Mortgage Rates 📢 July 22nd, 2024

INTEREST RATES

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 you need to know:

  The last three weeks have seen trends in the right direction. There are a few bumps here and there (like Thursday through today), but everything is lining up for a Fed Rate cut in September.
  
  We will see the PCE (Personal Consumption Expenditures) report on Friday. This is the Fed’s favorite measure of inflation and could be the last push needed to solidify rate cuts shortly. Watch for market movement as a result.
  

• Bottom Line: Same as last week. TREAD LIGHTLY. Multiple people have contacted us, saying, “We’ve read that rates are down.” The mainstream media is delayed in terms of live rate market movements.
  
  As you can see from rates this morning, they were down mid-last week but have snapped back to levels from two weeks ago. Honestly, these are not bad, but they are not what people are expecting when seeing delayed news about this great drop in rates.
  
  Watch for tomorrow’s GTG Weekly newsletter about being on the horizon of rate cuts, market winds shifting, and how to position your clients for success.