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- Mortgage Rates 📢 August 5th, 2024
Mortgage Rates 📢 August 5th, 2024
Rates Plummet ⬇️ — Unemployment report spooks markets. It could be a bumpy ride down.
Glenn Groves
August 05, 2024
INTEREST RATES
10-Year-Treasury 2-Month Snapshot
Product | Rate / APR | Weekly Change |
|---|---|---|
⬇️ Conv. | 6.125% / 6.139% | -.750% |
⬇️ Conv. HB | 6.625% / 6.635% | -.375% |
⬇️ JUMBO | 6.875% / 6.887% | -.125% |
⬇️ FHA 3.5% DP | 5.625% / 6.545% | -.375% |
⬇️ VA 0% DP | 5.625% / 6.338% | -.375% |
Rate data as of morning of publication. Unless noted otherwise, all scenarios are assuming 30 Year-Fixed mortgage, Purchase or R/T Refinance. No origination points charged, 780 FICO score, and 20% down payment. Provided for consumer education only and does not serve as a binding offer to extend lending. Payment period, interest rate, APR, and other terms subject to income, asset, and credit profile qualification. Provided courtesy of GTG Financial, Inc. NMLS 1595076. Equal housing opportunity. www.nmlsconsumeraccess.org
Rate Markets: The unemployment rate jumped higher than expected, showing the Fed that it is behind the curve. As a result, the market is baking in even more certainty about a .25% —.50% September rate cut.
Bottom Line: Mortgage rates move based on what the Fed says and what the markets anticipate they will eventually do, not what the Fed does. Yes, rates are coming down, but this will not be a linear movement. There will be ⬆️ ups and ⬇️ downs along the way.
DO NOT let your clients get caught waiting, trying to “time” the markets. Purchases should be executed ASAP. Refinances might have more room to run before people can maximize, but that is a different conversation.
Watch for tomorrow’s full GTG Weekly newsletter. And don’t forget to register for our Appraisal Lunch and Learn on August 29th.
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