Mortgage rates are at the exact same level as last week, but they were much higher to start the week. This week started off with a sell-off in the bond market, but we have recovered those losses with some good inflation reports. Today’s PCE report came in at 0.2% vs. the expected 0.3%, and this was welcome news for the bond market. The PCE report is a monthly report that is officially called the Personal Consumption Expenditures Price Index and it reflects the changes in the prices of goods and services purchased by consumers. It is not as widely watched as the CPI report, but it is considered a good barometer on inflation.
The next Federal Holiday will be Thursday, July 4th. 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 closing at 2pm, Wednesday, July 3rd as well.
Labor Day is Monday, September 2nd. 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 closing at 2pm, Friday, August 30th 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 5/31/2024
30-year Conventional – 7.17%
15-year Conventional – 6.70%
30-year Jumbo – 7.45%
30-year FHA – 6.75%
30-year VA – 6.77%
Have a great weekend!
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