image of mortgage rates

Inflation, Mortgage Rates, and the Lock-in Effect

After the December 2023 meeting, many investors and analysts had predicted six rate cuts and rapidly declining mortgage rates that would not only ease supply but bring back many homebuyers to the market and that housing affordability would improve. Many had anticipated a rate cut as early as March 2024. After the Fed’s January 2024 meeting, the odds of a March rate cut have declined significantly due to data showing continuing strength in the U.S. economy.

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Man pushing a bolder up the debt mountain

Consumer Debt is Growing

Data released by Federal Reserve Bank of New York in their Quarterly Report on household Debt and Credit shows that consumers added $228 billion in debt from Q2 2023 to Q2 2023 to reach $17.29 trillion. The debt burden increased by 4.8% or $786 billion from Q3 2022 to Q3 2023.

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