Huge increase in interest rates the last five days!
With the release of the newest inflation statistics late last week the mortgage bond market has had its biggest loss in 10 years. Those losses continued today, and the result is mortgage rates for high credit conventional loans have gone from 5.125% to 6.00% just since Thursday June 9th, 2022. This historic increase in mortgage rates is a direct reaction to the belief that the Federal Reserve will likely increase the federal discount rate by .75% in July. It’s also likely this reaction could soften, and mortgage rates will go back down but only time will tell. The best thing you can do if you’re looking to buy is start the mortgage process early so we can do what is necessary with your finances and credit to make sure you get the best rate you can. Just remember even if you buy at these higher interest rates, you’ll definitely be able to refinance at some point and lower your rate back to a more reasonable level so don’t be afraid of rates they’re not forever! Call us today to make sure you are in the best position possible! (303) 277-0076
