Rates Steady at Higher Level.
Approximate Rates for Week Ending 10/19/24
Rates stayed steady this week (the increases from my last update were from the week before). They have stabilized after the sharp increase after the Fed’s short-term rate reduction. They are likely to remain range bound until early November when the election, the jobs report and the Fed meeting will be huge potential rate influencers.
56% of experts think rates will stay the same over the next week while 33% think they will go down and 11% think they will go down.
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
LOWER HOME AFFORDABLE RATES FOR FIRST TIME HOMBUYERS (FTHB) SUBJECT TO INCOME LIMITSNo Points No Cost Also Available!
|
Program |
No Points (APR) |
1 Point (APR) |
Change since last update |
|
Conforming (<$802,650) |
|||
|
30yr Fixed |
6.125% (6.20%) |
5.875% (6.29%) |
+0.125% |
|
30yr FHA |
5.625% (6.11%) |
5.25% (6.14%) |
+0.375% |
|
30yr FTHB |
6.125% (6.20%) |
5.875% (6.29%) |
+0.125% |
|
10yr ARM |
N/A |
N/A |
- |
|
7yr ARM |
N/A |
N/A |
- |
|
5yr ARM |
N/A |
N/A |
- |
|
15yr Fixed |
5.625% (5.71%) |
5.125% (5.78%) |
+0.125% |
|
High-Cost Conforming (>$802,650<$1,148,825) * |
|||
|
30yr Fixed |
6.5% (6.58%) |
6.125% (6.54%) |
+0.125% |
|
30yr FHA |
5.625% (5.81%) |
5.375% (5.84%) |
+0.125% |
|
30yr FTHB |
6.375% (6.52%) |
6.0% (6.59%) |
+0.25% |
|
5yr ARM |
N/A |
N/A |
- |
|
15yr Fixed |
6.0% (6.08%) |
5.5% (6.01%) |
+0.25% |
|
Jumbo (>$1,148,825) * |
|||
|
30yr Fixed |
6.625% (6.79%) |
6.125% (6.82%) |
+0.125% |
|
10yr ARM |
6.5% (6.69%) |
- |
|
|
7yr ARM |
6.375% (6.51%) |
+0.125% |
|
|
5yr ARM |
6.375% (6.51%) |
+0.25% |
|
|
15yr Fixed |
6.375% (6.47%) |
6.125% (6.49%) |
+0.125% |
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
