Where are Mortgage Rates going?

Where are mortgage rates going?

There's volatility in the US economy, particularly if we look at banking and mortgage rates. The first thing that's going on is we have a couple of banks out in California now receiving quite a bit of support from the Federal Government. And the second impact on the housing market is that the Federal Reserve did come out yesterday, and they are choosing to prioritize controlling inflation over focusing on a potential banking issue. And they continue to increase interest rates.
We know that the Federal Reserve does not set mortgage rates; however, their actions can impact them. So let's have a quick chat about how these two factors are impacting mortgage rates today ...

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Sandi Warner, Esq. | Managing Broker | Team Lead
Harbor to Hill Real Estate Team | Warner Realty Group, LLC
358 Broadway, Newport, RI, 02840
Cell: 401-662-7204 | Office: 401-236-8685
00:00 Introduction
00:58 Mortgage Rates are Trending Down
01:46 2023 30-Year Fixed-Rate Chart by Day
02:19 Rates are averaging %6.5 as of March 17, 2023
02:44 Experts believe rates may drop lower
03:18 Fed Reserve prioritizes inflation over banking questions
03:36 Relationship between mortgage rates and affordability
04:56 Sample $500,000 mortgage at different interest rates
05:59 How will the market react?