Rate Update for 6/7/2024
Mortgage rates ended the week at almost the same level as last Friday. The week started out with the average 30-year fixed getting very close to moving under the 7.0% mark, but today’s Non-Farms Payroll (Job’s Report) caused a spike in rates. Job growth for May was surprisingly strong with the U.S. economy adding 272,000 jobs for the month, which was far above the consensus estimate of 190,000. The Fed needs to see inflation trend lower and the economy slow before it can begin to cut rates. Inflation has slowed somewhat, but with red-hot employment numbers, it becomes very difficult to cut rates.
Next week will be a huge one for rates, with both the Fed meeting and the monthly CPI number on Wednesday. The expected headline number for the CPI is 3.4%, and it would be great to break the trend of the last four months where the actual number came in higher than expectations.
The Fed meeting is next Tuesday and Wednesday, and it is a near certainty that they will hold rates steady. The big news from this meeting will be the post meeting press conference, where the market will be looking for clues as to what the Fed sees and any changes in how they may move forward into the rest of 2024.
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 6/7/2024
30-year Conventional – 7.15%
15-year Conventional – 6.60%
30-year Jumbo – 7.37%
30-year FHA – 6.64%
30-year VA – 6.65%
Have a great weekend!
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