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Ride the Rates

Shopping for the best interest rate? Rates are on the rise. if it  still makes sense to refinance, do it quickly as rates are only going to go higher! CPI for June out 7/13 at 9.06%, highest in 41 years and higher than last month’s 8.58%. Next rate hike .5%, .75% or 1%?

Will mortgage rates decline again? Not this year – The Federal Reserve dropped their rate from 2.25% to just a quarter point (.25%) on March 15th, 2020. A 30-year fixed, conventional mortgage pre-COVID19 ranged 3.5% to 4.0%. Now we are peaking over 5%. So we are up about 2% across the board after only one .25% rate hike. FHA and VA 30-year rates were already as low as 2.25% but are now peaking 4.5%. 2nd raise was .5% and the 3rd raise was .75%. The goal is 3.25% total in raises in 2022 per the Fed, which is higher than it was pre-pandemic (2.25%).

The Federal Reserve initially announced they would not increase their rate prior to 2023. They later stated, that they had no plans to raise their rate until the economy was showing a 2% or greater inflation rate. Experts are now mixed on how quickly rates will rise. The Fed has stated they will raise rates again in May and raised the rate hikes from 3 to 4 times for 2022 was increased up to as many as 9 times. May inflation rate 8.58%, highest in 40 years. Many projecting the July raise to be .75% or higher! Bond sell off by the Fed and the impending rate raises have been pushing rates up. Inflation just keeps increasing each month which is also not  helping.

You can compare several lenders and lock at today’s best rate, or “Ride the Rates” and lock when the industry’s rates have a down day. Shop smart not hard! Shop the industry, not individual lenders.

Receive daily rate updates, similar to the one below, showing rates from February of 2020 until today. Email us at

NOTE: New to this list? Your rate will likely be different from the generic one below. If you have submitted an application and  initial documents, you are able to lock an interest rate. Have us price your loan so you can see how your scenario differs. These rates are a guideline showing how overall mortgage rates are changing, so you know when to price and lock your loan.

Our objective is to offer the best possible rate by closely monitoring market fluctuations. Cash out, jumbo, IO ARMs, HELOCs, HECM (reverse mortgage) and stated income programs are available. Their cost and requirements continue to change and availability increases with the volume reduction of standard Rate/Term refinances. A good reason to “ride the rates”, if your loan falls into one of those categories.

Ready to start? Fill out an application on our secure website or speak with one of our agents. Our website also offers an easy, secure way to send documents.

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