What interest rates look like for this week

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