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What’s the Latest with Mortgage Rates?


What-s-the-Latest-with-Mortgage-Rates

Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet. 


There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer details. What you really want is the answer to this question: does that mean mortgage rates aren’t going to fall? Here’s what you need to know. 


Mortgage Rates Are Still Expected To Drop This Year

While it hasn’t happened yet, that doesn’t mean it won’t. Even Jerome Powell, the Chairman of the Fed, says they still plan to make cuts this year, assuming inflation cools:

“We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.”

When this happens, history shows mortgage rates will likely follow. That means hope isn’t lost. As a recent article from Business Insider explains:

“As inflation comes down and the Fed is able to start lowering rates, mortgage rates should go down, too. . .

What This Means for You

But you don’t necessarily want to wait for it to happen. Mortgage rates are notoriously hard to forecast. There are so many factors at play and any one of those can change the projections as the economy shifts. And it’s why the experts offer this advice. As Mark Fleming, Chief Economist at First American, says:

“Well, mortgage rate projections are just that, projections, not promises and don't forget how hard it is to forecast them. . . So my advice is to never try to time the market . . . If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase. And there's always the refinance option if mortgage rates are lower in the future.”

Basically, if you’re looking to move and trying to time the market, don’t. If you’re ready, willing, and able to move, it may still be worth it to do it now, especially if you can find the home you’ve been searching for.


Bottom Line

If you’re looking to buy a home, let’s connect so you have someone keeping you up-to-date on mortgage rates and helping you make the best decision possible.


Scott Sweeney

Realtor - M&M Real Estate

Cell: Call/Text 707-330-2324

Office: Call/Text 916-245-3060

Schedule a call or zoom with us here! 👇



About Scott Sweeney

Scott Sweeney is a top 5% producing Elk Grove Realtor who services the greater Sacramento & Solano county areas. He has been the top producer for the last 6 consecutive years at M&M Real Estate, and his association has recognized his success and inducted him into the Sacramento Association Of Realtors Masters Club in 2019. Scott has over 15 years working in the real estate industry all of which at M&M Real Estate; a locally owned and operated real estate office in Elk Grove, Ca. Scott has a Bachelor Of Science in Business Administration, with a concentration in Marketing from CSUS. His education, and extensive background in the hospitality, marketing, and real estate industries, have helped Scott to become one of the leading, and most sought-after agents in the area. Scott puts his clients first and is known for taking an educational approach with his clients so they understand every step and strategy of the home buying and selling process. Reach out to Scott Sweeney & SweeneySells today to take the first step towards your real estate goals!



Contact Information:

Scott Sweeney

Realtor - M&M Real Estate

BRE Lic# 01938720


707.330.2324 Cell

916.245.3060 Office


Top Producer 2016-2021


"I appreciate your business & referrals!"


Hours Mon-Fri 9am-6pm

Sat By Appointment

Sun Off


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