
Friday Mortgage Roundup
There was not too much movement in rates this week. Rates did end about the same as the start of the week. The market opened today with the following data: at 8:36 MBS are up +6bp after core PCE inflation matched expectations. at 10: AM MBS are up +9bp (UMBS 30yr 6.0 at 100.97), around 13bp higher than yesterday at this time. Investors were pleased this morning that the latest inflation data was in line with forecasts, while income fell short. The June core PCE price index, which excludes food and energy, rose 0.2% from May, very close to expectations. Core PCE was 2.6% higher than a year ago, the same annual rate as last month and the lowest level since March 2021. May Personal Income rose 0.2% from April, below the consensus of 0.4%. Consumer Sentiment was 66.4, close to expectations. The Dow is up 500 points.
Friday Rate update: For a 30 year conventional fixed rate mortgage, the par rate is 6.875%/APR 7.058%, on a $400,000 purchase w/20% down and loan of $320,000 with a P/I payment of $2,102. Lowest rate at 5.3750%/APR 6.037% with $16,550 in discount points to buydown the rate with a P/I payment of $1,792.