No question: On Vacation

Question of the week:  Where are you?

Answer: The Weekly Rate & Market Update is abbreviated this week as Leslie and I are in Chattanooga, Tennessee this morning. We left Long Beach last Saturday for Nashville, the next day we drove to Asheville, North Carolina. Our purpose was a biannual family reunion for Leslie’s cousins, and we stayed in Asheville until Wednesday. That morning we left on a sojourn of the Southeast.

Wednesday, we drove to Charleston, South Carolina, we walked around and had lunch then onto Savannah, Georgia. We met friends who moved to Savannah from Long Beach last year for drinks and dinner.

Yesterday we drove to Chattanooga, stopping in downtown Macon, Georgia for lunch. Macon has some beautiful mansions and neat old downtown area that is a bit reminiscent of a Grisham novel.

Today we head to Memphis for the night, plan is to go by Graceland and then dinner and blues on Beale Street. Tomorrow back to Nashville for our flight home.

Have a question? Ask me!

Rates for Friday June 24, 2022: Markets are reacting favorably to all the speeches and testimonies by member of the Fed. The sense is the large rate moves to quell inflation is a sound plan. It feels like investors think future rate increases may already be priced into our current rates. This would be good news and add stability to the market. Which means rates not dropping but not climbing. Rates down from last Friday.

FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS FOR PURCHASE TRANSACTIONS:

30-year conforming                                        5.375%                Down 0.25%

30-year high-balance conforming                   5.875%               Down 0.125%

Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.

The challenge on this trip, with all the great food and beverages, is not to slip back into the Pandemic Pants size…

Have a great week,

Dennis

Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog