TODAY’S MORTGAGE RATES

Mortgage Rates went up about .03%
over the past 7 days with the
Mortgage Backed Security (MBS)
market trading down – 11 bps.

Below are your average interest rates
across the country according to
Mortgage News Daily.

The big market mover last week
was Friday’s PCE Inflation Report.
The inflation numbers came in close
to expectations with year over year
inflation at 2.7%.

The big news this week would
normally be the BLS Jobs Report
on Friday, but this week the
Government may be shut down
if a funding bill is not passed by
October 1^st.

If the Gov’t shuts down, the
BLS Jobs Report will likely be
delayed.

This BLS Jobs report is big for
the future direction of interest rates.
The FED is clearly split on whether
to continue to cut rates and weakness
or strength in the Jobs market will
likely make a big impact on future
rate cuts with the FED.

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.

HOW A GOVERNMENT SHUTDOWN
COULD IMPACT THE HOME

LOAN PROCESS

Just as buyers are coming back into
the market thanks to lower mortgage
rates, a potential government
shutdown could stall that progress.
If Congress doesn’t pass funding
by Sept. 30, key federal services that
support home loans may shut down.

FHA and VA loans could face delays,
the National Flood Insurance Program
may be unable to issue new policies,
and IRS income verifications could
stall mortgage applications. While
Fannie Mae and Freddie Mac would
keep operating, the disruption could
still derail closings and shake
consumer confidence.

In short, momentum in housing is
fragile—and Washington gridlock
could quickly put deals on hold.

Hope you have a fantastic week!!!