To the mix of stronger economic and inflation data - which alone tends to press interest rates higher - word is that the Treasury will soon need to issue a considerable amount of new debt to refill the nation's cash coffers. That said, economic growth continues along, labor markets have yet to loosen meaningfully, and inflation remains as stubbornly high as ever, all providing reasons for the Fed to lift rates again if it should decide to do so. Since then, there has been little evidence that banking issues have stressed the wider economy, although it may take some months for this to be fully realized. At the time, the sentiment was that the Fed would be more "data dependent", letting the flow of the economy dictate whether rates should be increased or not. For a number of weeks after the May FOMC meeting, the message from the Fed suggested that the central bank would skip raising rates at the June meeting and perhaps might pause for a longer period to consider the effects of prior rate hikes and banking stresses that became evident this spring. The Fed meets next week to consider how to change monetary policy, if at all. This is just below last week's "all-time" record high since Freddie began tracking these products in January 2005. Freddie Mac's legacy rate survey showed the average initial fixed rate for a hybrid 5-year ARM edging lower this week, but only by three one-hundredths of a percentage point (0.03%), drifting to 6.38%. With a realistic chance that the Fed will only skip a single meeting and not embark on a longer pause, short-term rates have been more elevated of late, and also more stubborn to decline. Mortgage rates softened a little as investors consider the Fed's next move.įreddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage decreased by eight basis points (0.08%), trimming the average rate on the most popular mortgage to 6.71%, its first decline in a month.Ĭonforming fifteen-year FRMs also retreated a bit, with the average offered rate for the most common short-term mortgage falling by eleven basis points to 6.07%. Click here for more information on rates and product details. Payments do not include amounts for taxes and insurance premiums. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites. Annual percentage rate in ARM products may increase after the loan is closed. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. The rates were submitted by each individual lender/broker on the date indicated. HSH.com does not include all mortgage companies or all types of products available in the marketplace. Compensation may impact where products appear on HSH.com (including the order in which they appear). The mortgage products on HSH.com are from companies from which HSH.com may receive compensation.
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