Mortgage Rates Update:
Last week, the Fed signaled confidence in 3 rate cuts this year. Markets responded favorably, bringing average rates back under 7%. The next Fed meeting comes at the end of April, and the following meeting June 11-12th. Economic data such as Friday’s PCE index (the Fed’s favorite inflation indicator) will drive expectations for the beginning of rate cuts.
Buyers who were looking in mid October when average rates were above 8% are now saving around $300 per month with today’s rates, assuming a 400k loan amount.

Tips Corner:
25% down payment is a sweet spot for investors right now. Moving from 20% to 25% down is cutting rate by a full percent in some scenarios, making a significant difference in monthly cash flow.

Product Spotlight: Exact rate – your buyer can pick their monthly payment

30 Year fixed average:
6.91%

Stay tuned for more updates and tips in our next Mortgage Minute with American Mortgage Company. Remember, being informed about mortgage rates and financial strategies can help you make the best decisions for your future. Don’t hesitate to reach out to us with any questions or to discuss your mortgage needs. We’re here to help you every step of the way on your homeownership journey.