Mortgage Rates 📢 July 8th, 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: Last week, there was a reactionary movement in the markets based on speculation (Japanese Yen fears). This caused a sizeable JUMP in rates we reported on Monday, 7/1. We’re now on the flip side of that coin as the markets not only cooled off but also took the unemployment report on Friday the 5th and ran with the news of a 4% unemployment figure.

• 👀 Watching: It's Big News week, with Fed Chair Powell speaking in front of the Senate Tuesday and the House Wednesday (Semi-Annual Testimony) and CPI/PPI inflation data dropping late this week. Buckle up. We could see more speculation and daily movement as a result.

• Bottom Line: The market gives and the market takes. Expectations are that the 4% unemployment rate will trigger the Fed to consider a rate cut sooner rather than later—more analysis will be provided tomorrow in GTG Weekly’s full newsletter.