The BASE RATES (before addons for LTV, DTI, and FICO) continue to creep downward since our last posting have gone up significantly starting with the 10/7/2024 Jobs Report for September 2024 when our last base rate was 5.25%

According to the Bureau of Labor Statistics (BLS), the U.S. economy added 254,000 jobs in September 2024, exceeding expectations for 142,500. The July and August jobs reports were also revised higher, up 55,000 and 17,000 respectively.Oct 7, 2024

On top of this yesterday’s election has NOT HELPED at all because the 10-year treasury yield rose this morning in reaction to Donald Trump being announced the winner of the Presidential election. This had an immediate impact on BASE RATES from yesterday (11/5/2024) which were at 6.250%. This increase in rates since 10/7/2024 has definitely had an impact on the economy as it relates to the Mortgage Bankers Association report on mortgage applications which have DROPPED 10.8% since last week. This is the SIXTH CONSECUTIVE week of mortgage applications dropping. Purchases FELL 5.1% and refinances have FALLEN 18.5%