Rate Alert: Fed Holds, Rates Drop – Info from Prestige Capital 

Rate Alert: Fed Holds, Rates Drop – Info from Prestige Capital

The Federal Reserve met last week and unanimously voted to hold the benchmark interest rate steady at 3.50% to 3.75%. While inflation is currently elevated at 4.2%, the Fed remains dedicated to delivering price stability. Of the 18 members of the Federal Open Market Committee (FOMC) who released their dot plots to the media, nine members project a rate increase by the end of the year.

In other news, markets responded to the tentative peace agreement between the U.S. and Iran, causing the yield on the U.S. 10-year Treasury note to drop to 4.44%. This, in turn, brought mortgage rates down slightly.

Freddie Mac reported the national average on 30-year fixed-rate mortgages down to 6.47% as of June 18th, with the average 15-year fixed-rate mortgage down to 5.81%.

If you – or your friends and family – are interested in purchasing a home, refinancing, or unlocking existing home equity, we’re here to help!

There are several factors that affect your interest rate when applying for a mortgage. My team and I specialize in providing customized solutions to deliver optimal results for our clients! We’re just a phone call away, and we hope to hear from you soon.