Local Mortgage Update – September 2022

Published On: September 12, 2022130 words0.7 min read

As previously forecast interest and mortgage rates have skyrocketed to levels not seen for a decade. As I write this note the Federal Reserve contemplates anther rate hike to the Federal Funds rate which continues to put upward pressure on rates home buyers and sellers about, mortgage rates. With uncertainty surrounding peak inflation and the Fed’s goals for rate hikes, mortgage rates have surged well into the 6%’s. If the Fed’s can manage to slow inflation before driving the 10yr. Treasury over 4% I believe mortgage rates will drift back down to the mid 5% range.

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