Mortgage Rate Update, August 13th, 2024 (youtube.com)

TODAY’S RATES & HOUSING NEWS

After hitting 14-month lows on Monday,
August 5^th, interest rates moved up
some with the Mortgage Backed
Security (MBS) market trading down –
29 bps over the past 7 days.

This past week shows a trend that
we often see when interest rates drop.
When rates drop, rates typically hit
a low for 1-2 days and then the market
has a correction day and we lose some
of the gains.

While it’s difficult to take advantage
of this short period of time on purchase
loans as they depend on when you go
under contract, you can take advantage
of this on refinances.

The key is to be ready when rates drop
so we can lock your loan quickly.
My suggestion is to have an open
refinance application and have a target
rate price that makes it worth it for
you to refinance. By preparing now,
when rates drop we can quickly take
action and secure your rate. We typically
only have 1-2 days to take advantage
of the bottom of the market.

Below are Mortgage News Daily’s
average interest rates across the
country. There are a lot of characteristics
that go into a mortgage rate – credit
score, investor, loan to value, loan
amount, costs, etc.

Please call me to go over your specific
scenario so we can price your loan
out accurately.

OR reply to this email with the answers
to the questions below for Mortgage
Options for your scenario.

REFINANCE QUOTE:

Goal of Refinance – Lower Payment, Cash Out, Etc:
Address of Home:
Estimated Value Of Home:
Current Loan Amount:
Loan Amount You Would Like to Finance:
Current Rate:
Do you know what type of Loan you are Currently in – FHA, VA, etc:
Estimated Credit Score:
Are You a Veteran or Active Member of the US Military: 
If you are a Veteran, do you get VA Disability:

PURCHASE QUOTE:

What City and State Are You Looking to Buy In: 
Estimated Purchase Price:
Loan Amount You Would Like to Finance:
Will Property be a Primary Residence, Investment Property, or Vacation Home:
Estimated Credit Score:
Are You a Veteran or Active Member of the US Military: 
If you are a Veteran, do you get VA Disability:

Thank you!

JULY 2024 REAL ESTATE
MARKET REPORT

Here is the Audio of Keeping Curren
t Matter’s July 2024 Real Estate
Market Report:

https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/assets/audio/20240808/KCM-August-2024.mp3

Here are some of my favorite slides
from the July Report:

1.) We will have stronger housing demand
as interest rates go below 6.5%.

2.) How Your Mortgage Payment would
compare from April to Today:

3.) Here are where we expect Home
Prices to go for the rest of 2024
and 2025.

**

CROMFORD REPORT
*The Cromford Report is a detailed analysis of the
Phoenix Metro housing market. While many of our
partners & clients are in different areas, Phoenix
often starts housing trends and thus we think the
information is valuable regardless of your market*

Most cities in Phoenix Metro have
been trending toward more buyer-
friendly conditions. We are seeing
a bit of a reversal with the interest
rates improving in some cities.

7 of 17 cities made movements towards
seller-friendly conditions this week.

8 Cities are in Seller’s Markets
(Cromford Market Index over 110)

4 Cities are in a Balanced Market
(Cromford Market Index from 90-109.99)

5 Cities are in a Buyer’s Market
(Cromford Market Index below 90)

Below is your weekly snapshot
of Phoenix Metro housing.

Have a great week!