{"id":5549,"date":"2022-05-06T08:55:00","date_gmt":"2022-05-06T13:55:00","guid":{"rendered":"https:\/\/www.morty.com\/resources\/?p=5549"},"modified":"2022-05-06T20:41:00","modified_gmt":"2022-05-07T01:41:00","slug":"make-sense-of-a-wild-week","status":"publish","type":"post","link":"https:\/\/www.morty.com\/resources\/the-morty-report\/make-sense-of-a-wild-week","title":{"rendered":"Make Sense of a Wild Week"},"content":{"rendered":"\n<p>Mortgage rates change quickly \u2013 and last week was no exception. Below are my thoughts on what happened with the market, along with key takeaways from Wednesday\u2019s Fed meeting and what it could mean for you in the long run. Submit your questions about the market to MortyReport@morty.com, or on Twitter @RobMortgages.<br><br>\u2013 Robert Heck, <em>Vice President of Mortgage at Morty<\/em><\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What To Know Now<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Rates volatility persists on the heels of the Federal Reserve meeting on May 4.<\/li>\n\n\n\n<li>Inventory remains low, sustaining high prices and buyer demand.<\/li>\n\n\n\n<li>With inflation\u2019s path still uncertain, the market\u2019s trajectory remains difficult to predict.<\/li>\n\n\n\n<li>Want to know what you can afford? Find <a href=\"https:\/\/www.morty.com\/mortgage-rates\" target=\"_blank\" rel=\"noreferrer noopener\">today\u2019s rates here<\/a>.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"has-text-align-left has-background has-normal-font-size\" style=\"background-color:#faf7f3;line-height:1.4\"><strong><strong><strong><strong>Not sure what to do? Ask Robert!<\/strong><\/strong><\/strong><\/strong> Submit your questions to&nbsp;<a href=\"mailto:MortyReport@morty.com\">MortyReport@morty.com<\/a>&nbsp;or on Twitter&nbsp;<a href=\"https:\/\/twitter.com\/RobMortgages\" target=\"_blank\" rel=\"noreferrer noopener\">@RobMortgages<\/a>&nbsp;for a chance to be answered in the next Morty Report!<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">Factors Influencing The Market<\/h2>\n\n\n\n<p>Headlines last week ran the gamut: <a href=\"https:\/\/www.wsj.com\/articles\/mortgage-rates-hit-5-27-highest-level-since-2009-11651767561\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage rates hit 5.27%<\/a>, the highest since 2009. The <a href=\"https:\/\/www.wsj.com\/articles\/mortgage-rates-hit-5-27-highest-level-since-2009-11651767561\" target=\"_blank\" rel=\"noreferrer noopener\">Freddie Mac benchmark<\/a> is at the highest level in some time. Rates stabilized immediately following <a href=\"https:\/\/www.axios.com\/2022\/05\/04\/federal-reserve-rate-hike?stream=future&amp;utm_source=alert&amp;utm_medium=email&amp;utm_campaign=alerts_business\" target=\"_blank\" rel=\"noreferrer noopener\">Wednesday\u2019s Fed meeting<\/a>, but had swung back by the end of the day Thursday. Uncertainty and volatility remain.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.cnbc.com\/2022\/05\/04\/fed-raises-rates-by-half-a-percentage-point-the-biggest-hike-in-two-decades-to-fight-inflation.html\" target=\"_blank\" rel=\"noreferrer noopener\">Fed announced an interest rate hike of half a point<\/a> \u2013 the biggest in over 20 years. But it was widely expected, and therefore largely reflected in the mortgage rate uptick we\u2019ve seen over the past few weeks. In fact, the half-point hike came as a relief to many <a href=\"https:\/\/www.npr.org\/2022\/05\/04\/1096746635\/stocks-rally-dow-jones-federal-reserve\" target=\"_blank\" rel=\"noreferrer noopener\">concerned that spiraling inflation<\/a> would mean larger hikes were on the way.<\/p>\n\n\n\n<p>While it\u2019s going to take time for the <a href=\"https:\/\/www.cnbc.com\/2022\/05\/04\/heres-what-the-feds-half-point-rate-hike-means-for-your-money.html\" target=\"_blank\" rel=\"noreferrer noopener\">impact of this rate shift to play out in the housing market<\/a>, it does represent renewed confidence in the Fed\u2019s ability to stamp out inflation without resorting to extreme rate hikes. And as we face a <a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\">busy purchase season<\/a> with continued <a href=\"https:\/\/realestate.usnews.com\/real-estate\/articles\/understanding-housing-inventory-and-what-it-means-for-you\" target=\"_blank\" rel=\"noreferrer noopener\">low inventory<\/a>, the road ahead for the market remains largely unpredictable.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-flex wp-block-group-is-layout-flex\">\n<h2 class=\"wp-block-heading\">What To Do<\/h2>\n\n\n\n<p><strong>Considering an adjustable-rate mortgage (ARM)?<\/strong> An ARM can be a good option if you\u2019re seeking lower upfront rates in a rising rate environment. They offer more flexibility with a lower interest rate and monthly payment during the initial term (learn more in <a href=\"https:\/\/www.morty.com\/resources\/mortgage-101\/what-is-a-mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">this beginner&#8217;s guide<\/a>). But you\u2019ll want to track what your rate might become once it begins to adjust as you near the end of your fixed-rate period. You can use <a href=\"https:\/\/www.morty.com\/get-started\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\">Loan Options, Morty\u2019s interactive quote tool<\/a>, to help determine your eligibility.<\/p>\n\n\n\n<p><strong>Worried about low inventory?<\/strong>&nbsp;Buyers should keep close tabs on inventory, the same as rates. <a href=\"https:\/\/www.fool.com\/real-estate\/2022\/05\/04\/when-will-housing-inventory-return-to-pre-pandemic\/\" target=\"_blank\" rel=\"noreferrer noopener\">Inventory levels remain low<\/a> generally speaking, but it can vary widely depending on your local market. While the impact of inflation has driven rates upward, high prices have been sustained by limited inventory across markets. Rate levels haven\u2019t yet reached the point of having a meaningful impact on demand, and this is <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/05\/03\/fed-mortgage-rate-inflation\/\" target=\"_blank\" rel=\"noreferrer noopener\">unlikely to change until inventory increases<\/a>.<\/p>\n\n\n\n<p><strong>Wondering if rates and prices will continue to rise?<\/strong>&nbsp;Probably. <a href=\"https:\/\/www.morty.com\/resources\/the-morty-report\/all-eyes-on-affordability\" target=\"_blank\" rel=\"noreferrer noopener\">Affordability has certainly taken a hit<\/a> as prices and rates have gone up \u2013 but there\u2019s still opportunity in the market for those who are ready to buy and know what they can afford. Current rate levels don\u2019t automatically mean you should sit out the market entirely. As long as inventory is low and total units remain near current levels, home prices should remain stable.<\/p>\n<\/div>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#fcf6f0\"><strong>Reader Question of The Week<\/strong><br><strong><br><\/strong><em>I\u2019ve lost a few bidding wars and feel like I might\u2019ve missed my chance to buy. Am I better off renting until rates come back down even if I can still afford to buy?<\/em> &#8211; Anand P., Fort Worth, TX<br><br>It\u2019s difficult to time the market. Whether or not you should wait out current rate levels really depends on your overall financial situation and future plans. Rents in many areas have risen as well, so it\u2019s worth breaking down your overall homeownership costs (beyond just your mortgage) to understand which is the right choice for you. As future rates and price growth remain uncertain, consider your long-term financial goals when making a decision about buying \u2013 regardless of the current rate levels.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rob&#8217;s recent insights <\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-1024x1024.png\" alt=\"\" class=\"wp-image-5477\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/04\/Frame-1.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/money.com\/spring-home-buying-outlook-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\">Climbing Mortgage Rates and Stiff Competition: Everything to Know About Buying a House This Spring<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/can-you-switch-mortgage-lenders-before-closing\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-1024x1024.png\" alt=\"\" class=\"wp-image-5550\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-1.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/money.usnews.com\/loans\/mortgages\/articles\/can-you-switch-mortgage-lenders-before-closing\" target=\"_blank\" rel=\"noreferrer noopener\">Can You Switch Mortgage Lenders Before Closing?<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.bankrate.com\/mortgages\/mortgage-rate-forecast-may-2022\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-1024x1024.png\" alt=\"\" class=\"wp-image-5551\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-1024x1024.png 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-300x300.png 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-150x150.png 150w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-768x768.png 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-80x80.png 80w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-600x600.png 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2-120x120.png 120w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2022\/05\/Frame-2.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/www.bankrate.com\/mortgages\/mortgage-rate-forecast-may-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage rate forecast for May 2022: Sticker shock sets in<\/a><\/figcaption><\/figure>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-image-fill has-white-color has-theme-palette-1-background-color has-text-color has-background\" style=\"grid-template-columns:35% auto\"><figure class=\"wp-block-media-text__media\" style=\"background-image:url(https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-1024x576.webp);background-position:29% 50%\"><a href=\"https:\/\/www.morty.com\/mortgage-rates\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-1024x576.webp\" alt=\"homebuyers looking at their house\" class=\"wp-image-9220 size-full\" srcset=\"https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-1024x576.webp 1024w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-300x169.webp 300w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-768x432.webp 768w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-1536x864.webp 1536w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed-600x338.webp 600w, https:\/\/www.morty.com\/resources\/wp-content\/uploads\/2023\/07\/self_employed.webp 1920w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-text-align-center has-large-font-size\">Ready to move forward?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-75\"><a class=\"wp-block-button__link has-theme-palette-3-color has-white-background-color has-text-color has-background wp-element-button\" href=\"https:\/\/www.morty.com\/get-started\/mortgage\" style=\"border-radius:100px\" target=\"_blank\" rel=\"noreferrer noopener\">get pre-approved in minutes<\/a><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>May 6, 2022. Mortgage rates change quickly \u2013 and last week was no exception. Read what happened with the market, along with key takeaways from Wednesday\u2019s Fed meeting and what it could mean for you in the long run.<\/p>\n","protected":false},"author":30,"featured_media":5961,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_lmt_disableupdate":"yes","_lmt_disable":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[611],"tags":[100,264,564],"series":[562],"class_list":["post-5549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-morty-report","tag-homeownership","tag-loan-types","tag-mortgage-rates","series-the-morty-report-newsletter"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Make Sense of a Wild Week | Morty Resources<\/title>\n<meta name=\"description\" content=\"May 2022 Update: Mortgage rates hit 5.27%, highest since &#039;09. 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