Clients can Dive into homeownership with our Summer Splash Buydown!
Summer Splash Buydown* is our exclusive, lender-paid 1-0 temporary buydown that effectively lowers the interest rate for the first year of FHA, VA, and USDA loans by subsidizing your client’s mortgage payment with funds we add to an escrow account. Subject to credit approval.
Reach out and mention the code SUMMER SPLASH to learn more!
Weekly Market Update
Mortgage rates were mostly flat this week, as there was not a ton of top tier data. The market’s assumption is that the Fed will guide to a September rate cut in their July FOMC meeting. It’s important to note that initial jobless claims continue to slowly tick up higher. If the labor market weakens too quickly, that may alarm the Fed and the markets, sending rates lower. Still, the labor market is still strong, with the unemployment rate under 5%. Something to keep an eye on, as weakening in labor and inflation data will push rates lower.
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U.S. 10-year Treasury on Thursday afternoon is at 4.2%.
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Initial Jobless Claims came in higher than analyst’s expectations (243k claims vs expectations of 229k claims).
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Retail Sales came in higher than analyst’s expectations (0.0% m/m vs expectations of -0.3% m/m).
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Housing Starts came in higher than analyst’s expectations (1.353mm starts vs expectations of 1.3mm starts).
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Building Permits came in higher than analyst’s expectations (1.446mm permits vs expectations of 1.4mm permits).