Hey everybody, it's Monday, so let's talk about the market, shall we?

Here's what's on everybody's mind lately: the 30-year fixed conventional mortgage interest rates are at five and a half percent, which is great news. However, the feds are set to meet July 26 through the 27th. The expectation there is that they're going to raise the basis point by three-quarters of a point.

All of this means that yes, interest rates are going to go up. How far? We don't actually know. However, the prediction is that by the end of the summer, interest rates for a 30-year fixed conventional mortgage could go up as high as seven percent.

Now, we're not used to this, but it is somewhat normal. So you have to remember that even going up that high is somewhat normal given the history of the market for you as a buyer.

If you're interested in purchasing before the beginning of 2023, what I would do is get with your local mortgage lender and talk about rates. Hope this helps! Thanks so much.

Glad you stopped by!