Mortgage update: Waller hints at a rate hike break

Mortgage interest rates dropped last week after three weeks of record-high rates. The question we’re all looking at going into the month is: Will the Federal Reserve skip the interest rate hike in September? Federal Reserve Governor Christopher Waller said this week that recent strong economic data will give the central break some breathing room in deciding whether to implement further rate hikes to combat inflation. He did not say definitively if the rate hike will be skipped, but our hopes are high that no rate hike will occur and, therefore, mortgage rates will continue to slow.

In the meantime, here’s the current data from Mortgage News Daily as of September 5th, but please note: these interest rates do not constitute an offer to lend but are meant to represent and compare current trends. Rates are subject to change without notice and may fluctuate on any business day. All loans are subject to credit approval. 

 September 5th, 202352-Week Low52-Week High
30-year fixed7.21%5.97%7.49%
15-year fixed6.58%5.12%6.89%
FHA 30-year fixed6.78%5.36%7.12%
Jumbo 30-year fixed7.30%5.20%7.40%
5/1 ARM7.00%5.79%7.25%
30-year VA6.77%5.37%7.12%

As always, if you have questions or concerns, please do not hesitate to respond to this email or give me a call.  

Nate 904-613-7700