June Mortgage Market
Over the past month, the average 30-year fixed rate increased from 6.39% to 6.79%. Amid mixed predictions for the outcome of today’s Federal Reserve meeting, the Fed announced a rate pause, in response to slowing inflation.
Average Rates (U.S. weekly averages as of Friday, 6/2/2023 source: Freddie Mac’s Primary Mortgage Market Survey®)
30-Year Fixed @ 6.79%
15-Year Fixed @ 6.18%
U.S. Prime Rate @ 8.250%
Mortgage News
FHFA announced the rescission of new upfront fees for higher debt-to-income ratios, a policy that would have penalized borrowers already stretched financially.
Recent bank failures and tightening credit markets are causing multifamily, agricultural, and commercial mortgage borrowers to seek new funding sources.
Year-over-Year Home Price Growth was 4.3% nationally, but quarterly price growth is slowing rapidly due to increased pressure from rising mortgage rates.
Increasing mortgage rates are adding pressure to borrowers already sensitive to monthly payments. Talk with your lender about tools and strategies to stay on budget.
This information is provided by Lumen Mortgage, providing full spectrum financing for Residential, Multifamily & Agricultural properties.