Mortgage Minute with AMC ft. Parker Zarbaugh: Week of 4/29/24
Mortgage Rates Update:
Data from the major inflation report I pointed out last week showed no cooling in the economy. Consumer spending reported higher than expectations, while other measures came in as anticipated. Despite the negative data, rates did not creep higher and in fact the market is even more optimistic now that there will be 2 rate cuts from the Fed in 2024. We seem to be at a point where neutral data is good data. Markets are looking for any indication that the Fed is nearing a rate cut opportunity, and we will have more clarity in this regard on Wednesday when the Fed wraps up their 3rd meeting of 2024.
Analysts are all but certain that the Fed will hold rates at current levels, but Chair Powell will give some insight into the future of rate cuts.
Tips Corner: Temporary Rate Buydowns are still making a ton of sense for the right buyers. If someone is ready to buy when rates come down, you can give them the option of a lower rate today!
Product Spotlight:
ITIN loans – for borrowers without a ssn
30 Yr Fixed Average:
7.45%