Weekly Mortgage Rate Update- 04/23/24

No pull back in the recent rate spike after the Fed dials back rate cut expectations once again, with the most optimistic now hoping for a cut in the Fall.

Fed Chair Jay Powell said after the CPI release, "The recent data have clearly not given us greater confidence and instead indicate that it's likely to take longer than expected to achieve that confidence. Last year, rebounding supply supported U.S. growth in spending and also employment, alongside a considerable decline in inflation. The more recent data show solid growth and continued strength in the labor market, but also a lack of further progress so far this year on returning to our 2 percent inflation goal."

Not a lot going on this week until Thursday when first quarter GDP is released and then on Friday when the Fed’s key measure of inflation PCE is released. Rates won’t move much before this data is released.

Loan Type	Conventional 30 year	Conventional 15 year	FHA 30 year	VA 30 Year
Interest rate	7.125%	6.375%	6.50%	6.50%
APR	7.289%*	6.634%*	7.507%**	6.651%***

LICENSED BY THE CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE A division of TYKY (DRE #01919683) (NMLS LICENSE #257773)

RATES ARE CURRENT AS OF 04-23-2024.  SUBJECT TO BORROWER APPROVAL, FICO SCORE, LTV AND PROPERTY TYPE.conv

*APR IS BASED ON ESTIMATED FINANCE CHARGES OF $6935

**APR IS BASED ON ESTIMATED FINANCE CHARGS OF $10,969 THIS INCLUDES FHA MORTGAGE INSURA

NCE PREMIUM

***APR BASED ON ESTIMATED FINANCE CHARGES OF $8343

FEES INCLUDE 1% POINTS, NO Loan Origination Fee ,  $1095 PROCESSING AND $0 UNDERWRITING FEE        

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.