w/e 7/5/24: Rates Again Steady After Last Update – Important Inflation Data This Week.
Approximate Rates for Week Ending 7/5/24
Rates once again ended up at similar levels to my last update two weeks ago. In the interim rates had climbed around .125% but they settled again after Friday’s jobs report. The report was weaker than last month indicating that the economy is slowing down and thus increasing the likelihood of a Fed decrease in September. The Consumer Price Index is due out this week which is also an important potential rate moving and Fed influencing metric.
Experts are split at 26% each on whether rates will go up or down over the next week. 29% think they will stay steady.
If you have any questions or would like advice tailored to your needs, I would be happy to help! And if you have any family or friends that you think might benefit from my services, I would be grateful for the referral.
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Mark Smith
Victoria Capital
Los Gatos
408 353 9784
www.MarkSmithLoans.com
|
Program |
No Points (APR) |
1 Point (APR) |
Change since last update |
|
Conforming (<$766,550) |
|||
|
30yr Fixed |
6.5% (6.72%) |
6.25% (6.84%) |
No Change |
|
30yr FHA |
5.875% (6.61%) |
5.625% (6.75%) |
-0.125% |
|
30yr FTHB |
6.5% (6.72%) |
6.25% (6.84%) |
No Change |
|
10yr ARM |
N/A |
N/A |
- |
|
7yr ARM |
N/A |
N/A |
- |
|
5yr ARM |
N/A |
N/A |
- |
|
15yr Fixed |
6.0% (6.11%) |
5.5% (5.83%) |
No Change |
|
High-Cost Conforming (>$766,550<$1,148,825) * |
|||
|
30yr Fixed |
6.875% (7.01%) |
6.375% (6.94%) |
No Change |
|
30yr FHA |
6.0% (6.81%) |
5.75% (6.85%) |
No Change |
|
30yr FTHB |
6.625% (6.82%) |
6.25% (6.81%) |
No Change |
|
5yr ARM |
N/A |
N/A |
- |
|
15yr Fixed |
6.375% (6.58%) |
5.875% (6.11%) |
-0.125% |
|
Jumbo (>$1,148,825) * |
|||
|
30yr Fixed |
6.875% (6.19%) |
6.625% (7.02%) |
No Change |
|
10yr ARM |
6.625% (6.81%) |
6.375% (6.79%) |
No Change |
|
7yr ARM |
6.625% (6.81%) |
6.375% (6.79%) |
No Change |
|
5yr ARM |
6.625% (6.81%) |
6.375% (6.79%) |
No Change |
|
15yr Fixed |
6.75% (6.91%) |
6.5% (6.99%) |
-0.125% |
LOWER HOME AFFORDABLE RATES FOR FIRST TIME HOMBUYERS (FTHB) SUBJECT TO INCOME LIMITSNo Points No Cost Also Available!
Conforming Rates and APRs calculated on Purchase loan amount of $600k (conforming), $760k (high-cost conforming,) and $1.1m (Jumbo) 30- day lock, 60% LTV, impounds,780 fico.
FTHB (First Time Home Buyer) conforming rates based on purchase loan amount of $750,000 with 20% down, High Cost Conforming $1m with 20% down. Subject to Income Limits
FHA Rates and APRs Calculated on Purchase Loan amount of $700k (Conforming) and $1m (High Cost), 30-day lock, 96.5% LTV, 720 Fico
This is not a commitment to lend. Rates are provided for informational purposes only. Please contact me for rates, products, and costs for your individual situation.
*Assumes high-cost areas, e.g., Santa Clara County and other Bay Area Counties
DRE: 01395052
NLMS:308562
