Market Report Comparison: 10/28/2024 vs. 11/04/2024 📊

Matthew Wentz
Speak Straight Mortgage
NMLS #1852397

📈 Purchase Rates

• FHA Purchase ($400K, 3.5% Down, 660 Credit Score):
  10/28: 6.25% Rate, 6.99% APR, 0.45 Points
  11/04: 6.25% Rate, 6.99% APR, 0.45 Points ⚖️ (No Change)
• Conventional Purchase ($400K, 25% Down, 780 Credit Score):
  10/28: 6.875% Rate, 6.95% APR, 0.46 Points
  11/04: 6.875% Rate, 6.95% APR, 0.6 Points 🔺 (Increase in Points)
• VA Purchase ($400K, 0% Down, 660 Credit Score):
  10/28: 6.25% Rate, 6.54% APR, 0.61 Points
  11/04: 6.25% Rate, 6.54% APR, 0.61 Points ⚖️ (No Change)

📉 Down Payment Assistance Programs

• CHFA SmartStep (4% Silent Second):
  10/28: 6.75% Rate, 7.65% APR
  11/04: 6.875% Rate, 7.78% APR 🔺
• CHFA First Step / First Generation (4% Silent Second):
  10/28: 6.5% Rate, 7.39% APR
  11/04: 6.625% Rate, 7.52% APR 🔺
• CHFA Smart Step (3% Grant):
  10/28: 7.25% Rate, 8.16% APR
  11/04: 7.375% Rate, 8.29% APR 🔺

🔄 Refinance Rates

• Conventional Refinance (80% LTV, $400K, 780+ Credit Score):
  10/28: 6.375% Rate, 6.5% APR, 1 Point
  11/04: 6.375% Rate, 6.5% APR, 1.1 Points 🔺 (Increase in Points)
• FHA Streamline Refinance ($400K, 660+ Credit Score):
  10/28: 5.625% Rate, 6.48% APR, 1.17 Points
  11/04: 5.625% Rate, 6.50% APR, 1.4 Points 🔺
• VA IRRL ($400K, 660+ Credit Score):
  10/28: 5.625% Rate, 5.82% APR, 1.4 Points
  11/04: 5.625% Rate, 5.83% APR, 1.7 Points 🔺

Summary

This week’s report shows mostly stable rates ⚖️ with a few slight increases in points and APRs across Down Payment Assistance and Refinance options. If you’re considering purchasing or refinancing, now’s a great time to discuss your options in a changing market. Reach out today! 📞