Rate Update for 9/6/2024
Interest rates are now at 18-month lows!!
Today’s Jobs Report came in worse than expected, with 142,000 jobs created vs. the expected number of 160,000. The only negative for mortgage rates in the report was the number for average hourly earnings, which came in at 0.4% on a month-over-month basis vs. the expected 0.3%. Higher than expected hourly earnings is a concern, as it relates to inflation.
The market now expects the Fed to almost certainly cut rates at their meeting later this month, and the only real question is will it be a 0.25% or a 0.5% rate cut. We should get a pretty clear indication of what the Fed is going to do after next Wednesday’s CPI number comes out. Lower than expected inflation would allow the Fed to consider a 0.5% rate cut.
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 9/6/2024
30-year Conventional – 6.27%
15-year Conventional – 5.65%
30-year Jumbo – 6.49%
30-year FHA – 5.67%
30-year VA – 5.69%
Have a great weekend!
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