Mortgage Update: May 4

The Fed Raised Short-Term Rates by a Quarter of a Point – Good News for Long-Term Rates.

Yesterday on Wednesday, May 3rd, the Fed raised short-term rates by a quarter of a point. It was pretty expected that this was going to happen. With that, came what we call a "flight to quality."

The "flight to quality" means more money is pouring into treasury bonds, which is helping long-term rates come down. So, this is great news again for all homebuyers and potential sellers. Rates started to creep down yesterday and it's continuing today. There are some programs out there that you can firmly get in the 5% range and still some in the low 6% range. Depending on your loan-to-value, credit score, and mortgage program, you can certainly get in the 5s. 

 Again, it's a great time to buy going into the open house weekend. The market is absolutely heating up. Buyer demand is absolutely there. If you need help or if you need to get pre-approved, we'd love to support you.

Please email mortgages@johnadamsmortgage.com.