Market Report Comparison: 11/04/2024 vs. 11/11/2024 📊

Matthew Wentz
Speak Straight Mortgage
NMLS #1852397

📈 Purchase Rates

• FHA Purchase ($400K, 3.5% Down, 660 Credit Score):
  11/04: 6.25% Rate, 6.99% APR, 0.45 Points
  11/11: 5.75% Rate, 6.53% APR, 0.93 Points 🔻 (Decrease in Rate, Increase in Points)
• Conventional Purchase ($400K, 25% Down, 780 Credit Score):
  11/04: 6.875% Rate, 6.95% APR, 0.6 Points
  11/11: 6.5% Rate, 6.59% APR, 0.7 Points 🔻 (Decrease in Rate and APR, Slight Increase in Points)
• VA Purchase ($400K, 0% Down, 660 Credit Score):
  11/04: 6.25% Rate, 6.54% APR, 0.61 Points
  11/11: 5.75% Rate, 6.07% APR, 1.1 Points 🔻 (Decrease in Rate, Increase in Points)

📉 Down Payment Assistance Programs

• CHFA SmartStep (4% Silent Second):
  11/04: 6.875% Rate, 7.78% APR
  11/11: 6.875% Rate, 7.78% APR ⚖️ (No Change)
• CHFA First Step / First Generation (4% Silent Second):
  11/04: 6.625% Rate, 7.52% APR
  11/11: 6.625% Rate, 7.52% APR ⚖️ (No Change)
• CHFA Smart Step (3% Grant):
  11/04: 7.375% Rate, 8.29% APR
  11/11: 7.375% Rate, 8.29% APR ⚖️ (No Change)

🔄 Refinance Rates

• Conventional Refinance (80% LTV, $400K, 780+ Credit Score):
  11/04: 6.375% Rate, 6.5% APR, 1.1 Points
  11/11: 6.125% Rate, 6.25% APR, 1.1 Points 🔻 (Decrease in Rate and APR)
• FHA Streamline Refinance ($400K, 660+ Credit Score):
  11/04: 5.625% Rate, 6.50% APR, 1.4 Points
  11/11: 5.625% Rate, 6.41% APR, 0.5 Points 🔻 (Decrease in APR, Decrease in Points)
• VA IRRL ($400K, 660+ Credit Score):
  11/04: 5.625% Rate, 5.83% APR, 1.7 Points
  11/11: 5.625% Rate, 5.77% APR, 0.8 Points 🔻 (Decrease in APR, Decrease in Points)

Summary

This week shows a positive trend with several decreases 📉 in rates and APRs across most programs, especially in purchase and refinance options. If you’re considering buying or refinancing, this may be an ideal time to lock in these improved rates! Reach out today to discuss your options. 📞