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Rate Update for 5/17/2024

Updated: May 24



Mortgage rates had another good week this week, and at one point this week the average 30-year fixed rate was back under 7.0%. This week’s CPI report came in exactly at expectations, with a month-over-month number of 0.3%.

It is important to keep in mind that the Fed wants inflation at 2.0% annually which would be between 0.1% and 0.2% for a month-over-month number. Inflation reached its recent high point in June of ’22 when the CPI was at 9.1%.

 

The Retail Sales Report also helped mortgage rates this week as it came in at a 0% increase for April vs. the expected 0.4% increase.

 

Next week should be a slow one in the bond market, ahead of the long Memorial Day weekend. We do have some minor economic reports next week such as Existing Homes Sales, Initial Jobless Claims, New Home Sales, and Consumer Sentiment.

 

June 12th will be huge day for the direction on mortgage rates with the Fed meeting and the CPI report on the same day. Many economists believe that we will need to see CPI at 0.2% month-over-month before the Fed feels comfortable enough to start cutting rates.

 

The next Federal holiday is coming up!  Memorial Day is Monday, May 27th.  All Federal, State, and County offices will be closed this day. There will be no fundings or recordings on this day. Our office will be closed at 2pm on Friday, 5/24 and all day Monday, 5/27. 

 

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 5/17/2024

30-year Conventional – 7.09%

15-year Conventional – 6.56%

30-year Jumbo – 7.35%

30-year FHA – 6.62%

30-year VA – 6.64%

 

Have a great weekend!

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