Portland Mortgage Market Update — March 15, 2024

Stubborn inflation readings hurt interest rates late this week. The market managed to shake off an initial blow of a mildly hotter CPI report on Wednesday, but yesterday's PPI report was the second half of a 1-2 punch to interest rates. The PPI report came in well over the market estimates and rates have worsened as a result and are now back up in the 7% range.

Next week's big event is the Fed Meeting. We are not expecting a rate hike despite these recent inflationary reports coming in worse than expected, but are more focused on hearing what the Fed has to say about potential future cuts to rate. At the beginning of the year there was a ~50% chance that the Fed was going to cut rates at this coming meeting, but now the soonest cut is expected to possibly be at the June meeting. Given how drawn out this inflation fight has been, I wouldn't be surprised if it takes getting into late summer/fall before the Fed starts cutting rates.

We are adding new lenders all the time! This week we signed up with a new jumbo lender that has amazing pricing and quick and easy underwriting. If you have anyone looking in the Jumbo price range have them give me a call!

That's all for this week. I am around all weekend on my cell so feel free to reach out if you find yourself working but be sure to get out and enjoy the sun!