If your client is eligible for a VA loan, let’s explore how this benefit can help them achieve their homeownership goals. With no lender fees, they can save money upfront and use those savings however they choose — whether it’s for moving expenses, upgrades, or settling into their new home.
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Weekly Market Update
Mortgage rates fell this week, as we saw bond yields drop due to the news of DeepSeek, a Chinese AI startup, bring questions to the U.S.’s global position in the AI space. We saw some high-flying U.S. tech stocks sell-off hard on this news and it feels like the market is still digesting the popularity of the company. That news sent rates lower, and we haven’t seen any news to shift rates meaningfully lower or higher. The Fed did meet on Wednesday, and they did hold rates constant, with no rate cuts. Fed Chair Powell said that there is not a rush to change their policy stance, sending the signal that there will be fewer rate cuts this year, which is what the market has been pricing in. The market is currently not fully pricing in two rate cuts this year. For the time being, we need to see the path of the economy before knowing how many rate cuts to expect this year. The hope is that as inflation comes down, the Fed feels more at ease to cut rates.
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U.S. 10-year Treasury on Thursday afternoon is at 4.52%.
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Initial Jobless Claims came in lower than analyst’s expectations (207k claims vs expectations of 225k).
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New Home Sales came in higher than analyst’s expectations (698k vs expectations of 675k).
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S&P CoreLogic Case-Shiller 20-city housing index came in higher than analyst’s expectations (+0.41% m/m vs expectations of +0.3% m/m).
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Conference Board Consumer Confidence came in lower than analyst’s expectations (104.1 vs expectations of 105.7).
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Pending Home Sales came in lower than analyst’s expectations (-5.5% m/m vs expectations of 0.0% m/m).
