Federal Reserve Chair Jerome Powell stated on Thursday that the central bank is not in a rush to cut interest rates. With the October Consumer Price Index and Producer Price Index showing slowing progress towards the Fed’s 2% inflation goal, mortgage interest rates are higher this week over last. The markets still project a .250% cut in December but we will have to see what happens. Here is what I’m seeing:
30 Year Fixed FHA
6.125% (6.967% APR)
Discount points to bank of $3,633
$500,000 Purchase Price
$490,943 Loan Amount
3.5% Down Payment $17,500
720+ credit scores, single family primary home purchase, 45 day lock period
30 Year Fixed VA
6.125% (6.442% APR)
Discount points to bank of $3,713
$500,000 Purchase Price
$511,500 Loan Amount with financed VA funding fee
First time VA use
Zero down payment, 720+ credit scores, single family primary home purchase, 45 day lock period
30 Year Fixed Conventional
6.875% (7.254% APR)
Discount points to bank $3,249
$500,000 Purchase Price
$475,000 Loan Amount
5% Down Payment $25,000
780+ credit score, single family primary home purchase, 45 day lock