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GCA Forums News for Tuesday June 23 2026
GCA Mortgage Forums News
Mortgage Rates Surge Again, Creating Immediate Challenges for Housing Market: GCA Mortgage Forums National Housing & Economic News Report Tuesday, June 23, 2026
Mortgage rates spike; Senate passes housing bill; buyers scramble to adapt; surging oil prices fuel inflation; housing affordability remains a severe concern.
2026 Housing Market News: High Rates Not Stopping Buyers
Throughout 2025 and early 2026, most experts thought high mortgage rates would keep buyers out of the market. But that prediction was wrong from the start.
A new national survey shows that for the first time since 2023; more people prefer buying a home over renting. Despite less affordability, higher prices, and mortgage rates above 6%, buyers are not backing down.
People feel better about owning a home, especially Millennials and the few Gen Z buyers in the market. Right now, the mood in the housing market is sending a clear message:
People are frustrated by high rates but are starting to accept them as the new normal.
Let’s Take a Closer Look at Mortgage Rates and Why They are Rising Now.
Mortgage rates have jumped again, undoing the brief relief we saw earlier this year.
Several major sources report that average 30-year fixed mortgage rates now range from 6.4% to 6.7%, depending on the lender and the borrower.
Causes of Increasing Mortgage Rates: There Are Several Reasons Why Rates Keep Going Up:
- Elevated inflation
- Unsettled energy costs
- Unsettled geopolitical factors
- Unsettled bond market
- Decreased expectations for short-term rate cuts by the Fed
Some Borrowers Say
:“How Long Until Rates Drop to the 5% Range?”
- Right now, the bond market and inflation have the biggest impact on rates.
- News from the Fed matters less than before.
Mortgage Rates
Current Market Means
- 30-Year Fixed: about 6.4% to 6.7%
- FHA: about 6.2%
- VA: about 6.2%
- 15-Year Fixed: about 5.9% to 6.0%
Rates can vary depending on the lender, your credit score, the type of loan, and other pricing factors.
Shockwave: Senate Passes Groundbreaking Housing Bill
- A lot is happening right now in the housing market and in Congress.
- The Senate just passed a new housing bill with strong support.
- Many say it’s the most important housing law in decades.
- The main goals are to fight housing shortages and make homes more affordable.
What the Bill Would Do
Among Other Things, This Legislation Would:
- Expand the supply of housing.
- Shorten the time to gain building permits.
- Build more affordable housing.
- Make smaller, less expensive, and more affordable mortgages.
- Reduce barriers to the local government’s housing approvals.
- Reduce institutional purchasing of single-family homes, with some exceptions.
The bill now heads to the House of Representatives.
Why You Should Care as a Mortgage Borrower
- The biggest obstacle to affordable housing right now is simply not having enough homes available.
- Even though people focus on mortgage rates, the main reason home prices are rising is that there aren’t enough homes for sale.
- If more homes come on the market, buying could become more affordable—even if mortgage rates stay the same.
Oil Prices vs. Mortgage Rates Again
Here’s something home buyers might not know: oil prices matter, too.
- Energy prices and inflation are closely connected.
- When oil prices rise, inflation can increase, which may lead to higher mortgage rates.
- Many housing experts think energy prices affect mortgage rates more than the Federal Reserve suggests.
Oil Prices Impact Everyone for a Large Range of Costs
Increased Oil Prices Affect:
- Transportation costs
- Costs of manufacturing
- Costs of goods
- Inflation
- Treasury Yields
- Mortgage-Backed Securities
When people hear about inflation, they usually think of higher prices. But it can also mean higher mortgage rates.
That’s one reason mortgage rates are still high, even though many people expect borrowing costs to drop in the future.
Now Let’s Take a Look at the Bigger Picture: is the Market Starting to Recover? It Depends on the Location.
Overall, the national housing market is still slower than it was in the years right after the pandemic.
What Buyers Are Facing
Current Buyers are Experiencing:
- More expensive monthly payments
- Higher prices for homes
- Less buying power
- Higher costs for insurance
- Higher property taxes in many areas
Even with these challenges, more homes for sale in many areas mean buyers have more room to negotiate than during the frantic bidding wars of 2021 and 2022.
What Sellers Are Facing
Sellers Have Found That:
- Homes usually take longer to sell
- Fewer offers are the norm.
- Pricing decisions are more critical.
- Buyers are once again negotiating.
The market is moving toward a better balance, though conditions still vary from place to place.
Turning to Home Prices: Could a Correction be Coming?
A new study from the Mortgage Bankers Association says that upcoming demographic changes could slow down home price growth, and in some areas, prices might even drop.
What Could Result In Slower Growth In Home Prices
The following are becoming more important:
- Slower growth in population
- Increased building of new homes
- Changes in demographics (they are aging)
- Less growth in demand
Still, these changes probably won’t cause a nationwide housing market crash.
This means the fast home price increases we’ve seen over the past decade may not last much longer.
Stock Market Watch: Uncertainty Grows for Investors
Wall Street is dealing with a new round of big ups and downs as a broad sell-off picks up speed.
Major tech companies have taken a hit as worries grow about their value, rising AI spending, and what will happen with interest rates.
What Should Mortgage Borrowers ConsiderStock Market Volatility Affects:
- Retirement accounts
- Down payment funds
- Consumer confidence
- Treasury markets
- Movements in borrowing costs. Investors are debating whether inflation will stick around, since that could mean higher borrowing costs in the long run.
Current Observations from Mortgage Borrowers
At GCA Mortgage Forums and Gustan Cho Associates, we’ve noticed that many people reaching out to mortgage brokers share some common concerns:
Number One Issue: Affordability
Most buyers aren’t asking if they qualify for a loan.
They are asking whether they can afford the monthly payment.
Credit Issues are a Concern
Most borrowers are still struggling with:
- Student loans
- Credit card debt
- Collection accounts
- Recent late payments
- High debt-to-income ratios
Increasing Flexibility from BuyersThere has been great interest in:
- FHA financing
- VA loans
- USDA loans
- Temporary rate buydowns
- Seller concessions
- Unique loan structures
Buyers realize the market probably won’t change soon, so they aren’t waiting for perfect conditions.
Political Watch: Growing Housing Affordability Crisis and Elections
Housing affordability is on track to be one of the most talked-about issues on both sides of the aisle.
Both parties increasingly concentrate on:
- affordable home ownership
- rising rents
- short supply of housing
- Challenges for first-time home buyers
- inflation and rising costs
Housing policy will likely stay front and center in national politics for years to come.
Key Insights for Americans
Covering the Housing and Mortgage Markets Today, the Most Important Issues Are:
- Mortgage rates above 6%
- Inflation is still affecting the markets.
- Oil is impacting the balance.
- Demand to buy a home is growing despite the affordability issue.
- The Senate passed a significant housing reform bill.
- Housing supply is better in many markets.
- Demand for more affordable housing is growing.
The housing market isn’t as intense as it was in 2021, but it’s not falling apart either. Everyone—buyers, sellers, lenders, and policymakers—needs to adjust quickly to higher rates, higher costs, and changing consumer habits.
Frequently Asked Questions
Will Mortgage Rates Drop Below 6% in 2026?
Predicting rates isn’t possible. Inflation and economic factors will influence rates. Current estimates indicate rates will remain above 6% through 2026.
Is Now a Bad Time to Buy a Home?
This answer relies on your financial, career, and life situation. Rates could fall, but nothing is stopping home prices from falling further.
Why are Mortgage Rates Not Following the Federal Reserve’s Rate Decisions?
Mortgage rates are primarily tied to the bond market and inflation expectations. The federal funds rate has a limited impact on mortgage rates. More often, Treasury yields will impact rates more.
Could Home Prices Crash as They Did in 2008?
Most economists believe we will not see a repeat of the 2008 crash. Current lending standards and practices are more robust, and homeowners’ equity positions are higher.
Are First-Time Homebuyers Still Buying Homes?
Yes. Even with the drop in affordability, younger generations are still buying homes. Many are participating in FHA, VA, and low-down-payment programs.
Why Do Oil Prices Impact Mortgage Rates?
Oil prices impact inflation. If energy prices rise, inflation is expected to rise, which would likely raise Treasury yields and mortgage rates.
Will the New Housing Bill Reduce Home Prices in the Near Future?
No. If it goes through, it will still take years to impact supply and affordability. Advocates believe it will help address the overall housing crisis by increasing housing supply in the future.
Is Housing Affordability Currently the Largest Barrier to Buying for Most Potential Buyers?
“IT’S OVER! The Fed JUST Ended Gold & Silver” – Peter Schiff & Luke Gromen Recent CRASH EXPLAINED
Yes. Housing affordability is the biggest issue faced by homebuyers. In many markets, this is a greater issue than the overall inventory shortage.
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2 Replies
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Mining financier Frank Giustra says the gold selloff is being completely misread. The smart money, the central banks, never sold. It was the speculators and the loose hands bleeding out, while the structural buyers that drove this bull market never flinched. So is the gold bull market over, or is this the pause before the next leg?
Frank Giustra, founder and CEO of the Fiore Group, joins Kitco News anchor Jeremy Szafron for a wide ranging conversation on gold, the dollar, copper, and the slow rebuilding of the global monetary system. Giustra has founded and financed gold and copper companies for 45 years and has held physical gold since 2001 without selling an ounce.
In this interview: why this is not a normal gold market, the de-dollarization trade that began when the US froze Russia’s reserves, the new regime in which gold rose alongside a strong dollar and positive real rates, why central banks are price inelastic buyers, what the Gulf states are and are not selling, the US debt trap and Ferguson’s Law, the risk of a dollar crisis, how China’s mBridge system and new gold vaults could let trade settle in gold outside the dollar, whether new Fed Chair Kevin Warsh will hold the hawkish line or fold, the structural copper supply deficit, and what Giustra says the average person should actually do to protect their savings.
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In this interview, I sit down with John Lee of Silver Elephant Mining to discuss the recent correction in gold and silver, what could signal a bottom, and where the precious metals market may be headed next. We also cover the outlook for oil, global interest rates, Federal Reserve policy, elevated stock market valuations, and how the rapid growth of AI could impact future energy demand. John shares his thoughts on the key macroeconomic forces shaping markets and the opportunities and risks investors should be watching in the months ahead.
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