Local Mortgage Update – June 2023

Published On: June 18, 2023178 words0.9 min read

The Fed’s pushed the pause button on the Federal Funds rate and the market is anticipating a drop in Treasury rates in the coming weeks. Mortgage rates are loosely tied to the 10 yr. Treasury yield so we are hoping mortgage rates will drift lower this fall. The 30 yr. fixed rate continues to hover around 6.5% (depending upon a host of factors including: Loan amount, down payment, credit scores, program type, real estate type and more…) and I’m hoping rates will drop to 5.50% by years’ end. Economics and politics are intertwined which leads me to believe the current administration will do everything in its power to lower rates (and mortgage rates) over the next 12 months. More than a few brave Buyers agree as they are resuming their home searches under the assumption they will be able to refinance at a lower rate next year.

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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