Local Mortgage Update – February 2023
Despite the headlines from the Federal Reserve, mortgage rates have been steadily falling for the last 2 months. Mortgage rates follow the 10 Yr. Treasury which has gone from 4.2% in November to 3.5% a week ago. Clearly the Bond Market believes one or more of the following:
- 1
Inflation is under control.
- 2
Future rate hikes will be inconsequential (already accounted for).
- 3
The Fed’s don’t have the stomach to stand on the neck of the economy for much longer.
- 4
The Fed’s will succumb to political pressure and lower rates.
The 30 year fixed rate for most clients with 700+ credit scores is currently 6.5%, of course mortgage rates change constantly and have likely changed by the time you read this. It seems Buyers believe that a rate in the 6%’s is a whole lot better than 7.25% just a few weeks ago and they have returned to our local market.
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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