This week brought significant developments with the California fires and a new president stepping into office. Let’s continue to pray and do what we can to support those affected by the fires as they rebuild their lives.
One of President Trump’s recent executive orders caught my attention, particularly a section addressing inflation and housing. While it’s not entirely clear how this will unfold, it’s encouraging to see acknowledgment of the need to control inflation and make housing more affordable by lowering interest rates.
In the current lending market, we’re seeing mixed trends. Conventional interest rates are around 7.5%, but FHA loans offer a bit of relief, with rates near 6.25%. These rates typically include about $2,700 in points (based on a $500,000 purchase price with 20% down and a 740 credit score.)
If you have questions about how these changes could impact your plans to buy or sell, feel free to reach out. I’m here to help you navigate the market in these dynamic times.
Don’t forget, the Rodeo is in town. Hope to see you there!