Mortgage rates had a fantastic week this week, as most of the week’s economic reports came in better than expected for bonds. Mortgage rates are now at their lowest levels since March, and the average 30-year fixed rate is now below 7.0%!
The big economic report for the week was the CPI report on Wednesday and it came in lower than expected, with the annual rate of inflation at 3.3% vs. the expected 3.4%, while the monthly numbers came in at 0.2% vs. the expected 0.3%. The monthly number technically came in at 0.163% before being rounded to 0.2% . If this number was repeated for 12 months, then inflation would be below the Fed’s 2.0% target.
The Fed meeting did put a damper on the market rally as their “dot plot” showed only 1 rate cut this year vs. the previously projected 3 rate cuts. The Fed’s dot plot is a representation of where the top Fed policymakers project the Fed Funds rate in the future.
Next week does not have any major economic reports for mortgage rates, but the Retail Sales report on Wednesday and the Jobless Claims report on Thursday could have an impact.
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.
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 6/14/2024
30-year Conventional – 6.99%
15-year Conventional – 6.40%
30-year Jumbo – 7.23%
30-year FHA – 6.44%
30-year VA – 6.45%
Have a great weekend!
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