inflation to go down so mortgage rates can go down as well. But almost half the inflation report is made up of home prices and rent prices, both of which are up over 6% year over year. We know neither are in danger of dropping, but if they could go up at a more gradual pace, that could be the missing ingredient. And coming in to save the day, inventory is up. There's 14% more listings year over year right now. So there's more inventory for buyers to pick from, making prices ease down, not going up quite as rapidly. That could allow inflation to cool down a little bit. So mortgage rates would cool down a little bit and drop, opening up better buying opportunities for 2024.