Weekly Mortgage Rate Update 07-23-24
This week is starting out very quiet for mortgage rates which continue to move sideways ahead of the PCE inflation reading this Friday.
For clients holding out for that .25% Fed cut in September, we are reminded that mortgage rates front run any actual policy moves. When the odds are at over 90% for a rate cut, that lower Fed rate is already priced into current mortgage rates. We need more news of more cuts or a continuing slowing economy/inflation to move the rate even lower- which does seem possible in the near term considering recent data and expectations.
This week we have 2nd quarter GDP released on Thursday, but most likely no real rate movements till Friday when PCE is released. The Fed’s actual inflation measure is PCE. June is expected to show the inflation rate continuing to slow. getting closer to the Fed target. If it is better than expectations, that may finally break us out of this current rate channel for even lower rates.
|
Loan Type |
Conventional 30 year |
Conventional 15 year |
FHA 30 year |
VA 30 Year |
|
Interest rate |
6.625% |
5.875% |
6.125% |
6.125% |
|
APR |
6.78%* |
6.13%* |
6.86%** |
6.26%*** |
LICENSED BY THE CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE A division of TYKY (DRE #01919683) (NMLS LICENSE #257773)
RATES ARE CURRENT AS OF 07-23-2024. SUBJECT TO BORROWER APPROVAL, FICO SCORE, LTV AND PROPERTY TYPE
*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.