Mortgage Rates Topping out?

Interesting quick read by Laurence Yun, the Chief Economist for the National Association of Realtors: Slowing Inflation Suggests Mortgage Rates Have Topped Out.

NAR’s chief economist shares what now needs to happen to bring down borrowing costs and increase affordability for home buyers.

August 11, 2022

Melissa Dittmann Tracey

Inflation eased slightly in July, which could bode well for the housing market in the months ahead, says Lawrence Yun, chief economist for the National Association of REALTORS®. Overall, inflation slowed from 9.1% in June to 8.5% in July, but prices for food and rent continued to climb, the Bureau of Labor Statistics’ Consumer Price Index showed Wednesday.

Still, the slight deceleration suggests that consumer price inflation may have peaked, which suggests that mortgage rates also may have peaked, Yun says. The level of inflation “is still high and uncomfortable but may indicate the start of a steady retreat,” Yun adds.

Gasoline prices posted a 7% monthly decline, a significant contributor to the recent moderation in inflation. However, prices remain 44% higher than a year ago and 104% higher than two years ago. Also, the CPI showed that the rising costs of food, up 10.9% in July, continue to hit many Americans’ pocketbooks. That’s the highest increase in food prices since May 1979. Household energy costs were up 20.5%, and furniture costs were up 14.8%.

Rents continued to rise in July, up 6.3% compared to a year prior, the CPI showed. “That is a testament to the ongoing housing shortage,” Yun says.

But could the worst of sky-high inflation be behind Americans? Yun thinks so. “If there is a sustained decline in gasoline prices and more production of apartments and single-family homes, consumer prices will pull back, encouraging the Federal Reserve policy to be less aggressive,” Yun says. “Mortgage rates will fall.”

On Wednesday morning, the 10-year Treasury yield stood at 2.7%. “That should translate into 30-year mortgage rates pulling back to under 5%,” Yun says. “Some recent potential home buyers who were pushed out of the market may now be able to get back in and qualify for a mortgage.”

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Half-Moon Outfitters

Picture courtesy of Half-Moon Outfitters

Locally owned and operated, Half-Moon Outfitters has got you covered for all of your outdoor apparel and gear! Large selection of brands including Patagonia, Billabong, Birkenstock, The North Face and more. Click here to shop online and or visit their store located at 425 Coleman Blvd, Mt. Pleasant SC.

Charleston Beach Volleyball and Social Club!

picture courtesy of Charleston Beach Volleyball and Social Club

Located next to Santi’s at 1471 Ben Sawyer Blvd, The Charleston Beach Volleyball and Social Club offers a variety of fun and competitive leagues, pickup games and tournaments for volleyball players of all skill levels and ages. To learn more, click here for their blog. Super fun!!!

Bigfoot Sighting!

Looking for something unique? Well, for sure I have found your place! Check out Nature’s Garden, who’s tag line is “A flavor of it’s own.” And yes, it is!

I am telling you, if you have driven by and always wondered “should I stop in?” I am here to tell you the answer is YES! What a fun, eclectic place and you will never know what you will find, from Bigfoot, aliens, unicorns, angels, flamingos, I could go on and on… They also have an array of colored metal artwork including fish, parrots, sunflowers, mermaids and more. It is a real adventure!

Nature’s Garden is located at 1014 Rifle Range Road (across from CVS). Closed on Saturdays.

Shem Creek Boat Rentals!

My son attends CofC and I thought it was awesome when he posted this picture one weekend. Yes, he wanted to take his friends out but did not want to ask us if he could take our boat… So he rented one through Shem Creek Boat Rentals!

Shem Creek Boat Rentals make it easy to have a day of adventure on the water. They offer affordable boat rentals for any experience level, and charters that include a knowledgeable guide to help make the most of your time on the water. Unforgettable memories can be created year-round on our boats and charters, as well as an offshore/inshore fishing excursion at our Mount Pleasant boat rental company. Be sure to check them!

The White Gallery!

The White Gallery, 709 Coleman Blvd

Searching for treasure?  The White Gallery, located at 709 Coleman Blvd, is packed with unique and eclectic finds that include artwork, jewelry, vintage antiques, and more.  When it comes to something special, they have it!  And if they don’t, they will try to find it!  Locating and repurposing treasure is what they do!  

They also provide full auction services!  White’s Auctions is a place where you can  sell your valuable items to buyers world-wide through a platform with over a million users!   And you can shop many fascinating objects up for bid from local collectors and designers as well.  

A premier auction destination for fine arts, decorative pieces, antiques, and collectibles, White’s Auction and Gallery has it all. Whether you’re a first-time buyer or seller, they can help!  For more information and to participate in their auctions, check them out on Instagram @Whitesauctions, or click there. or stop in the gallery!  And let the treasure hunt begin…. 

July 4th Events In The Old Village!

  1. Patriotic Pups! Saturday, July 2nd at 11:30am on the Rocket Burger and Red Drum Patio! Calling all Patriotic Pups, Rocket Burger and Two Good Pups want you! Registration starts at 11:30 and the Pup Runway gets underway at noon, with final judging at 12:30! Prizes include pup treats and gear, Rocket Burger Gift Cards and a weekend (3 days and 2 nights) of pet sitting furnished by Two Good Pups Adventure Walks! Our Celebrity Guest Judge is the fabulous Brandy Sullivan from Theatre 99 Comedy Improv in downtown Charleston! Rocket Burger is hosting a little Market Place from 11 to 3 pm AND the Patio Bar is open! Here are some highlights from last year. We hope to see you there!

2. The Annual Old Village 4th of July Parade

Gather at 9:30 at Alhambra Hall in your Red, White and Blue for this annual parade which begins at 10am! Welcome walkers, bicycles, scooters, strollers, golf carts, and pets (on leashes, please). Refreshments afterwards. See you there!