Joel's Daily Rate Update: Rates now in mid 5% range

 “Find the good. It’s all around you. Find it, showcase it and you’ll start believing it.” Jesse Owens

Current Rates* as of 09/12/2024:

• 30yr fixed Conventional: 5.625% (APR= 5.866%)
• 15yr fixed Conventional: 4.75% (APR= 4.902%)
• 30yr fixed FHA/VA: 5.125% (APR= 6.138%)
• 30yr fixed Jumbo: 6.125% (APR= 6.311%)
• Investor- Conventional 30yr fixed: 6.5% (APR= 6.793%) 
• 10/10 ARM Jumbo Alternative Doc: 7.375% (APR= 7.258%) no points!
• 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. 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:

Lower

Quick n’ Dirty: Inflation at the wholesale level (PPI) increased as expected in August, but July was revised lower

The Detail:

• Producer Price Index for Aug came in 0.1% higher than expected.
• Weekly jobless claims edged higher by 2K from the previous week. This was higher than expected
• Overseas, the European Central Bank cut it’s benchmark rate by 0.25%.  This is their second rate cut for 2024.

The Horizon:

Friday features University of Michigan Consumer Sentiment (Aug).

Thanks!

 

 

 

 

    

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).