This is the most common question I’m asked. It is always hard to predict where rates will go, just like it is hard to predict where stocks will go. However, during the tariff negotiations, the dollar devalued, and as a consequence, the rates on bonds and mortgage-backed securities remained high. It appears rates will remain high while tariff negotiations are ongoing. Once the negotiations resolve, certainty will come back to the markets, and activity will likely pick up. In the meantime, the inventory of homes on the market has increased, and there are more options for buyers making it a...
Category: Interest Rates
MORTGAGE RATES DIPPED
MORTGAGE RATES DIPPED In our post last week, we showed you how the yield on the 10-year bond dipped under 4% and that is a leading indicator and mortgage rates may be coming down. Well, yesterday, Freddie Mac’s Primary Mortgage Market Survey showed the 30-year fixed mortgage at 6.47%, the lowest it has been in over a year. The 15-year fixed was at 5.63%. Now, this survey is based on past data and may not be representative of the current market. For instance, the 10-year bond actually retraced and touched 4% in the last week, thereby driving rates back up...
August 9, 2024August 9, 2024john
MORTGAGE RATES MAY BE COMING DOWN
One of the critical indicators for mortgage rates, the 10-Year Treasury Note, broke under 4% today. This is a support level, and may indicate rates are coming down. The Freddie Mac Primary Mortgage Market Survey showed the 30-year fixed mortgage rate at 6.73% today. Hopefully, this is a sign of further decreases to come. Seems that speculation the Fed maybe decreasing the Fed Funds rate next month has led to a buying of bonds thereby driving the yield under 4%. We’ll be tracking this and will keep you posted. If you are considering your mortgage financing options, give us a...
August 1, 2024August 1, 2024john
MAY 2024 INTEREST RATES AND VALUES UPDATE
The data this month is similar to prior months. The 30-year fixed mortgage rate is hovering around 7% while property values continue to increase. The Fed has been steadfast in their policy that they will wait for inflation to get to 2% before reducing the Fed Funds rate. The April CPI index came in at 3.4%. The Fed came off indications of three rate decreases this year to maybe one. It seems the Fed will maintain policy until they see a decrease in inflation. While the Fed has been maintaining policy, 30-year fixed mortgage rates have remained around 7%. It...
May 26, 2024May 26, 2024john
INTEREST RATES AND VALUES
Each month we send out the Interest Rates and Values email to keep you up-to-date with what is happening in the residential real estate market. We review and analyze mortgage rates and median sales price charts and data to keep you apprised of the trends in the marketplace. Here is the video we sent out this month. If you would like to receive these emails and videos, message me and I’ll add you to the list. We feel the more you know, the better you will be able to make a decision on purchasing and financing real estate. We stay...
February 25, 2024February 25, 2024john
INTEREST RATES
You may be wondering why your interest rate is different from your friend’s, even though you both locked the rate at the same time. There are many factors that go into determining the interest rate. First is your credit score. The higher the score, the better the rate. Here is a blog we wrote on how credit card balances can affect your score: https://counselmortgagegroup.com/credit-score-tips-credit-cards/ If you are looking for some more tips on getting your credit score up, give us a call, we can help. Amount of down payment is another factor lenders use to determine the interest rate. The...
February 1, 2024February 1, 2024john
I THINK I’LL WAIT FOR RATES TO GO LOWER
Here’s a blast from the past! Check out this video from the early ‘80s where buyers were hesitant to purchase a home because the interest rates were at 18%, and they wanted to wait until they came down. Lenders were offering a variety of creative financing options to help them, such as buydowns and contributions towards closing costs by the sellers and builders. The more things change, the more they stay the same. One thing is for certain, if they purchased in 1980 and held onto the home, they made some $$$.
January 27, 2024January 27, 2024john
HOW QUICKLY WILL MORTGAGE RATES COME DOWN AS A RESULT OF THE FED’S ANNOUNCEMENT YESTERDAY?
The Fed’s announcement was very encouraging. They said they will likely no longer increase the Fed Funds rate, and look to decrease the rate next year. This is big news. The stock markets took off, and the Dow reached a record high. As a result of this good news, how quickly will mortgage rates come down? Should you wait for mortgage rates to come down prior to purchasing your home? Mortgage rates actually dipped yesterday on the heels of the announcement. But, will they continue to go lower, and how quickly? The Fed’s drastic move upwards was to tame inflation....
December 14, 2023December 14, 2023john
A LOOK AT MORTGAGE RATES OVER TIME
Freddie Mac publishes a weekly Primary Mortgage Market Survey where they survey the 30-year and 15-year fixed mortgage rates. According to the survey, this week’s 30-year fixed rate is 6.96% and the 15-year fixed rate is 6.34%. The survey contains data going back to 1971. Looking at rates over the last 50-years, today’s rate is lower than rates in the ‘70s, ‘80s, and for the better part of the ‘90s. The highest 30-year fixed rate was in October 1981 at 18.63% and the lowest rate was in the beginning of January 2021 at 2.65%. Considering the spectrum of rates over...
August 14, 2023August 14, 2023john
RATES ARE SUBJECT TO CHANGE WITHOUT NOTICE
Are you in the market to purchase a home, investment or commercial property? Visit the Counsel Mortgage Group website. We provide daily rates and we are happy to discuss lending specific to your needs. We offer a variety of products and services, ask us how we can assist you today. http://counselmortgagegroup.com/todays-rates/ Counsel Mortgage Group®, LLC www.counselmortgage.com 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60dbo43873 Copyright © 2021 Counsel Mortgage Group®, LLC.
June 23, 2021June 23, 2021john