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- Mortgage Rates 📢 July 29th, 2024
Mortgage Rates 📢 July 29th, 2024
Rates drop back ⬇️ — PCE helped calm the bond market from pushing us back into the 7's.
Glenn Groves
July 29, 2024
INTEREST RATES
10-Year-Treasury 1-Month Snapshot
Product | Rate / APR | Weekly Change |
|---|---|---|
↔️ Conv. | 6.875% / 6.889% | +.000% |
⬇️ Conv. HB | 6.999% / 7.000% | -.125% |
⬇️ JUMBO | 7.000% / 7.009% | -.250% |
↔️ FHA 3.5% DP | 6.000% / 6.924% | -.000% |
⬇️ VA 0% DP | 6.000% / 6.338% | -.125% |
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 PCE report on Friday came in as expected (inflation dropped from 2.6% to 2.5%). Movements continue as July Fed meetings start this week. Watch for the Fed press conference on Wednesday and what language they use about September rate cuts.
Bottom Line: Word is spreading about rate cuts. As mentioned last week, check out this article about the risk of Waiting Until September.
Watch for tomorrow’s full GTG Weekly newsletter.
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