Interest Rate Snapshot as of June 14

Happy House Hunting!

As you search for your next abode, here is an updated snapshot of mortgage interest rates.  This information is provided by M&T Bank, our trusted mortgage partner. 

The first half of June has featured a slew of news impacting mortgage rates.  Last week’s strong jobs report showed that the labor market remains resilient.  This Wednesday we received a softer-than-expected inflation report (Consumer Price Index – May) showing that we are making modest progress.  The same day in the afternoon the Federal Reserve announced its decision to hold rates steady this month.  This was expected and the bond market reacted favorably.  The Federal Reserve is only pricing in one rate cut for the rest of the year and Wall Street is placing the highest probability on that coming at the September meeting (per CME FedWatch Tool).

Sample M&T Mortgage Interest Rates 6/14/2024

Purchase transaction, 25% down payment, 760 Credit, Primary Residence, 45-Day Lock

 

• Jumbo (loan amounts over $766,550)
  • Jumbo 30-Year Fixed: 6.875%
    • (6.912% APR)
  • Jumbo 10/6 ARM: 6.5%
    • (7.139% APR)
  • Jumbo 5/6 ARM: 6.25%
    • (7.559% APR)
• Conforming (loan amounts $766,550 or below)
  • Conforming 30-Year Fixed: 6.5%
    • (6.524% APR)
  • Conforming 7/6 ARM: 6.25%
    • (7.298% APR)
  • Conforming 5/6 ARM: 6.125%
    • (7.523% APR)

*For scenario-specific rates, please reach out to our partner below.  Rates change every business day*

 

Zachary P. Smith Private Mortgage Banker | NMLS# 1179591

M&T Bank | Mortgage Division, One Post Office Square | Boston, MA 02109

802-558-3399 | zsmith2@mtb.com