Buying a home is an exciting journey, but it comes with its share of expenses—one…
💸 Rates Up — GTG Down
Issue 101 – Good Morning and Happy Tuesday.
It’s a VERY short one this week Team.
GTG had its holiday party on Friday night. It was also Elise’s 70th birthday!! And I am pretty sure I caught something… of course.
2024 GTG Holiday Party + Elise’s 70th!
It was a great party, despite the rain coming down outside!
Personal note: I will take a break from publishing for a few weeks. Get through Christmas and New Year with my sanity. It doesn’t help that I feel like I’m coming down with the Wintercrud, and Jamie tells me, “Agh, you are one of the worst sick people.” So I’ve got that going for me, lol.
I WILL publish any news that might affect us all; otherwise, it is time to focus on systems and processes for 2025.
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INTEREST RATES
Rates 📢 December 17th, 2024
10 year 3-Month Snapshot
|
Product |
Rate / APR |
Weekly Change |
|---|---|---|
|
⬆️ Conv. |
6.875% / 6.889% |
+.375% |
|
⬆️ Conv. HB |
6.875% / 6.885% |
+.250% |
|
⬆️ JUMBO |
6.875% / 6.884% |
+.250% |
|
⬆️ FHA 3.5% DP |
6.125% / 7.052% |
+.375% |
|
⬆️ VA 0% DP |
6.125% / 6.339% |
+.375% |
Rate data as of morning of publication. Unless noted otherwise, all scenarios are assuming 30 Year-Fixed mortgage, Purchase or R/T Refinance. No origination points charged, 780 FICO score, and 20% down payment. Provided for consumer education only and does not serve as a binding offer to extend lending. Payment period, interest rate, APR, and other terms subject to income, asset, and credit profile qualification. Provided courtesy of GTG Financial, Inc. NMLS 1595076. Equal housing opportunity. www.nmlsconsumeraccess.org
Rates: Bond markets are feeling the pressure from the looming Fed Meeting on Wednesday. Yes, another 25bp (1/4 percent) cut is expected. But remember, this is the Fed Funds Rate, and although it can trend with mortgage rates, they are separate!
We had a rough go of it last week. Inflation readings came in slightly higher than expected and each day saw a bit more deterioration than the one before. The result is that week over week, we have lost a quarter to 3/8ths in rates.
Bottom Line: We did not want to see the trend reversal. This could put some buyers and sellers into a “long winter’s nap” for the next few weeks!
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