Mortgage rates fell. 30 yrs fixed is still at 6.74 %. The rates over last week fell .25%. Last year the morgage index was 6.91% while 4 weeks ago, we were at 6.61% The 15 yrs fixed rose to 6.41%.
The Federal Reserve kept short-term rates unchanged, last week. They also, reported that inflation "improved modestly in recent months." What has caused this is that the PCE index for May droped to 1.9%. They want to keep this rate between 1 to 2 %. It had been above 2 % since March 2004. This news made bond yields come down thus causing rates to drop with them.
I was very excited to see this. Now is the time to get the best deal for a home and the best rate!
If you are looking to buy or sell a home, Let Earl "The Pearl" Sorrells assist you in finding your jewel.
Earl Sorrells
661-400-9485
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