Mortgage-Rates-News – for the week of March 20, 2023

Mortgage rates improved again last week, for a second week in a row, as concerns about the global banking system continued to lead markets to believe that the Fed will not be able to raise rates as high as was expected just a few weeks ago.

This week could see some of the most volatile mortgage rates we've seen in months, with rates moving day-to-day as well as during the day, depending on how the Fed meeting plays out and if there is any more fallout in the banking sector. This is a good week to stay in close contact with your mortgage professional.

Fed fireworks: The Fed meets this week, and for the first time in over a year there is a question of if it will raise its policy rate and by how much. The Fed will release its policy statement at 2pm ET on Wednesday along with a forecast of its policy rate called the 'dot plot', followed by a press conference by Fed Chair Powell. This is the first time the Fed will be able to comment on the recent 'banking crisis' events after being in a media blackout period ahead of the FOMC meeting. Depending on what is said and how markets react, we could see rates fall lower or move quickly higher.

Conventional 30 year fixed ($ 726,200 loan amount or less)  

5.99%% to 6.375% with points

FHA 30 year fixed ($ 726,200 loan amount or less)

5.375% to 5.875% with points

VA 30 year fixed ($ 726,200 loan amount or less)  

5.375% to 5.875% with points