July Mortgage Market Update

Mortgage News

FHFA House Price Index just released Q1 results indicating national home prices were up 0.7% in April and up 3.1% from last year. 

NAHB is reporting builder sentiment is up. New home sales are up 20% compared to a year ago, while resale activity is down 20%. 

The next Fed meeting is July 27th – 28th. Current market consensus points to the Fed continuing incremental rate increases to slow inflation.

Mortgage Market

Mortgage pricing remained flat in June. A recent stock market slide reflects market concerns that continued fed rate hikes are likely, and their impact on the economy is yet to be quantified. 

Average Rates (U.S. weekly averages as of Friday, 7/6/2023 source: Freddie Mac’s Primary Mortgage Market Survey®)

30-Year Fixed @ 6.81%                                                          15-Year Fixed @ 6.24%                                                          U.S. Prime Rate @ 8.250%

Provided by Lumen Mortgage, offering a full spectrum of financing for Residential, Multifamily & Agricultural properties.