Weekly Newsletter December 16th– 20th

Interest Rates

30-yr fixed6.99%
15-yr fixed6.25%
30-yr fixed FHA6.65%
30-yr fixed VA6.65%
*These mortgage rates are estimated by a third-party using industry averages for owner-occupied properties and do not include refinancing options. Rates may vary based on availability and lender approval.

Interest Rates: Fed & PCE Week

The week was calm until the Fed meeting on Wednesday. The stock market and the mortgage market took large hits after the Fed revealed its lowered expectations to cut just twice next year for around 0.50% due to stubborn inflation. Today’s PCE report helped us recover some of the losses and got us back to the lows of last week. Next week is quiet for the holiday, and the new year will likely start where this one is ending.

How Interest Rates Work

“What’s your rate?” That is the number one question I get as a lender. Most people don’t know that this isn’t a one-number answer. There are several factors that go into the interest rate a client ends up in.

Here is a good chunk of those parameters:

  • Loan type/program (i.e., conventional, government, jumbo)
  • Credit score (Lowest middle score of all borrowers on the loan)
  • Debt-to-income ratio
  • Occupancy (primary, second home, investment property)
  • Down payment/Loan to value (LTV)

    Each interest rate has a price based on these factors, and it changes every day, sometimes more than once per day.

My Favorite Things: New Year’s Eve

My family has a tradition of taking a vacation during the second week of school winter break. This year, we are being very adventurous and traveling halfway around the world—down under to Australia! We are so excited to experience the culture and beaches of the east coast of the island nation. We are so blessed to take this trip with our 12—and 14-year-olds and have a bucket list experience!

Upcoming Events: Christmas Eve Luminarias & Dancing Santas

Moon Valley has a Christmas Eve tradition of all 1600 homes lighting luminarias on the sidewalks throughout the neighborhood. It’s beautiful and lots of fun to drive through. Don’t miss the Dancing Santas on Tam O’ Shanter and Candy Cane Lane on West Country Gables Dr!