Interest Rate Update 12/26/2023-Lower Rates!

Please see the chart. below.

Rates are lower than they’ve been since May.

Inflation on personal consumption fell from 3% to 2.6% year over year. Lower inflation has economists believing The Federal Reserve will reduce rates by March 2024.

The FHFA reported that home prices increased by 6.3% year over year, even as rates went up that same year.  It seems wise for clients to purchase their home now (before prices increase further) and refinance it later (after rates have fallen further).

RATE CHART

Tuesday, Dec. 26, 2023

30yr Fixed – $0 Points

Conventional – Standard

5.875% / 5.903% APR

Conventional – 1st Time Buyer – Moderate / Low Income

5.750% / 5.774% APR

FHA

5.500% / 6.087% APR

VA 

5.500% / 5.664% APR

Jumbo – $1,150,000+

6.500% / 6.572% APR

Cash-Out Refinance

6.125% / 6.183% APR