Per the Federal Reserve Chair Jerome Powell a week ago in his speech at the Jackson Hole Economic Forum “The Fed will push rates higher, and for longer. Will not reverse too early” and “Some pain will have to be endured”. Key takeaways: Mortgage rates dropped from their highs mid-June ... » Learn More about Fed Speak Pushing Mortgage Rates Higher
Mortgage Rates
Mortgage Rates Moves Every Time An Economic Report Is Released
There has been a slew of economic reports released lately that give the Federal Reserve, and financial markets differing stories on where interest rates should go. The Federal Reserve has two primary goals dictated by its charter. Maintain maximum employment and stability of the financial ... » Learn More about Mortgage Rates Moves Every Time An Economic Report Is Released
The Spread Between the 10 Year Treasury and 30 Year Mortgage Rates Expand, and What it Means
I generally tell potential borrowers that if they follow the 10 Year US Treasury note rate, it generally is a good indication of the direction of 30 year fixed mortgage rates. It still is a good indicator, but other elements are currently having an effect skewing their correlation. Two ... » Learn More about The Spread Between the 10 Year Treasury and 30 Year Mortgage Rates Expand, and What it Means
2nd Half of 2022 Starts Off With Better Mortgage Rates
The last couple of weeks of June has resulted in better fixed mortgage rates. There's been a lot of interest rate and economic number volatility. We're not close to the 3% 30 year fixed mortgage rates we saw the beginning of 2022, but well off the high of 6.2% a couple weeks ago now at 5.5%. The 10 ... » Learn More about 2nd Half of 2022 Starts Off With Better Mortgage Rates
Fed Increases End of 2022 Rate Substantially
The immediate news is the Federal Reserve increased its overnight Fed Funds Rate .75% to 1.5-1.75%. The ongoing high inflation levels pushed them to move higher than the originally conveyed .5% increase. The bigger news is the end of 2022 rate forecast is up from 1.9% to 3.4%. That's a substantial ... » Learn More about Fed Increases End of 2022 Rate Substantially