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Mortgage Rates 📢 July 1st, 2024

Rates are opening Monday UP ⬆️, continuing the movement from Friday. PCE came in as expected, but news from Japan skewed the bond market upward.

Author

Glenn Groves
July 01, 2024

INTEREST RATES

10-Year-Treasury 1-Month Snapshot

Product

Rate / APR

Weekly Change

⬆️ Conv.

7.125% / 7.141%

+.125%

⬆️ Conv. HB

7.375% / 7.386%

+.250%

⬆️ JUMBO

7.375% / 7.388%

+.375%

⬆️ FHA 3.5% DP

6.500% / 7.430%

+.375%

⬆️ VA 0% DP

6.500% / 6.720%

+.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

June 28th Volitility

  • Rate Markets: Friday’s PCE report looked helpful initially but was crushed later in the day. There was heavy movement with the 10-Year Treasury on Friday, which resulted in an alert to lock being issued.

    Bond markets reacted poorly to news of a weakening Japanese Yen and what actions it may cause. Japan may end up selling Treasuries, further fueling the fire.

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