Mortgage rates ended this week at exactly the same level as last week and that can be taken as a win, given how bad the prior weeks were.
Today’s big Non-Farm Payrolls report came in with far less jobs created than expected, but the unemployment rate came in a 4.1%, which was exactly as expected.
Next week will be a very big one with the U.S. Election and the Fed Meeting. The expectation would be for mortgage rate volatility surrounding both. Mortgage rates have gone up about 0.75% since the Fed cut rates at their last meeting. This meeting, and especially the post-meeting press conference, will be very important for the direction of mortgage rates for the rest of this year and the beginning of next year.
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 11/1/2024
30-year Conventional – 7.05%
15-year Conventional – 6.48%
30-year Jumbo – 7.15%
30-year FHA – 6.61%
30-year VA – 6.63%
Have a great weekend!
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