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September 13, 2024
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September 13, 2024
Will the Downward Trend Continue??
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Will the trend continue? Mortgage rates continued their downward trend this week, inching closer to 6%, with FHA and VA rates now approaching 5.5%. It is anticipated that they will keep decreasing.
The Federal Reserve is set to meet next Wednesday, and it is almost a foregone conclusion that they will cut the Fed Funds rate by 0.25%. However, is this enough to make a significant impact? The Fed may be behind the curve, and if they delay further action, the economy could be at risk of slipping into a recession.
The current outlook suggests a weak economy that may lead to a recession, with the Fed likely lowering the Fed Funds rate again in November. This would result in lower mortgage rates, and the forecast for lower rates remains strong through 2025.
As for the housing market, many buyers are in a "wait-and-see" mode, holding off on decisions until the election outcome provides more clarity. This uncertainty often leads to inaction, as potential homebuyers are unsure of their next steps and hesitate to make a move.
Food for thought: since May 1st, mortgage rates have dropped almost 1.25%. On a $450,000 FHA mortgage, this translates to a MONTHLY SAVINGS of $366!!! So buyers, now could be an ideal time to enter the market!
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
