Local Mortgage Update – June 2022

Published On: June 22, 2022152 words0.8 min read

Mortgage rates continue to climb as the Fed’s finally committed to raise the Federal Funds Rate to combat inflation. Fed action has driven the 10 yr. Treasury yields to 3.3% which in-turn drove 30 yr. fixed rate mortgages to 6%. Mortgage rates tend to climb quickly in response to raising Treasury yields (or the threat of raising rates), and I’m hoping they’ve gotten a little ahead of themselves at this point. Should the Treasury rates settle at their current level, mortgage rates may settle around 5.875%, historically a pretty good rate. Waiting for the rates to go back down? We’ll need a challenging recession and some helps from the Fed’s to accomplish that… not likely at this point.

For tailored advice and the latest insights specific to your needs, don’t hesitate to contact Summit Mortgage. Summit can help you navigate your mortgage options and find the best fit for your financial future.

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