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Rachel Geraci headshot

Rachel Geraci

Loan Officer
Movement Mortgage
NMLS ID # 715876
28 Trinity St, Ste 1, Newton, NJ 7860
p: (845) 313-9876

Will Rates Continue To Drop?

By: Movement Team
July 21, 2023

Time to take a breath. After what seemed like a whirlwind last month in markets, this week has been relatively calm. This calmness has brought some good news for homebuyers. Data released by Freddie Mac showed the average 30-year mortgage rates dropped by about 0.18% from last week.

What’s next? All eyes are set on the FOMC meeting next week. While a 25 bps hike (+0.25%)  is all but baked in by markets, most participants will be tuned in to what the future guidance is on further hikes. As we've mentioned before, there has been a notable divergence between the views of the FOMC and the markets. FOMC members have consistently projected more than one additional rate hike by the year-end, whereas the markets have only priced in one.

The Fed's unwavering message is to bring inflation back down to its target of 2%. Powell's commitment in June to do "whatever it takes'' reflects this determination. However, with each rate hike, the strain on the economy grows, increasing the risk of a potential recession. With the following meeting not until September, this debate is sure to go through some twists and turns before all is said and done.

Homebuyers Should Remain Persistent

Data trends from the first half of the year suggest that those who are eager to buy, but are trying to wait out the market for a sharp decline in home prices and mortgage rates may miss out. The same goes for frustrated house hunters who are thinking of giving up their search.

According to the National Association of Realtors, the median existing home-price rose for the sixth-straight month in June to $410,200. Even though costs are on the rise, the NAR data showed 33% of homes on the market had multiple offers. As inventory remains limited, this trend is expected to continue.

Some experts expect relief with mortgage rates, but not a significant downward shift. Chief economist at Bright MLS, Lisa Sturtevant, “It’s not likely we’ll see rates below 6% before the end of 2023,” she continued, “but rates should come down from where they have been this summer.”

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Author: Movement Team

Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate cultures and communities. A national top 10 retail mortgage lender, Movement funded more than $20 billion in residential mortgages in 2022. Movement is best known for its innovative mortgage process and referable experience, which begins with upfront underwriting and a seven-day loan processing goal. For more information, visit


Rachel Geraci headshot
Rachel Geraci
Loan Officer
Wondering how much home you can afford? Let’s talk about your next move!
28 Trinity St, Ste 1, Newton, NJ 7860
NMLS # 715876

State License #NJ, NY Licensed Mortgage Banker-NYS Department of Financial Services, PA-59971