22
Jun
By Fred Gruber
Financial Reports

What’s Ahead For Mortgage Rates This Week – June 22nd, 2026

The week was relatively light following the release of the prior inflation data and the FOMC rate decision. The Federal Reserve decided to keep its overnight borrowing rate unchanged and has indicated no plans to make changes in the near term.

Many members of the Federal Reserve Board continue to watch economic conditions closely, as inflation remains elevated across many sectors and could warrant further policy action if price pressures persist.

FOMC Rate Decision
The Federal Open Market Committee voted unanimously to keep its benchmark overnight borrowing rate anchored in a range of 3.5%-3.75%. The federal funds rate has held there since the central bank lowered rates by three-quarters of a percentage point in the latter part of 2025. 

Primary Mortgage Market Survey Index

  • 15-Year FRM rates saw a decrease of -0.04%, bringing the current rate to 5.81%.
  • 30-Year FRM rates saw a decrease of -0.05%, bringing the current rate to 6.47%.

MND Rate Index

  • 30-Year FHA rates saw an increase of 0.03%, with current rate at 6.15%.
  • 30-Year VA rates saw an increase of 0.03%, with current rate at 6.17%.

Jobless Claims
Initial Claims were reported to be 226,000 compared to the expected claims of 225,000. The previous week landed at 230,000.

What’s Ahead
PCE Index inflation data, personal income and spending, and consumer sentiment are headlining next week’s release data.

19
Jun
By Fred Gruber
Mortgage Tips

What Underwriters Look For in the Final Weeks Before Closing

Many home buyers assume the hard work is finished once their mortgage application has been approved. However, the final weeks before closing are an important stage of the process. During this time, underwriters continue reviewing information to ensure everything remains consistent with the details originally provided. Understanding what they look for can help you avoid last-minute surprises.

Employment Verification Remains Important
One of the final checks that lenders perform is verifying employment. In many cases, employers are contacted shortly before closing to confirm that the borrower is still actively employed. If there has been a recent job change, additional documentation may be required. Maintaining open communication with your lender is essential if your employment situation changes.

Bank Accounts Are Carefully Reviewed
Underwriters may review updated bank statements to verify that funds needed for closing are available. They also look for unusual deposits that may require documentation. If large sums of money appear in an account, borrowers may be asked to explain where the funds came from and provide supporting records.

Credit Activity Can Trigger Questions
Many lenders perform a final credit review before closing. New credit accounts, increased balances, or large purchases can affect debt obligations and potentially impact loan qualification. Buyers should avoid financing furniture, vehicles, or other major purchases until after the transaction has been completed.

Documentation Must Remain Consistent
Underwriters compare updated information against the original application. Any discrepancies may require clarification. Consistency helps demonstrate financial stability and reduces the likelihood of delays. Keeping organized records and responding promptly to requests can make this process much easier.

Communication Helps Prevent Delays
The final weeks before closing often move quickly. Buyers who respond promptly to lender requests can help keep the transaction on schedule. Waiting several days to provide documents may create avoidable delays, especially when closing dates are approaching.

Focus on Reaching the Finish Line
The final review process is designed to protect both the lender and the borrower by ensuring all information remains accurate. While additional requests can feel inconvenient, they are a normal part of the mortgage process. Staying financially stable, avoiding major changes, and maintaining communication with your lender can help ensure a smooth path to closing day.

18
Jun
By Fred Gruber
Home Buying Tips

The Difference Between Being Approved and Being Cleared to Close

One of the most common misconceptions among home buyers is that loan approval and clear-to-close mean the same thing. While both are important milestones in the mortgage process, they represent different stages of your loan journey. Understanding the difference can help you manage expectations and avoid unnecessary stress as closing day approaches.

What It Means to Be Approved
When a lender approves your mortgage application, it means the underwriter has reviewed your financial information and determined that you meet the guidelines for the loan program. However, approval often comes with conditions that must be satisfied before the loan can move forward. These conditions may include updated documents, explanations for certain transactions, or verification of information provided during the application process.

Why Conditions Are Common
Conditional approvals are a normal part of the mortgage process. Lenders want to ensure they have a complete and accurate picture of your financial situation before issuing final authorization to fund the loan. Buyers should not view conditions as a sign that something is wrong. In most cases, they are simply additional items needed to complete the file.

What Clear to Close Means
A clear to close is the final green light from the lender. It means all required conditions have been satisfied, the underwriter has completed the review process, and the loan is ready for closing documents to be prepared. At this stage, the lender has confirmed that all requirements have been met.

Why Buyers Should Remain Cautious
Even after receiving an approval, buyers should continue to avoid major financial changes. Opening new credit accounts, making large purchases, or changing employment could create new issues that require additional review. Maintaining financial stability until closing is one of the best ways to protect your loan approval.

Staying Responsive Helps the Process
One of the easiest ways to keep a mortgage moving forward is to respond quickly to requests for documentation. Delays often occur when lenders are waiting for information from borrowers. Prompt communication helps prevent unnecessary setbacks and keeps closing timelines on schedule.

Understanding the Final Stretch
Receiving an approval is an important milestone, but it is not the finish line. Clear to close is the final step that signals everything is ready for settlement. Knowing the difference can help buyers navigate the process with greater confidence and fewer surprises.