June 21

June 20, 2019 Mortgage Rate Update

This month mortgage interest rates have mostly paused their steady decline for now. While the Federal Reserve did not cut interest rates at their most recent meeting, they did indicate a willingness to reduce rates in the future. Economic data has not been as strong this year and concerns led them to change their assessment of the economy from “solid” to “moderate.” At this time, the Fed is forecasting a rate cut in 2020. According to Freddie Mac’s most recent weekly rate survey, the average rate on a 30 year fixed this week was 3.84% with .5 point, as compared to 3.82% with .5 point last week. Last year at this time we were at 4.57% with .5 point.

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