Mortgage rates were pretty flat again this week, and they ended the week at almost the exact same level as last Friday.
The big economic report for the week was today’s PCE report. The headline number came in a little bit worse than expected, but there was some very good news inside the report, as the “housing component” of PCE fell to its lowest level since 2021. Housing/rent has been a component of both the PCE and CPI report that has recently started to drop and have a positive impact on inflations.
The Fed meets next week and is widely expected to keep the Fed Funds rate at its current level. The big market mover from the meeting will most likely be Fed Chair Powell’s post-meeting press conference. The bond market will be looking for clues as to when the Fed may start cutting rates and how aggressive those rate cuts may or may not be.
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 7/26/2024
30-year Conventional – 6.86%
15-year Conventional – 6.31%
30-year Jumbo – 7.04%
30-year FHA – 6.32%
30-year VA – 6.34%
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