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Rate Update for 5/24/2024


Rates were up marginally this week, as the market gave up some of the post-CPI gains from last week. The main market mover from this week was the S&P Services Global PMI report. This report is considered a minor economic report on the global services industry, but its inflation portion came in much higher than expected and continued the theme of high inflation inside the service sector. The Service Sector component makes up 57% of the monthly CPI report, and it has been the biggest factor in keeping inflation above the Fed’s 2.0% target level.

 

The New Home Sales report this week was a bit disappointing, as it showed April sales dropping 4.7% vs. March.

Next Friday the PCE report comes out, and while it is not as important as the CPI report, it is considered a good indicator on inflation. The expected month-over-month number is 0.3% and anything below would be great.

 

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 this 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 5/24/2024

30-year Conventional – 7.16%

15-year Conventional – 6.70%

30-year Jumbo – 7.41%

30-year FHA – 6.70%

30-year VA – 6.72%

 

 

Have a great Memorial Day weekend!

 


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