Today’s PCE report, which is one of the Fed’s most closely watched inflation reports, came in almost exactly as forecasted. The monthly number was reported as 0.2%, after rounding, but the actual number was 0.16%, which puts the annual number right at the Fed’s target of 2.0%.
We now have two major reports between now and the Fed meeting on September 17th and 18th. The Job’s Report comes out on the 6th and the CPI report comes out on the 11th. If both of these reports come in near expectations, then the Fed will almost certainly cut rates by 0.25% in their September meeting. Mortgage rates have been hovering near their current levels for a while now, and the bond market needs an impetus for rates to move down into the upper 5’s.
Labor Day is this 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 today, 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 8/30/2024
30-year Conventional – 6.43%
15-year Conventional – 5.95%
30-year Jumbo – 6.62%
30-year FHA – 5.82%
30-year VA – 5.83%
Have a safe and happy Labor Day weekend!
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