Hey GVM, Where are Lending Interest Rates at Right now? per Joel Richardson Vera Bank.

 “When I discover who I am, I’ll be free.” Ralph Ellison

Current Rates* as of 06/18/2024:

• 30yr fixed Conventional: 6.625% (APR= 6.817%)
• 15yr fixed Conventional: 5.75% (APR= 5.988%)
• 30yr fixed FHA/VA: 6.125% (APR= 6.915%)
• 30yr fixed Jumbo: 7.25% (APR= 7.406%)
• 10/10 ARM Jumbo: 7.375% (APR= 7.258%) no points!!
• Investor- Conventional 30yr fixed: 7.5% (APR= 7.754%) 
• One-Time-Close Construction Jumbo: starts at 8.0% at no points!
• Land loans: starts at 9.15% (5yr term)

Note: APR= Annualized Percentage Rate. Conforming, jumbo & Renovation rates are 20% (25% for investors) down on a purchase transaction and assumes >760 credit scores, full documentation at a charge of one discount point on a single-family home. Investor rates assume two points. Renovation loans assumes 180 day completion period on a purchase and is a FNMA conforming loan amount. FHA/VA rates assume minimum required down payment, > 760 credit scores and full documentation on a single-family home. Please refer to disclaimer at bottom of this page.

Direction Rates are Moving:

Unchanged

 

Quick n’ Dirty: Retail Sales rise less than expected  

 

The Detail:

• Though Retail Sales edged up 0.1% in May, it was less than forecasts of 0.2% increase.

The Horizon:

On Wednesday: Markets are closed for Juneteenth holiday. Thursday? It’s housing data day: weekly mortgage applications, building permits, housing starts + initial jobless claims. We finish the week with existing home sales and S&P PMI flash report

Thanks!

Joel

 

 

 

 

    

Joel Richardson​​​​ SVP ‑ Central Texas Mortgage Manager, Austin VeraBank, N.A. P: 512-222-0140   EXT. 7740  |  877-566-2621  M: 512-203-8244 E: jrichardson@verabank.com  |  W: myfinanceteam.com A: 1111 W. 6th Street, Bldg B, Suite 200 ,  Austin ,  Texas   78703 NMLS # 136881 This electronic message, including any attachments, is intended only for the use of the individual or entity to  ​which it is addressed and may contain information that is confidential and/or legally privileged. IF YOU ARE NOT  ​THE INTENDED RECIPIENT, OR AN EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE COMMUNICATION  TO THE INTENDED RECIPIENT, BE AWARE THAT ANY REVIEW, DISCLOSURE, COPYING, PRINTING, DISTRIBU‑ ​TION OR USE OF THE CONTENTS OR ATTACHMENTS CONTAINED HEREIN IS STRICTLY PROHIBITED. If you have ​received this electronic transmission in error, please notify me by telephone (903) 657‑8521 or by returning the  ​transmission via electronic mail immediately and permanently delete the message from your system(s).