🎢 Interest Rates Move Higher Despite Lower Inflation

VIDEO UPDATE:

Mortgage Interest Rate Update , July 2024 (youtube.com)

TODAY’S RATES & HOUSING NEWS

Mortgage Interest Rates had a tough
week with the Mortgage Backed Security

(MBS) market trading down -79 bps
over the past 7 days. The market was
particularly volatile on Friday and Monday
trading down -58 bps on those 2 days
alone. Overall, this affected mortgage
interest rates moving .125% to
.25% higher.

The PCE inflation numbers released
Friday showed Year Over Year Inflation
dropping from 2.7% to 2.6%, and Core
inflation dropping from 2.8% to 2.6%.

Despite the positive inflation news, the
market moved in the opposite direction
than you would expect. There has been
speculation that the movement could be
explained by reactions to the Presidential
Debate, Month/Quarter end trading motivations,
and/or the Japanese Yen weakening.

The big potential market mover this
week is Friday’s BLS Jobs Report.

Below is the Green Home Loans
rate sheet today. 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.