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- Mortgage Rates 📢 July 15th, 2024
Mortgage Rates 📢 July 15th, 2024
Rates move LOWER ⬇️(again) — Multiple factors pushing bond markets.
Glenn Groves
July 15, 2024
INTEREST RATES
10-Year-Treasury 1-Month Snapshot
Product | Rate / APR | Weekly Change |
|---|---|---|
⬇️ Conv. | 6.625% / 6.645% | -.250% |
⬇️ Conv. HB | 6.999% / 7.002% | -.125% |
⬇️ JUMBO | 7.000% / 7.012% | -.250% |
⬇️ FHA 3.5% DP | 6.000% / 6.924% | -.125% |
↔️ VA 0% DP | 6.125% / 6.338% | -.000% |
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: What a week. Here is what you need to know:
Powell acknowledged it might be time for a rate cut (Odds on a September cut skyrocketed).
CPI (Consumer inflation) came in lower than expected. The market reacted positively.
PPI (Wholesale inflation) came in a touch hotter than expected, market seemed to have the power to absord.
The market assumes the attempt on Trump means he’s all but guaranteed a second term. That would mean extending his tax break (already in place, is set to expire in 2025), more deregulation, and lower inflation.
Bottom Line: Tread lightly on the compounded news causing this rally. It could be the start of lower rates or a flash in the pan as the market digests new news. Advise clients that rates are DOWN, but they must strike while the iron is hot. Once mainstream media gets ahold of people's attention and sees the 2-week movement, the competition will be ON with buyers. There will be no full GTG Weekly newsletter tomorrow as I will be out of town.
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