TODAY’S RATES & HOUSING NEWS

Interest rates had a tough week,
jumping about .4% in the past
7 days.

The Mortgage Backed Security Market
traded down -80 bps over the past 7
days and the 10 Year Treasury
moved above 4% to 4.0314%.

Below are where 30 Year Fixed
Mortgage Interest Rates have
headed since the FED lowered the
Federal Funds Rate on September
18^th.  The Blue Line is accurate as
there is no lag in the data.

The BLS Jobs Report on Friday showed
254,000 jobs created in September
2024, crushing the expectation of
140,000 job creations.

There were also upward revisions of
72,000 jobs on the prior 2 months.
While jobs are good for the economy,
positive economic news is generally
bad for mortgage interest rates.

The big potential market mover this
week is Thursday’s Consumer Price
Inflation Report.

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!

REFINANCE OPPORTUNITIES
USUALLY DON’T LAST LONG

Every Mortgage Professional in the country
has clients they presented refinance numbers
to where their clients could have saved
money on their rate and mortgage
payments with minimal costs only for
their customers to wait hoping for more
savings in the future.

Rates have jumped .5% since then
and many of those refinance
opportunities no longer make sense.

Here are the best ways to take advantage
of refinance opportunities.

1. PLAN AHEAD
Call me and we can discuss a rate that
would make sense for you to refinance.

2. BE READY
We can then use our technology to
automatically be notified when your target
rate hits.  We can have your application
prepared in our system so we can pull
your credit and lock on the same day
your target rate hits.

Interest rates typically hit a down cycle
for 1-3 days and then move back up.
It’s essential to be ready to lock when
your target rate hits.

One thing I can’t stress enough
is this. Customers often read headlines
and think mortgage rates will go in a
specific direction. This very rarely happens
and if it does, the road is typically longer
and rockier than expected.

If you can refinance and lower your
rate and payment while recouping
your costs in a relatively short
period of time (2 to 3 years), I
recommend taking the guaranteed
savings verses the prospect of slightly
higher savings in the future.

Have a great week!