Mortgage rates were up about 0.125% for the week and are back just above 7% for the average Conventional 30-year fixed loan in the U.S.. The CPI came in right in line with expectations, but Fed Chairman Powell had a speech in Dallas on Thursday afternoon that hinted at a slower pace of rate cuts moving forward.
The important economic events for next week will be Thursday’s Initial Jobless Claims number and a couple of speeches by Fed Governors. We are going to have to wait until December 6th for the next major economic report for mortgage rates, when the Non-Farm Payroll report will be released that day.
It is fairly clear that inflation is trending toward the Fed’s 2% target rates, but the employment market remains strong, which gives the Fed less impetus to be aggressive in their rate cuts moving forward.
The hope is that we can trend back down to at least the 6% level in the short term, where we definitely saw increased activity in home sales and refinances.
The next Federal holiday coming up is Thanksgiving on Thursday, November 28th. All Federal, State, and County offices will be closed on this day and there will be no fundings or recordings on these days. Our office will be closing 2pm on Wednesday, November 27th, all day November 28th & 29th .
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 11/15/2024
30-year Conventional – 7.05%
15-year Conventional – 6.43%
30-year Jumbo – 7.24%
30-year FHA – 6.39%
30-year VA – 6.39%
Have a great weekend!
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