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Today's Mortgage News Brought To You By Peak Home Loans
Friday, May 27, 2022 (updated daily)
Home purchase loans and mortgage refinancing rates fell this week as explained by by overseas events in China and Greece generating significant day-to-day volatility in interest rates. Sean Becketti, chief economist, Freddie Mac had this to say... "Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China. Mortgage rates fell as well, although not by as much as government bond yields. The rate on 30-year fixed-rate mortgages fell 4 basis points to 4.04 percent. Overseas volatility is likely to persist for some time, providing some restraint on potential U.S. rate increases. In addition, the minutes of the June meeting of the Federal Open Market Committee suggest the Federal Reserve will proceed cautiously - monitoring events both overseas and in the U.S. to ascertain the appropriate moment to begin raising short-term interest rates. As a result, mortgage rates may remain in the neighborhood of 4 percent for a while."
These recent events put today's average 30-year fixed-rate conventional loan at 4.04%, down 4 basis points from last week. It may be wise to lock in your rate now (rather than floating) and refinance your mortgage, or buy a new home now, thus avoiding any rate increase that would cause your monthly payments to go up in the future.
According to a survey of our home loan experts, for the upcoming week, Friday, May 27, 2022 to Thursday, June 2, 2022, 65 percent believe home loan and refinance mortgage rates will rise over the next week, 6 percent think mortgage and refinance rates will fall, and 29 percent believe mortgage rates will remain relatively unchanged (+/- 2 basis points). Survey results are provided weekly. Please come back often to see how accurate the experts fared. Last week, interest rates were up 6 basis points and 55 percent picked correctly. As you can see, mortgage experts believe rates might fall this coming week, you may want to act accordingly.
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