Mortgage rates continued their gradual rise again this week. Rates have now moved about 0.125% higher since the Fed meeting and rate cut last week.
Next week brings two economic reports that could have a large impact on mortgage rates. Tuesday is the JOLTS report on job market, and Friday will be the big report with the NonFarm Payroll Report. The expectation for next Friday’s report is 200,000 new jobs created and an unemployment rate of 4.3%. Rates should drop if there are less jobs created vs. expectations or the unemployment rate is higher than expectations.
The next Federal holiday is Columbus Day on Monday, October 14, 2024. All Federal, State, and County offices will be closed this day. There will be no fundings or recordings on this day. Following that, Veteran’s Day is November 11th and Thanksgiving is November 28th. Keep that in mind for contract closing dates.
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 9/27/2024
30-year Conventional – 6.20%
15-year Conventional – 5.57%
30-year Jumbo – 6.40%
30-year FHA – 5.79%
30-year VA – 5.80%
Have a great weekend!
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