Mortgages rates had a great week this week and are now at their best levels in the last 6+ months! The Fed left rates alone at their meeting this week, but Fed Chairman Powell did leave it open to the possibility for multiple rate cuts for the remainder of the year. This is good news. Along with the weaker jobs report that came out today, the new rate trend is beginning to take focus.
In the meantime, there are two more CPI reports (8/14 & 9/11) and the Jobs report (9/6) before the Fed meets again in September, 2024. If the data continues trending as it has been lately, we may be entering a “rate cut” cycle, which is definitely good news for our industries.
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 8/2/2024
30-year Conventional – 6.40%
15-year Conventional – 5.89%
30-year Jumbo – 6.68%
30-year FHA – 6.10%
30-year VA – 6.12%
Have a great weekend!
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