Mortgage Rates continue downwards for the 3rd straight day
The national average for a 30-year, fixed rate mortgage declined 0.03% to 6.85%* on Thursday. This was the third consecutive day to see the national average mortgage rate tick downward, and a 30-year fixed rate mortgage is still bouncing around near its two-week low. The move down was attributed to continued positive news on the debt ceiling and dovish talk coming from the Federal Reserve.
Could the Fed skip rate hikes in June?
The Federal Reserve is meeting again on June 13th – 14th, but what are they expected to do? The Presidents of the Federal Reserve have been speaking for the past two weeks, and the talk has been a lot more on the side of a rate hike pause than another rate hike.
“Skipping a rate hike at a coming meeting would allow the (Federal Open Market) Committee to see more data before making decisions about the extent of additional policy firming,” Fed Governor Philip Jefferson said at a financial stability conference in Washington.
Philadelphia Fed President Patrick Harker is also on record saying, “I am in the camp increasingly coming into this meeting thinking that we really should skip.” However, Harker also stated that job metrics and inflation data could change his mind.
The market seems to think a rate hike pause is in the cards for June, but we won’t know until we know.
Billy Joel’s Long Island Estate Hits the Market
While inventory for the housing market has been a challenge, at least one rock star is looking to cash in. Billy Joel has placed his 26-acre Long Island estate, named Middlesea, on the market for $49 million.
Featuring five bedrooms, six full baths, two half baths, a playroom, a spa, a hair salon, a bowling alley, and a wine cellar, the main living space has over 20,000 sq. ft. of space to get comfy in.
The property also offers a private dock and spectacular water views of Oyster Bay Harbor.
* National average rates accurate as of 6/1/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
