Washingtonian Magazine Honors Margie as a Top Mortgage Professional

I will start off with good news. I am listed as a Top Mortgage Professional in the April edition of the Washingtonian magazine! Although I am not sure what criteria were used to make the list, I appreciate the recognition.

Now to the bad news – mortgage interest rates. Before the war in the Middle East began, we were getting close to 30-year fixed rates in the mid-5s. Now we are back to the low 6’s. Since the war began, mortgage interest rates have increased by about half a percentage point. “Ongoing turmoil in the Middle East has significantly increased the uncertainty regarding the current and future state of the economy”, explained Mike Fratantoni, chief economist of the Mortgage Bankers Association.

At Jerome Powell’s press conference last week, the Federal Reserve signaled that there may be no rate cuts this year, suggesting that mortgage interest rates could rise even further this year.

So, back to the more positive news. We had two clients close on the purchase of their new homes, ushering in the start of the spring homebuying season.

If you are interested in dipping your toes into buying a home and want to learn more, please join us for Homebuying 101 on March 25. Space is limited, so please RSVP or contact me.