Mortgage rates stayed pretty steady this week, but it was a good week, as rates held on to the gains seen last week. We saw a couple of employment reports start to show issues in the employment market, and while this is bad for the people that were laid off or are seeking jobs, it is a positive for mortgage rates.
Next week we have the PCE report (Personal Consumption Expenditures) on Friday. The PCE report is an inflation report that measures consumer spending on good and services. This report is not as influential as the CPI report, but it is still a closely watched barometer of inflation that can have a big impact on mortgage rates.
USDA has released new income limits, effective now. If you have a rural property and clients interested in this 100% loan program, here is the link to check and see if a property is eligible for USDA: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp
If you’d like to review the new income limits, you can click here.
The next Federal holiday is Labor Day, 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 on 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 7/19/2024
30-year Conventional – 6.89%
15-year Conventional – 6.32%
30-year Jumbo – 7.05%
30-year FHA – 6.32%
30-year VA – 6.34%
Have a great weekend!
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