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- Mortgage Rates 📢 September 23rd, 2024
Mortgage Rates 📢 September 23rd, 2024
Rates Bounce Up ⬆️ — Markets react to the Fed 50bps rate cut. PCE Friday could shift markets again.
Glenn Groves
September 23, 2024
INTEREST RATES
10-Year-Treasury 30-Day Snapshot
Product | Rate / APR | Weekly Change |
|---|---|---|
⬆️ Conv. | 6.125% / 6.140% | +.125% |
↔️ Conv. HB | 6.500% / 6.511% | -.000% |
⬆️ JUMBO | 6.750% / 6.759% | +.250% |
⬆️ FHA 3.5% DP | 5.250% / 6.175% | +.125% |
↔️ VA 0% DP | 5.250% / 5.456% | -.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: I tried to tell you guys there was a chance that mortgage rates could go UP when the Fed said their Fed Funds Rate was going DOWN.
Katt Williams - “Tried to tell you”
PCE numbers will be released on Friday. Now that the Fed has made its opening move with this rate cut cycle, it will be interesting to see how the market reacts.
🔮 Markets seemed to have slightly overplayed their hand in anticipation of the Fed announcement. So, those of you who locked in before the Wednesday announcement timed the market perfectly.
Bottom Line: People are all sorts of confused, and we cannot blame them. The goal right now is to re-install the fact that we are sitting at close to the lowest rates of the year, and people should not slip back into the “we’re gonna wait until the rates come back down again” mentality.
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