Mortgage rates are now up about a half of a percent since the Fed cut rates last month. Rates were gradually rising after the Fed meeting, but saw a huge spike after last Friday’s Jobs Report came in much better than expected. One of the major factors that will determine the level of future rate cuts is the employment market. If future employment reports show the jobs market with a lot of strength and resiliency, then the Fed may lower or stop their rate cuts.
This week we had Thursday’s CPI report come in worse than expected as well, with inflation running about 0.1% higher than the consensus expectations. This could have led to another major rise in rates, but the Jobless Claims report came out on the same morning and it showed initial jobless claims as much higher (more people filing for unemployment) than expected.
Mortgage rates moving forward will be impacted by two main economic factors: 1. The health of the employment market, and 2. Inflation.
The big economic reports for next week will be the Initial Jobless Claims number and the Retail Sales number, which both come out on Thursday. We will also see various Fed members giving speeches, and the bond market will be paying close attention to those, looking for any clues as to how the most recent economic reports may have changed the Fed thinking moving forward.
The next Federal holiday is Columbus Day this Monday, October 14, 2024. All Federal, State, and County offices will be closed this day. There will be no fundings or recordings on this day. Following that, Veteran’s Day is November 11th and Thanksgiving is November 28th. Keep that in mind for contract closing dates.
Appraisal Turn Times: Vancouver/Portland Metro Area: 4-6 days; Cowlitz County: 6-8 days; Lewis County: 7-9 Days; Skamania County: 8-10 days.
Today’s Rates for the Home Advantage Down Payment Assistance Loan with the WSHFC. Down Payment assistance with Home Advantage is 3% - 5% of the loan amount, depending on the pricing/program chosen. I am a Commission-trained Loan Officer authorized to work with the WSHFC. I’m happy to meet with your clients to see if they are eligible for the Home Advantage program or any of the other down-payment assistance programs available with the WSHFC.
Mortgage News Daily fixed rate index for 10/11/2024
30-year Conventional – 6.64%
15-year Conventional – 6.10%
30-year Jumbo – 6.75%
30-year FHA – 6.12%
30-year VA – 6.13%
Have a great weekend!
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