Rates

Where are rates at? (July 2022)

Well it is not legal for me to tell you what a particular mortgage rate is and say that this is "your" rate and this is where it will be.

Mortgage rates fluctuate daily if not frequently on a daily basis. They may move a little, or not at all, or jump up. Mortgage rates are relative to the ten year treasury bond note.

And that has become rather volatile in todays (July 2022) current economy.

The FOMC had raised short term interest rates by .75% instead of 1.0% and the markets loved it!

The 10 yr Treasury note dropped due to investors moving money in to equities again.

Giving mortgage rates another small drop.

Where are rates at? (August 2022)

The 10 year treasury note has taken a slow decline to below the 3.000 mark and has been hovering around the 2.7 to 2.8

This means that mortgage rates are following along and rates have come down

Conventional pricing is sitting in the mid to upper 4%, all depending on credit and LTV

FHA, VA, and USDA pricing is hovering in the mid 4% area, depending on credit and LTV.

Yahoo Finance had a good report today https://finance.yahoo.com/news/mortgage-rates-fall-140143053.html

As we go back to the technicals, the chart has a down trend and it would appear that it would meet some resistance around the 2.650 level so we may see rates staying where they are or a slight tick upwards once again.

Could we see rates above 5% again? I am most certain of it

Could we see rates below 3% again? HArd to say opn that one but I would bet that we will see it more often in glimpses.