VIDEO UPDATE:

What are Today’s Mortgage Rates? (youtube.com)

TODAY’S RATES & HOUSING NEWS

Interest rates went up ever so
slightly this week with the Mortgage
Backed Security (MBS) market
trading down – 12 bps on the week.

After a big move down in July and
the beginning of August, you’ll see
in the chart below that interest
rates have remained pretty steady
in the same range since mid-August.

On Friday’s PCE Inflation Report, we
had a nice month over month inflation
number of .155%. Year over Year
inflation stayed at 2.5%, with Core
Inflation (taking out food and energy)
remaining at 2.6%.

Because the numbers came close
to expectations, we didn’t see
much market movement.

The big news coming up this week
is the BLS Jobs Report on Friday.

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!

HOMEBUYERS REVEAL HOW LOW
MORTGAGE RATES MUST GO
BEFORE THEY BUY A HOUSE

This is an insightful article from Realtor.com
profiling a number of would-be home
buyers and how low rates will have to
go before they purchase a home.

https://www.realtor.com/news/trends/waiting-for-interest-rates-to-drop-before-buying-a-house/

THE HOUSING MARKET IS
STARTING TO BALANCE OUT

National housing inventory is in the
4-month range, meaning that it
would take approximately 4 months
to sell all homes on the market today.
We are still in a seller’s market, but
buyers have many more options and
much more negotiating power in price
and seller concessions in many
areas of the country.

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*

Phoenix Metro’s housing supply has
taken a leap in the last 2 weeks of
August and supply is now 5.5%
higher compared to the beginning of
the month. Single-family detached
homes from $300,000 to $350,000
are up the most increasing in inventory
by 18% during August. The areas that
have grown in supply the most are
Glendale and West Phoenix.

See Maricopa County listings almost
double compared to August 1^st, 2023.

Below is your weekly snapshot of
Phoenix Metro housing. The area for
the figures below are for the entire
Arizona Regional area as defined by
ARMLS. This includes Maricopa County,
the majority of Pinal County and a small
part of Yavapai county.

Have a great week!