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Rate Update for 5/10/2024



 

Today, mortgage rates ended the week at their lowest levels in over a month. Thursday’s Jobless Claims report came in weaker than expected and that was a positive for the bond market.

 

Next week will be a massive one with Wednesday’s CPI report. Do we continue the recent trend of inflation coming in higher than expected, or do we see lower numbers like we saw at the end of last year, that brought on a big down-turn in rates?

 

The market expectation is for headline inflation to be at 0.4% (month over month) and for core inflation (the number minus food and energy) to be at 0.3%. There has been some talk of hope for a number on the downside, due to the rental component of CPI possibly coming in lower, but we will have to wait for Wednesday to know. This is the last CPI report before the next Fed meeting on June 12th and the CPI report comes out that same day.

 

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.  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 5/10/2024

30-year Conventional – 7.16%

15-year Conventional – 6.64%

30-year Jumbo – 7.40%

30-year FHA – 6.62%

30-year VA – 6.64%


 

Have a great weekend!

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