Interest rates held pretty steady this week, compared to this time last Friday. We saw rates move down a little to start the week, but Thursday’s economic reports were stronger than expected and caused rates to move back up. The Retail Sales and Initial Jobless Claims numbers were both much better than expectations.
Next week will be another very quiet week, as far as economic reports go, with the Existing Home Sales report on Wednesday and the Initial Jobless Claims report on Thursday. The weekly Initial Jobless Claims report has grown in significance, as the Fed has made employment one of their main determining factors in their policy moving forward.
The next significant economic reports will be the Non-Farm Payroll report on November 1st, followed by the CPI report on November 13th. The other big event we have coming up is the election on November 5th. Mortgage rates have historically experienced some volatility around Presidential elections.
The next Federal holiday coming up is Veteran’s Day on Monday, November 11th. Following Veteran’s Day, we have Thanksgiving on November 28th. All Federal, State, and County offices will be closed these days and there will be no fundings or recordings on these days.
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 10/18/2024
30-year Conventional – 6.68%
15-year Conventional – 6.07%
30-year Jumbo – 6.78%
30-year FHA – 6.13%
30-year VA – 6.14%
Have a great weekend!
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