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Rate Update for 2/16/2024




This week was a rough one for mortgage rates. Tuesday’s CPI report came in a little higher than expectations, and today’s PPI (Producer Price Index) came in exponentially higher than expected. The Fed has made it very clear that they will be cautious and slow to lower rates, until inflation is clearly headed towards their targeted 2% level. Both inflation reports this week show things headed in the opposite direction, but many Fed members have made the point that there will be bumps in the road, as inflation moves down to 2%.

 

The reports this week leave us to watch less important economic reports, as we wait another month for the February CPI report due mid-March.

 

FreddieMac has announced a new down payment assistance credit for Low Income Homebuyers.  Mortgages with homebuyers earning 50% of area median income (AMI) or less, subject to certain requirements, are eligible to receive a $2,500 credit that may be used in several ways, including assistance with the borrower’s down payment and other costs at closing. This initiative will extend to VLIP borrowers who qualify for Freddie Mac’s Home Possible® and HFA Advantage® mortgage offerings.  This change is effective for mortgages with settlement dates on or after March 1, 2024, and on or before February 28, 2025.  Let me know if you’d like more details and how this can help your Home Buyer’s.

 

The next Federal holiday is President’s Day, this Monday, February 19th. All Federal, State, and County offices will be closed. There will be no fundings or recordings on this day. Our office will be closed as well. 

 

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.

 

Mortgage News Daily fixed rate index for 2/16/2024

30-year Conventional – 7.14%

15-year Conventional – 6.55%

30-year Jumbo – 7.40%

30-year FHA – 6.65%

30-year VA – 6.70%

 

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