Dear SAR REALTOR®and Affiliate Members,
Back in June, we saw an abrupt increase in mortgage interest rates in response to financial market volatility that occurred as a result of higher than anticipated inflation numbers. This last week, we also saw an abrupt increase in mortgage interest rates, again thanks to financial market volatility after high inflation metrics and the Federal Reserve increasing the Fed Funds rate. To quote one of my lender friends, Conforming 30 year fixed mortgage rates took “a peak over the wall” at 7% and have since retreated back into the 6s again. I was a newer REALTOR the last time we saw these rates in 2006/2007.