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Mortgage Rates Take a Big Dip

November 15, 2023 | By Reef Merhi

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If you're considering buying a home in Texas, you'll want to pay attention to recent developments in the mortgage market. Earlier this month, the jobs report set the stage for an exciting week for Treasuries and mortgage rates. 

Inflation is currently a major factor influencing interest rates. Fortunately, the latest Consumer Price Index (CPI) report out yesterday did not disappoint. It came in just lower than expected for the month, sparking one of the most substantial single-day bond market rallies since November 2022 - a whole year ago!

While this development is generally positive, it's important to remember that there could still be some surprises down the road. In the past, there have been instances where rates appeared to be heading down, only to reverse course and move higher again.

The future direction of mortgage rates will depend on a combination of economic data and the Federal Reserve's response to that data. Soon we'll see more important reports, including the Producer Price Index and Retail Sales. If they align and send a strong message, they could either amplify the current rate improvement or make a case for rates consolidating before any further declines.

So, if you're looking to buy a home in Texas, keep an eye on these developments, as they can impact your mortgage rates and overall home-buying experience! 

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