economy
3 mortgage moves to make before the June Fed meeting
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TL;DR
- Mortgage interest rates have increased, reversing earlier drops and hovering around 6.62% for a 30-year term.
- Recent inflation surges have reduced the likelihood of a Federal Reserve rate cut and increased the possibility of rate hikes.
- Borrowers should re-evaluate their budgets, as previous affordability may no longer be true due to changing rate climates.
- Shopping around for rates and lenders is crucial due to pronounced variability among institutions in response to market conditions.
- Considering a mortgage rate lock is advisable to protect against potential increases after the Fed meeting, with options to float down if rates decrease before closing.