What's Ahead For Mortgage Rates This Week - October 14th, 2024

The CPI and PPI reports delivered their data, showing inflation figures slightly below expectations. However, the positive impact of these reports was tempered by hawkish comments from Federal Reserve members during recent meetings. Despite this, the overall outlook remains optimistic, as further rate cuts are anticipated. Lending partners have also responded positively, significantly lowering their lending rates over the past month.

Consumer Credit

Consumer credit increased by $8.9 billion in August, following a revised $26.6 billion surge in July, the Federal Reserve reported on Monday. This represents a 2.1% annual growth rate in August, a slowdown from the 6.3% rise in the previous month. Economists surveyed by The Wall Street Journal had expected a larger increase of $13.2 billion in August.

CPI

U.S. wholesale prices were unchanged in September, pointing to subdued inflation in the economy. This suggests that a bigger-than-expected increase in consumer prices last month is unlikely to last. Economists polled by the Wall Street Journal had forecast a 0.1% increase.

PPI

A key measure of consumer inflation increased slightly more than expected in September, which could complicate the Federal Reserve’s plan to cut U.S. interest rates twice more this year. The ‘core’ consumer price index, which excludes food and energy, rose by 0.3% for the second consecutive month, according to a government report on Thursday. Wall Street analysts had predicted a smaller increase of 0.2% for this core inflation measure.

Primary Mortgage Market Survey Index

15-Yr FRM rates saw an increase of 0.16% with the current rate at 5.41%
30-Yr FRM rates saw an increase of 0.20% with the current rate at 6.32%

MND Rate Index

30-Yr FHA rates saw a 0.08% increase for this week. Current rates at 6.12%
30-Yr VA rates saw a 0.07% increase for this week. Current rates at 6.13%

Jobless Claims

Initial Claims were reported to be 258,000 compared to the expected claims of 230,000. The prior week landed at 225,000.

What’s Ahead

There will be a very light week ahead after the release of the CPI and PPI reports, with only regular jobs data to note.

Lee Vanvolkenburg

15:43 23 Nov 23

Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!

williams lovos

22:54 16 Nov 23

We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!

Mario Silvestri III

16:45 16 Nov 23

Rex Perkins

16:56 15 Nov 23

Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.

To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.

One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.

To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.

Samer Fallouh

15:01 15 Nov 23

Debbie Salas

21:47 03 Oct 23

This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.
Thanks

Eric Kieffer

22:46 16 Aug 23

Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

What’s Ahead For Mortgage Rates This Week – October 14th, 2024

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