Mortgage Rates Vary - 8/18/2023

Economy News

  • Retail sales came in stronger than expected in July for the biggest gain in 6 months. Consumers continued to spend despite higher rates.
  • Wholesale prices rose more than expected in July. The increase countered recent signs of easing inflation pressures.

  • Minutes from last month’s Fed meeting hinted at more rate hikes to come, as officials remained concerned about the pace of inflation.

Housing News

  • Housing starts for single-family homes surged in July. Permits for future construction also rose, despite climbing mortgage rates.
  • However, rate increases caused home builder sentiment to fall in August for the 1st time in 7 months, reaching the lowest level since May.
  • Apps to purchase newly constructed homes were up 36% annually in July. New homes accounted for a larger share of sales due to tight inventory. 

Published interest rates based on the following scenarios: Conventional HomeReady/HomePossible $681,052 purchase price, 95% LTV, 760+ credit score. FHA $670,466 purchase price, 96.5% LTV, 760+ credit score. VA $647,000 purchase price, 100% LTV, 760+ credit score. High Balance Conventional $875,277 purchase price, 90% LTV, 760+ credit score. Jumbo $1,187,500 purchase price, 75% to 80% LTV, 760+ credit score. Rates subject to change, 30 day rate locks quoted.