After a month in which the 10 year treasury rate yield rallied (May 2023) we have to revise our mortgage rate predictions. With the average 30 year fixed mortgage rate around 7.55% in early June 2023, we still believe we are not going back to the highs that we saw in early March. In early March, the 10 year treasury rate yield reached a multi year high around 4.05%. In early June 2023, the 10 year yield is above the 50 day moving average at 3.7%. The concern is the 50 day moving average is uptrending and will serve as support. With this being the case, we predict July 2023 mortgage rates for the 30 year fixed will be 7.75%.

The stock market, especially tech stocks, have rallied quite a bit in the first part of 2023. For the sake of homebuyers in Charlotte, throughout North Carolina and all over the United States, we hope the 10 year treasury rate yield cools off, drops below its 50 day moving average and we see 30 year fixed mortgage rates under 7% in the very near future. If you are seeking low mortgage rates for your home purchase, contact us today.