Clients Get a Lower Initial Monthly Payment with Fall Savings Buydown*
Clients can lock in a lower initial rate with the PrimeLending Fall Savings Buydown by lowering their mortgage payments for the first year on FHA, VA and USDA mortgages. The Fall Savings Buydown is a 1-0 temporary buydown that uses funds PrimeLending deposits in an escrow account to effectively reduce the interest rate by 1% for the first year of government-backed loans.
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Weekly Market Update
Mortgage rates rose this week, with the selloff due to the market starting to price in election outcomes of November. We have seen a steep increase in rates the last few weeks, it is simply down to the economy being stronger than the market expected, along with the market starting to price in specific election outcomes. The market got ahead of itself in pricing in a sudden economic slowdown and now bond yields are moving higher with the realization the economy is not that weak. Next week, we get core-PCE (Fed’s favorite inflation measure), along with Nonfarm payrolls and JOLTS Job Openings. Those pieces of data could move bonds. The hope is that we get some data next week that sends mortgage rates lower.
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U.S. 10-year Treasury on Thursday afternoon is at 4.21%.
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Initial Jobless Claims came in lower than analyst’s expectations (227k claims vs expectations of 242k).
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Existing Home Sales came in lower than analyst’s expectations (3.84mm vs expectations of 3.88mm).
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New Home Sales came in higher than analyst’s expectations (738k vs expectations of 720k).
