That scary buzzword of the year is back in the headlines: inflation. Whatever the causes, inflation is clearly the main culprit behind the surge in interest rates over the past year.
In fact, due to inflation, we saw the rates shoot up to their highest levels in decades in 2022.
Let's break down how these inflation rates are determined and shared with folks like you and me. The Consumer Price Index (CPI) is a monthly report that measures inflation. The way it works is that economists submit their predictions about inflation, and the average forecast is what’s released to the public. When the actual number is far off from this consensus, either up or down, rates tend to either rise or fall accordingly.
But here's the catch: this week's release will be out before most mortgage lenders have even published their rates for the day. This means that if you want to avoid taking chances with turbulent inflation reactions, you'll need to lock in your loan today.
So, if you're considering buying a home in Texas anytime soon, act quickly and secure your loan before the upcoming inflation report. This way, you can have peace of mind knowing that you've locked in your rates and won't be affected by any sudden changes based on the newest inflation numbers.
Good luck with your Texas home-buying journey, and remember, timing is everything!
