Recent news of June inflation coming in at 9.1%, the highest in 40 years, definitely wasn’t the news we wanted or planned for when we brought in the year 2022.
The question on most peoples minds is, “should I buy a home right now?”
Of course, it depends on your financial situation and what your needs are. Despite the rates, home prices, and all of the noise, for first time homebuyers the fundamental question always remains, “do you want to pay down your mortgage, or someone else’s?”
In the short term, there’s another factor looming; the FED will meet at the end of the month. In that meeting experts are anticipating an increase in rates to curb the 9.1% inflation number from this weeks’ CPI report. Experts say that number is largely due to gas prices in June, as you can see in the table below (source: US Bureau of Labor Statistics).