The government pays less to borrow today, and that's good for you

The government pays 4.45% to borrow money for ten years right now. That number dropped about a tenth of a percent yesterday. It matters because mortgage rates follow it almost everywhere. When that cost falls, your rate usually does too. Today's average 30-year fixed rate is 6.5%, close to the lowest it's been in weeks.

The Fed announces its next move in five days, on June 17. Markets get jumpy before these announcements, so rates might bounce around a little. But the direction right now is down. If you've been waiting for a window, this is what one looks like. A small drop today saves you real money every month for thirty years.

I answer my own phone. If you want to see what 6.5% does to your monthly payment, or whether you should lock now or wait, call me at (949) 350-8005. We'll figure it out together.