Inflation shows signs of slowing in June
The Consumer Price Index metrics for June 2023 showed that inflation has started to cool off. The CPI rose only 0.2% year-over-year. That’s the lowest it’s been since March 2021. Core CPI, the metric that excludes food and energy, increased 0.2% year-over-year, and 4.8% month-over-month. The report also showed that worker wages adjusted for inflation increased 1.2% from a year ago.
Housing costs continue to be an area of concern. The shelter index, the part of the CPI that includes housing costs, rose 0.4% month-over-month, and was up 7.8% year-over-year in the most recent report.
How did the mortgage market react to the CPI data release?
The national average for a 30-year, fixed-rate mortgage slid under 7% for the first time in several weeks in a reaction to the inflation news. Closing down 0.13%, the national average for a 30-year, fixed rate mortgage ended the session at 6.96%*.
Experts seem to think that at least one of the two rumored interest rate hikes by the Federal Reserve are off the table for now. It remains to be seen if the Fed continues with its pause in rate hikes or continues with its rumored move up.
What does it cost to own your own island?
Have you ever wanted to live on a private island? If you feel the need to live alone, a home in Fletcher, VT has just been listed for only $185,000. The 1.7-acre property is on a private island, but there are a few catches. First, the home is only reachable by boat. Second, the home doesn’t have electricity, plumbing, cell service, or water.
The home was built in 1990 and has received a few updates over the years. It’s by no means in dis-repair. The home just doesn’t have a lot of basic amenities.
The home is built as a seasonal property and is designed for short stays. It’s not really built for long-term living, but if you really want to live off the grid and hang out with the loons (birds, not strange people), this may be the property for you.
* National average rates accurate as of 7/12/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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