Thursday, August 31, 2023
The Federal Reserve’s 15 month series of interest rate hikes looks to be proving successful. Inflation is not yet back to its 2% goal, but it is decently lower than a year ago. The yield curve remains inverted between the one and ten year. Mortgage rates are up on the short end (i.e. ARMs) and up on the long end (fixed) as well ... just by a smaller amount. The modest increase in speeds shown in the graph may be the result of a step back from the over-reaction of the market since January.
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