Mortgage News You Can Use
- Clare R. Okyere
- Jun 10, 2024
- 2 min read
Updated: Jul 3, 2024
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Subject: Market Update: June 25, 2024
Despite the Federal Reserve lowering rate cut expectations in 2024, mortgage rates decreased modestly over the past few weeks following better than expected inflation data. The market continues to be split on whether the first cut will occur in September … we’ll keep a close eye on upcoming economic and inflation numbers leading up to the next Federal Open Market Committee meeting in late July.
The market is still active and savvy buyers are working to navigate existing conditions rather than miss opportunities waiting to see what happens with rates. These are some options currently helping clients:
0% down purchase program that provides up to $15,000 down payment assistance for first-time homebuyers OR any eligible buyers below 80% Average Median Income
DSCR investor loans available in all states that use projected rental income of the property toward qualifying for the loan
Seller concessions applied toward a rate buy-down
Call your OCap Loan Officer directly if you have questions about how any of these options may impact your scenario or if you have any other questions about your home loan needs.
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This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
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