Interest rates dropped this week on mixed economic reports. Today’s Jobs Report had a headline number, way better than expected (bad for rates), but there were massive revisions to the numbers reported in December and January.
The overall unemployment rate also rose to 3.9%. There has been a trend lately of massive revisions to previous months numbers, and this creates some uncertainty in the markets as to the accuracy of the initial numbers being released.
Next week should be a huge week for mortgage rates as the monthly CPI report will be released on Tuesday morning. A lower CPI number than expected should drive rates lower, while a higher number than expected will cause rates to rise.
The next Federal holiday isn’t until Monday, May 27th in observance of Memorial Day. 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.
Today’s Rates for the Home Advantage Down Payment Assistance Loan with the WSHFC. 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 3/8/2024
30-year Conventional – 6.85%
15-year Conventional – 6.39%
30-year Jumbo – 7.22%
30-year FHA – 6.38%
30-year VA – 6.40%