TODAY’S RATES & HOUSING NEWS

Interest rates have moved slightly higher
over the past 7 days with the Mortgage
Backed Security Market (MBS) trading
down – 16 bps.  Although rates are
about .05% higher, we are still near
the lowest mortgage rates we’ve
seen over the past 4 months.

This week’s big potential Interest
Rate market mover is Friday’s
PCE Inflation Report.

I expect more rate volatility next
week with the FED meeting on
Wednesday and July’s 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.

MORTGAGE QUOTE

What are your goals for Home Financing – Purchase, Refinance, Cash Out:
Purchase Price / or Home Value for Refinance:
Address or City and State of Property:
Is Property a Primary Residence, Investment Property, or Vacation Home:
Loan Amount You Would Like to Finance:
Current Balance of Mortgage (if applicable, for refinance only):
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!

HOW THE PRESIDENTIAL RACE HISTORICALLY
INFLUENCES HOUSING AND MORTGAGE RATES

See video below detailing how Presidential
Elections historically influence Housing
and Mortgage Rates:

How Do Presidential Elections Impact the Housing Market? (mykcm.com)

**

SHIFT TOWARDS A BUYER’S MARKET

While many areas are still considered
a Seller’s Market (less than 6 months
of inventory), we are starting to see
a shift towards a Buyer’s Market in
many areas.

A Buyer’s Market is characterized
by the Home Buyer having more
negotiation power in Price and Seller
Concessions that can help the client
get better terms on a mortgage.

National Home Inventory was at 1.32
million units at the end of June 2024.
This equates to a 4.1 month supply
based on current sales numbers.

Although housing inventory is up, home
prices have remained strong with the
National Median Home Price at $426,900 –
an increase of 4.1% year over year.

See full CNBC article below:

https://www.cnbc.com/2024/07/23/june-home-sales-slump.html

Have a great week!