Weekly Mortgage Rate Update- 09-03-2024
Mortgage rates continuing to trend sideways unable to make a move lower, this week could change that.
This week is all about the jobs data -The first week of every month we get the job numbers culminating in the Friday release of the BLS unemployment rate and job growth for the month of August. Recall that the trend reversal to lower rates started after the July jobs report came in much weaker with the least amount of jobs added since 2021, and the unemployment rate increased to 4.3%. This followed by revisions that showed the job picture was weaker than previously thought all along.
This is the last major economic release ahead of the Fed meeting scheduled September 18th . The Fed has already signaled they plan to cut, but the markets are split on if that will be a .25% or a .50% cut. Markets are anxiously awaiting this month’s report to see how it may influence that meeting.
In economic news last week PCE inflation reading for August came in as expected. Increasing 0.2% for the month. Core PCE now 2.6%. Still too high, but the employment numbers have begun to overshadow inflation as the main concern.
Place your bets, now we wait for Friday.
|
Loan Type |
Conventional 30 year |
Conventional 15 year |
FHA 30 year |
VA 30 Year |
|
Interest rate |
6.125% |
5.50% |
5.50% |
5.625% |
|
APR |
6.279%* |
5.753%* |
6.459%** |
5.769%*** |
LICENSED BY THE CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE A division of TYKY (DRE #01919683) (NMLS LICENSE #257773)
RATES ARE CURRENT AS OF 09-03-2024. 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.