As your trusted mortgage pro, I always want to keep you informed about what’s happening in our ever-changing market. We’ve seen some interesting developments recently, and I’m here to share a quick update.
This past week, interest rates remained relatively stable, with the 30-year fixed mortgage rate hovering just .03 percent higher than last week. This is a slight uptick from last week, but still an improvement from a year ago when we were over 7 percent. It’s a good reminder that even small fluctuations can impact your buying power, so working with me as your broker who can shop around for the best rate is always a smart move – it could save you thousands!
The Federal Reserve’s recent meeting minutes shed some light on their cautious “wait-and-see” approach. They’re keeping a close eye on economic uncertainty, particularly potential tariffs, and persistent inflation. While the economy continues to expand, the Fed is prepared to keep rates “higher for longer” if inflation doesn’t cool down. However, if unemployment rises, they’re ready to consider easing rates. It’s a delicate balance!
Interestingly, consumer confidence just saw its largest increase in four years, likely due to a delay in some tariffs. This really shows how quickly sentiment can shift when uncertainty lifts. We also saw good buying appetite for short-term U.S. Treasury debt, though the focus remains on longer-term bonds due to higher risk. Even global factors, like Japan’s bond market, can influence our rates here at home.
Looking ahead, the big focus this week will be on employment data, including the JOLTS report and the all-important Jobs report for May. These reports will give us more clues about the Fed’s next moves.
The bottom line is that uncertainty remains high, leading to some volatility in rates. This trend will likely continue until we have more clarity on trade and fiscal policies. My commitment is to keep you informed and empowered with the knowledge you need to make the best decisions for your homeownership goals.
As always, please don’t hesitate to reach out with any questions or if you’d like to discuss your specific situation. I’m here to help! You’re always welcome to text or call me at 818.307.6072 or simply send me an email.
