🎢 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.
And below are Mortgage News Daily’s
average interest rates across the country.
ECONOMISTS WEIGH IN ON WHEN
HOME PRICES WILL DROP
See what 6 economists say about
when home prices will drop in article below:
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*
Many areas in Phoenix Metro continue
to move towards more friendly buyer
conditions over the past couple
months.
The areas moving fastest towards buyer
friendly conditions are areas that have
more new single-family construction
homes going up. The competition of
new builds against resale homes is
creating buyer friendly conditions as
the competition of new builds is
making it harder for resale sellers to
attract buyers.
–9 cities are still considered sellers
markets (CMI over 110)
–2 cities are considered balanced
markets (CMI from 90 to 109.99)
–6 cities are considered buyers
markets (CMI below 90)
Below is your weekly snapshot of
Phoenix Metro housing.
Have a great week!
