Local Mortgage Update – May 2022

Published On: May 13, 2022160 words0.8 min read

Predictably mortgage rates moved quickly in anticipation of rising Federal Funds as mortgage lenders must secure forward contracts (reserve money at a certain rate today for delivery at a later date) to complete loan transactions. The 30 yr. fixed is currently hovering between 5% and 5.375% which is a big jump from 3% range we have enjoyed for a couple of years. To put this in prospective the Fed’s (up until recently) have been continuously supplementing mortgage rates since the great recession. It’s like holding a basketball under water, sure you can do it for a while but eventually it pops up. Based upon a 3% federal funds rate and a 2% margin mortgage rates have likely reached their near-term peak, from hear we watch inflation and the 10 Yr. Treasury.

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.

Summit Mortgage

For expert advice and tailored mortgage solutions that fit your unique needs, contact Summit Mortgage today!

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