30-Year Fixed: 7.02% | Jumbo 30-Year: 6.88% | 10-Year Treasury: 4.47%
The Fed hiked. 25 basis points. Target range is now 3.75%–4.00%. Unanimous 12-0 vote. First rate increase since 2023. The statement flagged inflation above target, resilient spending, and geopolitical uncertainty — and left the door open for another hike before year-end.
The 30-year fixed crossed 7% within hours of the announcement. Mortgage-backed securities sold off sharply. By the close, I was quoting 7.00%–7.125% on conforming loans and 6.875%–7.00% on jumbo. Clients who locked Monday or Tuesday are sitting in a much better spot.
Marin Snapshot: Expect the chilling effect on new offers this week. Buyers who were on the fence about affordability will pause. That’s not a bad thing for buyers who are prepared — less competition, more room to negotiate seller concessions. The buydown conversation just became a lot easier to have.
What I’m Doing: Running seller-concession buydown scenarios for every client who has a signed purchase contract. If you’re in escrow right now, call me today. There’s real money on the table if we structure the seller credits correctly before close.
Call or text Michael DiVita: (800) 239-1103. DiVita Home Finance — NMLS #323700.
