Mortgage rates had a good week this week and they are now back down below the 7.0% level.
Yesterday’s Fed meeting went as expected, with the Fed cutting the Fed Funds Rate by 0.25%. That makes 0.75% total in cuts from the last two meetings. It is important to keep in mind that these cuts were priced into the bond market long ago, but it does look like we will not see the massive rise in rates we saw after the last Fed meeting.
Net week brings the CPI report on Wednesday, and the hope is that inflation continues to trend towards the Fed’s target of 2.0%. A big miss either way would lead to movement in mortgage rates.
The PPI (Producer Price Index) comes out next Thursday, and while it is not as important as the CPI, it will be closely watched as an indicator on inflation.
The next Federal holiday coming up is this Monday, in observance of Veteran’s Day. 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 11/8/2024
30-year Conventional – 6.92%
15-year Conventional – 6.37%
30-year Jumbo – 7.15%
30-year FHA – 6.30%
30-year VA – 6.32%
Have a great weekend!
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