January 8, 2024

Greetings!

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Last week marked a significant milestone for mortgage rates, and I'm thrilled to share the latest developments with you. The Federal Reserve recently announced a pause in rate hikes and hinted at potential rate cuts next year, causing a notable shift in the market. Let's dive into the details:

1. 10-Year Treasury Chart:

Take a look at my favorite chart—the 10-year treasury. The red line signifies the peak in October 2022 at 4.228%. In September 2023, we surpassed this line and have now seen a substantial dip below it. And, it appears that there's more room for rates to head south.

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2. 30-Year Fixed Tracker:

The chart below displays a 30-year fixed tracker, and though it's a few days old, it's worth noting that most rates are currently hovering just under 7%, based on buyer qualifications. This chart vividly illustrates the extreme volatility in mortgage rates over the past 90 days.

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This news is monumental! After dealing with rates exceeding 7% or 8%, we finally have some positive developments to share with many of our clients.

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If you have any questions or would like more information tailored to your situation, feel free to reach out. We’re here to help you make the most of these exciting changes in the mortgage landscape.

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- Adam

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*30-year fixed rate chart courtesy of Investopedia: https://www.investopedia.com/