Today’s Mortgage Rates: What’s Driving the Change❓📉

We will review today’s mortgage rates. I will also break down what is impacting the mortgage rate going up or down in Metro Detroit. 

What is Impacting Mortgage Rates Today for Metro Detroit | Team Tag It Sold

What is Impacting Today’s Mortgage Rates  ~ June 17, 2024 

In this blog post, I aim to do more than provide today’s mortgage rate. I want to help you understand the data so you can predict where rates are heading now and in the future. It’s not the daily rate I want you to concentrate on but the trends. Learn how to predict mortgage rates today and trends for tomorrow. It’s not just about the numbers; it’s about knowing the economic and Wall Street trends that impact today’s mortgage rates and your monthly payment.

 💥Breaking News Afternoon Update: 

Good Morning 🌞Metro Detroit! The 10-year treasury yield is settling in a little higher this Morning. There is no significant economic news, so the mortgage rate base should stay around the 7% range plus or minus .15% moving forward until the job report on 7-5-2024. Wall Street will be closed on Juneteenth National Independence Day. Mortgage demand this Morning moved into negative territory, and it appears we may have a slight correction due to less demand for mortgage-backed securities for the last few months. The mortgage rate base should be slightly up with little impact on Today’s Mortgage Rate or your monthly payment in Metro Detroit. 

  Are we at the Turning Point Updated Today? 

Yep, we are in our second month, and the economy has slowed. Let’s start with the important PCE (the Fed’s favorite for measuring inflation), which remained at 2.8%. The jobs report showed unemployment to be up to 4%. Today’s CPI Report came in at 3.3%. This is all excellent News for the Fed to keep the policies the same. Let’s hope June will continue to decline, and the numbers for July will support a policy change this fall and our first interest rate cut.

Remember, in Metro Detroit, mortgage rates are tied to Wall Street. 💥 I will review the numbers and update Navigating Mortgage Rates Weekly Review and Predictions. 💥The Fear & Greed Index has shifted to day six slightly to fear again today. Wall Street is chewing on the new unemployment and CPI data. The Fed reported no policy change in interest rates and is waiting to see what June’s numbers tell us. We are looking for a shift in investments to bonds and securities. 

Now Is the Time to Create a Plan

 Now’s the time to create your moving plan. We have a shortage of homes for sale, and pent-up buyers in Metro Detroit are waiting for mortgage rates to drop before they buy. We don’t want a repeat of the “UNICORN YEARS🦄 when the mortgage rates drop; the real estate market is going to shift quickly; 🚀 BE PREPARRED‼️

Lots of Important Headlines For Today that Will Affect Mortgage Rates in Metro Detroit ~ 👀

I track the headlines every day. It shows how the economy will affect Mortgage Rates in Metro Detroit. There is a lot of noise right now, and you can cut through it if you track the numbers. The Fed confirmed no interest rate cuts in June, pushing it back to maybe September. 

Fortunately, we are now seeing a shift in the economy. June, July, and August trends will be an essential clue as to when we’ll see a shift in mortgage rates. Yes, you can predict where mortgage rates are heading next, and I’ll show you how by visiting Navigating Mortgage Rates ~ Empower Your Move🤩

Latest Headlines ~ Good News for Future Mortgage Rate Cuts

Step #1 ~ The 10-Year Treasury Yield 6-13-2024  ~ Your Base # Updated by 11:30 am


The Fed does not determine mortgage rates; its policies influence them through bonds and mortgage-backed securities. The 10-year Treasury yield is the base figure for calculating Today’s mortgage rates, which move up or down constantly throughout the day. The Yield is a benchmark for various financial instruments, including mortgage rates. If the Yield goes up or down, mortgage rates follow.

Mortgage Rate Calculation | Team Tag It Sold

Today’s Yield Rate 

On Friday something weird happened. Mortgage rates were released before 11:30 and they went up even though the 10 year treasury showed the highest peak was 4.231%. The numbers just didn’t add up. The only thing I can think of is Wall Street was doing a correct regarding Mortgage-backed Securities. Or it was the start to the weekend. It’s something new to watch. Today the yield up since Friday. 

Yield Rates Between 10 to 11 am. 
No Predictions Today Until I figure Figure Out Wha’t Going on with the Securiteis Market.

Close enough for me😂 what about you❓🔮

Step #2 ~ Mortgage-Backed Securities (MBS) Gap # for 6-13-2024, updated between 1-2 pm

Knowing how today’s mortgage rates are set is essential if you’re curious where they are heading. It starts with the 10-year Treasury Yield, your base, the MBS Gap #, and voilà…mortgage rate. If you haven’t already, check out the blog post “Understanding Mortgage-Backed Securities’ Effects on Mortgage Rates.”… Start There

MBS Graph Trends ~ 

Mortgage-backed securites maybe going through a correction. Mortgage rates should have went down on Friday and instead they went up .02%. I will provide updates every day between 1:00 and 2:00 p.m. and see if I can figure this out. 

💥”What If”🚀 Investors start investing in Securities & the MBS Gap Rate Goes Down? 💥

💥It’s essential to understand Mortgage-backed Securities’ impact on Mortgage Rates.💥 High interest rates and Fed policy have affected the bond and securities market. The average MBS Gap rate was 1.72% for the past 50 years until the pandemic. Then, the MBS Gap jumped to 2.75% because investors saw mortgages as risky, expecting the housing market to crash, and it didn’t. We are still waiting for them to pivot back to safer investments. 💥Goal #1We didn’t make it to week #3 on the MBS Gap staying under 2.7%. Moving forward, we need to see stable and consistent MBS trending down week over week. 

Mortgage-backed Securities the Past Five Days

Scroll through the past week of trends.
Average MBS Gap Rate Since March 2024 to Week Ending 6-7-2024

The mortgage-backed Securities Price Gap is the most important trend to follow.💥Even if the 10-year Treasury Yield rates stay higher and investors start buying mortgage-backed Securities, mortgage rates will drop. The MBS Gap went up over 2.7%, so the clock started again for June. The first goal is for the gap rate to be under 2.7% for three weeks in a row, which will be our first clue that maybe the Mortgage Rate roller coaster ride is ending.


6-14-2024 ~ Mortgage Rates ~ Update on hold ~ Went up to 6.99% and not sure why

If you’re on the journey to buying a home in Metro Detroit, you’ve likely been monitoring Today’s Mortgage Rates. Remember, I track baseline mortgage rates; the mortgage rate doesn’t include points lenders charge to buy down the rate, your credit score, or your down payment. Your mortgage rate will be lower or higher depending on the above conditions.

Mortgage Rates 

Ok today is bizzare. Mortgage rates were released around 11:30 today and they went up and all indication they should have went down slightly. I’m waiting until after 4:00 to see if there are any corrections.  Wall Street is reacting to inflation data being down, and the economy is cooling two months in a row. My prediction is a slight downward trend because we don’t have any economic news to report until July 5th, which is the jobs report. Usually, the mortgage rate numbers are out around 1:00 and 2:00 pm EST and are updated daily. Check out What Other Lenders are Charging ⤵️

Mortgage Daily News for June 2024

Based Rate before Credit Score ~ Points to buy down rate and Down Payment 
Daily Mortgage Rates for the Month June 6-13-2024 | Team Tag It Sold
May’s Month End Mortgage Rate Trends
Click Graph to Englarge

Mortgage Daily News ~ Compare Mortgage Rates for June 13th (Scroll through lenders) 

Review the points to buy down rate, subtract from the total, and see your bank fees. 💥Visit Mortgage Daily News, change search options: select zip code, change the purchase price, loan amount, and credit score, then update lenders.
Scroll through lenders to compare and review the rate field, not the APR. This will help you understand different programs and how to negotiate with the lenders.💥Don’t give out your Social Security number, but obtain your FICO Score and let the lender know how much your down payment will be so they can calculate all the numbers. 
Also, request refinance options and fees to work in your budget when mortgage rates are lower. See if you can find the lender, in my opinion, is way overcharging. 😨

Let’s Decode Mortgage Rate Options Together! 🤩

Wow 😮, there is a lot to consider! If you need mortgage help, let’s simplify the process together. Schedule a Zoom call with me, and we’ll review the data. I’ll share my screen so you can see the market insights clearly and feel confident about your next steps.⤵️

Schedule an Appointment with Pam Sawyer Today | Team Tag It Sold

Mortgage Rate Predictions for the Week June 10th

Navigating Mortgage Rates - Weekly Review and Predictions for Metro Detroit | Team Tag It Sold

Sometimes, I can’t figure Wall Street out. The yield rate jumped because the jobs report showed 92,000 more jobs were added than predicted, AND the unemployment rate went up to 4%. Nothing so far this month has indeated the economy is still hot. Over the weekend, I will work on mortgage rate predictions, graphs, and trends regarding our economy and inflation. We have a huge pent-up demand from buyers wanting to purchase homes in Metro Detroit, and once the rates come down, you need a plan. Why? We still have a shortage of homes, and it’s still a strong seller’s market. You’ll want to jump in before home prices go up. It’s important to weigh Home Prices vs mortgage rates and know your home purchasing power. Keep up to date and visit this blog post.⤵️ 

What My Crystal Ball 🔮 is Telling Me Regarding Today’s Mortgage Rates for Metro Detroit

Well, the CPI numbers on June 12 were excellent news. The economy is cooling slowly, and we have moved into our second month with inflation trending down. The Fed reported they would only consider one interest rate cut in 2024, probably not until late fall. They did predict four next year, totaling 1%. 

When Will Mortgage Rates Go Down in Metro Detroit? 

May’s mortgage rate trends are better due to positive signs that the Fed didn’t raise interest rates and manufacturing is balanced. The PCE (Fed Preferred method) stayed the same for the last three months at 2.8%. I went back through my numbers, and the lowest mortgage rate base was between 6.6*% and 6.7*% for parts of January and February this year when Wall Street thought the Fed would lower interest rates in March. 

We Could see mortgage rates base around the 6.5% range this fall in two ways. 1. Mortgage-backed securities demand heats up, and the gap goes down. 2. The Fed lowers interest rates by .25%. IF MBS Gap trends slowly go down to 2.5% this fall and an interest rate cut, then mortgage rate base will be under 6.5%. 

All this means we are moving in the right direction toward fighting inflation this month and the future of lower mortgage rates. The numbers for July and August will be crucial to determine if we can see an interest rate cut in September. The first goal is for the 10-year treasury yield to stabilize under 4.0%. Next, the MBS gap will stabilize at 2.6% for three weeks or more.

Important Future Dates to Watch & That Will Impact Mortgage Rates

 Personal Consumption Expenditures (PCE) are on July 12 and July 2 for manufacturing numbers (the first business day of the month) and July 5 for jobs report (the first Friday of the month). The next inflation report will be on June 12. These trends impact mortgage rates, going up or down. We don’t like the higher cost, but that hasn’t stopped us from spending. Until inflation trends go down, they won’t lower interest rates. The next target date for possible interest rate cuts is September, which will significantly impact mortgage rates. Remember, Yield + Gap = Mortgage rates ~  See You  Tomarrow🤩

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