This is what a FHA rate looks like for this week

Hello and Happy Friday once again!

The Federal Reserve surprised the markets with a .50% rate drop this week as most experts were expecting a smaller .25% drop. Federal Reserve Chairman Jerome Powell did not provide much insight on the plan moving forward and what the Fed might do when they meet again in November and December although investors are predicting more rate cuts at these meetings. Interest rates are slightly worse this week over last as bonds are slightly worse. Here is what I’m seeing:

30 Year Fixed FHA

5.25% (6.037% APR)

Discount points to bank of $1841

$500,000 Purchase Price

$490,943 Loan Amount

3.5% Down Payment $17,500

720+ credit scores, single family primary home purchase, 45 day lock period