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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!

 

 

 

 

    

VeraBank, N.A.
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
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