It seems mortgage rates will be sticky down here between 6 - 6.45%.
Despite the FOMC meeting and the Fed Funds rate cut of .25bps, the 10yr yield and mortgage rates moved higher to end last week.
The recent move lower was seemingly already baked in and mortgage lenders were trying to get ahead of their competition leading up to the meeting.  After the meeting, mortgage rates moved higher and nationally we are sitting around 6.35% as I type this on Monday.  My preferred lender is still posting 6%.  The 10yr yield mark of 4% will clearly be tough to break, and 3.85% even more difficult.  The labor market as we've discussed before will need to break, recession signs will need to be heightened further to see a more significant drop.

With that said, we are in a much more balanced real estate market.  Prepared buyers are finding deals, and well priced homes in relation to their condition are selling.

See you in October!

What are you seeing or hearing? I'd love to know paul@guiderealestate.com
Visit www.paulpelettarealtor.com

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