VIDEO UPDATE:

The Feds Hold Steady, What Does That Mean For interest Rates? Here is Your Weekly Mortgage Rate Update!

TODAY’S MORTGAGE RATES

Mortgage interest rates stayed the
same over the past 7 days with the
Mortgage Backed Security (MBS)
market trading even over the past
7 days. The 10 Year US Treasury
currently sits at 4.579%.

The lack of rate movement was
surprising with the amount of market
moving events last week.

First, On Wednesday the FED met
and kept the Federal Funds Rate
unchanged. Per Powell, “With our
policy stance significantly less restrictive
than it had been and the economy
remaining strong, we do not need to be
in a hurry to adjust our policy stance.”
It appears the FED is not likely to
lower the Federal Funds Rate for at
least the next couple meetings.

On Friday, the PCE inflation report
came in at expectations. Year over
year inflation rose from 2.4% to
2.6%. And core inflation (stripping
out food and energy) stayed at 2.8%.

The big market mover this week is
Friday’s BLS Jobs 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, Debt Consolidation:
Address of Home:
Estimated Value of Home:
Current Loan Amount:
Current Rate:
What Type of Loan Are You in Currently – FHA, VA, Conventional:
Estimated Credit Score:
Are You a Veteran or Active Member of the U.S. Military:
If You are a Veteran, Do you get VA Disability:

HOME PURCHASE QUOTE:

What City and State are You Looking to Purchase 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 U.S. Military:
If You are a Veteran, Do you get VA Disability:

Thank you!

NATIONAL HOME PRICES RISE 3.8%

The S&P Case Shiller Home Price
Index was released last week. The
report has a 3-month lag so all
numbers are for November 2024.

In November 2024, the S&P CoreLogic
Case-Shiller National Home Price Index
reported a 3.8% year-over-year
increase, up from October’s 3.6% rise.
This growth was primarily driven by
significant price gains in major metropolitan
areas, with New York City leading at a 7.3%
annual increase, followed by Chicago and
Washington, D.C., at 6.2% and 5.9%
respectively. Conversely, Tampa, Florida,
experienced a 0.4% decline, marking the
first annual drop in a major Florida
market in over a year.

Forecasts for 2025 predict national home
price gains between 1.3% and 3.5%, with
mortgage rates remaining in the
6% – 7% range.

Here is the home value appreciation
for each city in the 20-city index over
the past year.

1. New York +7.3%
2. Chicago +6.2%
3. Washington +5.9%
4. Las Vegas +5.6%
5. Cleveland +5.4%
6. Seattle +5.4%
7. Boston +5.1%
8. Detroit +4.6%
9. San Diego +4.5%
10. Los Angeles +3.8%
11. Charlotte +3.6%
12. Miami +3.2%
13. Atlanta +2.9%
14. Minneapolis +2.7%
15. Portland +2.0%
16. San Francisco +1.9%
17. Phoenix +1.6%
18. Dallas +1.0%
19. Denver +.09%
20. Tampa -0.4%

Hope you have a great week!