The current national average for 30 year fixed mortgage rates is 6.89%. The 10 year treasury rate yield is around 3.5%. The 10 year treasury rate yield and the 30 year fixed mortgage have had a very tight correlation for several decades. While there may be some deviation for a few weeks or months, for the most part, as goes the 10 year treasury rate yield, so go mortgage rates.

The 10 year yield peaked around 4.1% in early March 2023. It has been trending lower since and is currently below both its 50 day and 200 day moving average. In fact, the 50 day crossed under the 200 day moving average just a few days ago. This makes us think we are going to see some stabilization around 3.5% which means the 30 year fixed mortgage should settle at 6.75% before tracking lower into the summer months. With this being the case, we predict June 2023 mortgage rates for the 30 year fixed will be 6.75%.

UPDATE: The 10 year treasury rate yield actually moved higher and June 2023 mortgage ares for the 30 year fixed were 7.5% to start the month.

There is the possibility that the Fed will come out and announce more rate hikes in the next few weeks, but that seems unlikely at this point. Most economic data is pointing towards rate cuts. That said, it will take some time for these rate cuts to reverberate through and be visible by those looking to buy a home in Charlotte, North Carolina. If you are looking for the lowest mortgage rates in Charlotte, North Carolina or any of the major cities in North Carolina, including Raleigh, Durham, Asheville, Wilmington, Greensboro or Fayetteville, contact me today and I can help you lock in the lowest possible interest rate at the present time. I can also help you navigate these difficult times when interest rates are very high on home loans.

Whether you are looking to get a self employed home loan in North Carolina or are looking for a traditional mortgage, I can help. Reach out to me today and we can discuss some of the options available for your current financial situation. Even if you feel as if you cannot qualify for the loan amount of your dream home, we can discuss ways in which you can move into that house sooner rather than later. Even with mortgage rates being at the highest levels in years, there are still opportunities to buy the home you desire.