The Brownstone Group's Bi Weekly Email Newsletter
May 19th, 2023
On Wednesday the Federal Reserve met and unanimously voted to raise the Funds Rate by 0.25%. This was expected, but the markets were more interested in the Fed Chair Jerome Powell's comments about future hikes. In Powell's statement, he laid the groundwork for pausing rate increases. This shows that the Fed believes inflation will continue to drop, which will continue to lower mortgage rates. Because of this news, rates dropped to end the week:
30 Year Fixed Rates
Investment Property: 7.625%
Jumbo Loan: 6.990%
5 Year Adjustable Rate Mortgage (30 Year Term): 6.375%
Monday, May 29th is Memorial Day in our nation? How will you be celebrating all the men and women who have valiantly served our country?
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