TODAY’S RATES & HOUSING NEWS
Rates have moved up .1% over the past 7 days.
The Mortgage Backed Security (MBS) market has had a noticeable decline over the past 2 weeks which causes interest rates to rise.
See MBS Chart below.
All eyes are pointing to the BLS Jobs Report coming out Friday, October 6th.
We would welcome a lower than expected job creation number which would set the table for a better October for mortgage rates.
Below is Mortgage News Daily’s average interest rates across the U.S. as of 10/2/23.
Below is the Green Home Loans rate sheet today.
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.
CONVENTIONAL LOAN LIMITS TO $750,000
Effective immediately, Green Home Loans is among the first Mortgage Professionals in the nation to offer conventional loans up to $750,000.
The reason conventional loan limits are important is because jumbo loans are much harder to qualify for.
Jumbo loans require higher down payment, lower debt to income ratios and higher reserve requirements, not to mention the underwriting process is much more stringent.
Now you could purchase a home for $773,195 with just 3% down!
Some more expensive areas in the country also have High Balance Conventional Loan Limits which exceed the National Conventional Loan Limit.
OUR 3 FAVORITE DOWN PAYMENT ASSISTANCE PROGRAMS
One of the biggest barriers of home ownership is coming up with the down payment, closing costs and prepaids for home financing.
Down Payment Assistance can help clients achieve the dream of homeownership and start gaining wealth through real estate.
See video below for our 3 favorite National Down Payment Assistance Programs on the market.
HOME PRICES STILL RISING DESPITE HIGHER RATES
The S&P CoreLogic Case-Shiller Index was released last week for July.
19 of the 20 cities in the index showed price increases month over month.
See below for the month over month numbers for each city.
- Las Vegas +1.12%
- Phoenix +0.88%
- Cleveland +0.85%
- Chicago +0.84%
- New York +0.81%
- Charlotte +0.76%
- Miami +0.74%
- Tampa +0.74%
- Detroit +0.74%
- San Diego +0.73%
- Atlanta +0.70%
- Los Angeles +0.62%
- Washington +0.57%
- Seattle +0.46%
- Dallas +0.30%
- Minneapolis +0.21%
- Denver +0.18%
- Boston +0.14%
- San Francisco +0.14%
- Portland -0.15%
Nationally, home prices are up 1% since last year but have risen .6% in the past month.
The annual figure is lower due to price declines in many markets over the latter half of 2022.