Mortgage Rates Vary - 8/18/2023
- 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 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.