Mortgage rates moved sideways again this week, as Thursday’s Initial Jobless Claims number had no impact on the market. Next week we have the PCE report (the Fed’s second favorite inflation indicator) on Wednesday and that is the only major report for the short holiday week. The bond market will be closely watching the Non-Farm Payroll report that will come out the week after Thanksgiving.
Many lenders have already moved to the anticipated higher conforming loan limits for 2025, but the official amounts will be released next week by the Federal Housing Finance Agency. The FHFA adjust conforming loan limits each year, to account for changes and rising prices in the housing market. In 2016, the conforming loan limit in Clark County was $417,000 and over the last 8 years, that amount has almost doubled. Between 2006 and 2016, the conforming loan amount remained at $417,000.
The next Federal holiday is coming up next week. Thanksgiving is on Thursday, November 28th. All Federal, State, and County offices will be closed on this day and Friday, November 29th. There will be no fundings or recordings on these days. Our office will be closing 2pm on Wednesday, November 27th, and we will also be closed 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 11/22/2024
30-year Conventional – 7.03%
15-year Conventional – 6.40%
30-year Jumbo – 7.22%
30-year FHA – 6.45%
30-year VA – 6.47%
Wishing you a happy and warm Thanksgiving!
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