The Fed meets in six days. Should you lock now or wait?

Today's average 30-year fixed rate is 6.5%. That's down a hair from last week, when Freddie Mac clocked the national average at 6.52%. The bond that sets mortgage rates (the 10-year Treasury) dropped about three basis points, roughly 0.03%, in the last couple days. Small move, but it's pointing the right direction.

The Fed meets on June 17, six days out. They control short-term interest rates, which shape what banks charge each other to borrow overnight. Markets watch that meeting closely, and rates can bounce around in the run-up as traders guess which way the decision will go. A quarter-point cut would be good news for mortgage rates. No change, and you might see rates hang steady or tick up a bit. Right now, the bet is they'll hold.

If you've been shopping and like what you see at 6.5%, lock it. Waiting for the Fed to move could save you a tenth or cost you a tenth. I can't predict which. But if your payment works and the house works, you're in the window. Call me and we'll run your numbers: (949) 350-8005. Informational only, not a commitment to lend. Rates subject to change. Equal Housing Opportunity. NMLS 2010859.