Market Report Comparison: 10/21/2024 vs. 10/28/2024 📊

Matthew Wentz
Speak Straight Mortgage
NMLS #1852397

📈 Purchase Rates

• FHA Purchase ($400K, 3.5% Down, 660 Credit Score):
  10/21: 5.75% Rate, 6.56% APR, 1.2 Points
  10/28: 6.25% Rate, 6.99% APR, 0.45 Points 🔺
• Conventional Purchase ($400K, 25% Down, 780 Credit Score):
  10/21: 6.5% Rate, 6.62% APR, 0.93 Points
  10/28: 6.875% Rate, 6.95% APR, 0.46 Points 🔺
• VA Purchase ($400K, 0% Down, 660 Credit Score):
  10/21: 5.75% Rate, 6.10% APR, 1.4 Points
  10/28: 6.25% Rate, 6.54% APR, 0.61 Points 🔺

📉 Down Payment Assistance Programs

• CHFA SmartStep (4% Silent Second):
  10/21: 6.625% Rate, 7.52% APR
  10/28: 6.75% Rate, 7.65% APR 🔺
• CHFA First Step / First Generation (4% Silent Second):
  10/21: 6.375% Rate, 7.27% APR
  10/28: 6.5% Rate, 7.39% APR 🔺
• CHFA Smart Step (3% Grant):
  10/21: 7.125% Rate, 8.04% APR
  10/28: 7.25% Rate, 8.16% APR 🔺

🔄 Refinance Rates

• Conventional Refinance (80% LTV, $400K, 780+ Credit Score):
  10/21: 5.99% Rate, 6.19% APR, 1.8 Points
  10/28: 6.375% Rate, 6.5% APR, 1 Point 🔺
• FHA Streamline Refinance ($400K, 660+ Credit Score):
  10/21: 5.25% Rate, 6.15% APR, 1.8 Points
  10/28: 5.625% Rate, 6.48% APR, 1.17 Points 🔺
• VA IRRL ($400K, 660+ Credit Score):
  10/21: 5.25% Rate, 5.5% APR, 2 Points
  10/28: 5.625% Rate, 5.82% APR, 1.4 Points 🔺

Summary

We’re seeing moderate increases 📈 across purchase, down payment assistance, and refinance programs this week. While rates have ticked up, they’re still favorable for those considering buying or refinancing. Reach out today to discuss your options! 📞