Austin loan officer John Schutze shares his weekend mortgage rate update:
œMortgage rates hold steady after a light economic calendar this week.
Next week will be much more interesting as the Consumer Price Index (CPI) for June is released on Wednesday. The CPI is a measure of the price change of goods and services in the US.
Economists and the Fed see this report as a gauge on inflation. It’s expected to show prices increased 0.6% in June. If the report is higher than 0.6% then we could see rates bounce higher. Alternatively, if the report is lower rates will likely stay the same or drop slightly. We will let you know in next Friday’s update!
John connects home buyers with loans at Bank of America and writes a blog about Austin mortgages. He’s a good resource to ask more about the TDHCA 90 day downpayment loan program which allows first time buyers to borrow the federal tax credit for use in their closings.