Mortgage-Rates-News – for the week of June 5, 2023

Mortgage rates moved lower last week, first on news that a debt ceiling deal was reached, and then on markets returning to pricing in a Fed rate hike pause in June as multiple Fed officials signaled that the Fed was likely to pause hiking to assess the data.

This week has very little in the way of economic data, and Fed officials are now in the official blackout period ahead of the Fed meeting next week so there are no Fed speakers. With little information to work with this week, rates could be choppy but shouldn't move too much higher or lower than where they ended last week. After seeing rates move lower last week though, we could see them creep up a bit this week ahead of next week's big week of action with inflation data and the Fed meeting.

- Economic data: There are no big economic reports this week to affect rates.

- The Fed: Markets are now pricing in a Fed rate hike pause in June, with a strong possibility of a hike to come in July. That is unlikely to change much ahead of next week's Fed meeting when markets expect to get more clarity on the Fed's future plans.

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

6.125% with 1 discount point (APR 6.34%)

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

5.75% with 1 discount point (APR 6.5%)

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

5.75 % with 1 discount point (APR 6.01%)