Hotter-than-expected housing inflation in CPI report dashes market hopes for pending rate cuts (February 2024)

Welcome back dream-makers! On today's episode, we discuss: 

• CPI data released with unexpected results: CPI at 3.1 instead of the expected 2.9.
• Market reaction: Initial optimism turned into a sell-off, pushing expectations of rate cuts further into the future.
• Impact on housing costs: Real data in housing and hotels driving inflation, creating a challenging situation for lowering rates.
• Challenges for builders: High borrowing costs passed on to consumers, leading to continued appreciation of home prices.
• Consumer debt trends: Increase in consumer debt, mostly through borrowed funds, signaling potential sustainability issues.
• Potential revisions: Some analysts expect revisions in future reports, especially regarding hotel costs and housing expenses.
• Advice for buyers: Despite challenges, opportunities exist with sellers negotiating and offering concessions.
• Importance of communication and education: Educating buyers and real estate agents crucial for navigating the current market.

As mortgage professionals we need to be knowledgeable and prepared to help our borrowers make wise borrowing decisions. Listen in as we breakdown todays news!

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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297.

The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation.

Visit our website at nflp.com/licenses for all state licensing and other legal information.

See more at TodayInMortgages.com

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Learn more about Network Funding on our parent site, nflp.com

See more at TodayInMortgages.com

Want to get expert coaching everyday and have the power of the best Network in Mortgages behind your production business? Learn more here.

Learn more about Network Funding on our parent site.

Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.

The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.