This week was a slow and uneventful week, as far as economic reports go. The Fed Chairman Powell’s speech at their annual retreat in Jackson Hole is turning out to be a major market mover though. Powell laid the groundwork for interest rate cuts in the near future, as he said, “The time has come for policy to adjust” and “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data…”
Markets are expecting the Fed to start cutting rates in September, as long as there are no surprises between now and then. The key for lower mortgage rates will depend on how long and how much the Fed cuts rates.
Next week the PCE report comes out on Friday, which is one of the Fed’s most closely watched inflation reports.
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 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 8/23/2024
30-year Conventional – 6.44%
15-year Conventional – 5.97%
30-year Jumbo – 6.66%
30-year FHA – 5.90%
30-year VA – 5.92%
Have a great weekend!
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