• The S&P Case-Shiller 20-City Index rose 6.3% from June 2017 to June 2018, below the 6.5% recorded in May.
  • Consumer Confidence for August came in at 133.4 versus the 126.5 expected, highest level since October 2000.
  • The second reading on Q2 2018 Gross Domestic Product ticked up to 4.2% from 4.1%.
  • Annual Core PCE, ticked up to the Fed’s target range of 2% in July from 1.9% in June.
  • Month over month, Core PCE rose 0.2%, in line with estimates.
  • Personal Income rose 0.3% in July.
  • Personal Spending in July rose 0.4%
  • The Fed Funds Rate was 1.25% in June of 2004 and 16 rate hikes later, topped out at 5.25% in June of 2006. This is one reason that led to the Great Recession as the Fed raised rates too quickly.

 

Rate Update–

  • Conventional 30 year 4.75%/APR 4.867%
  • FHA 30 year 4.50%/APR 5.54%
  • FHA 30 year with a 580 Fico Score 5.50%/APR 6.554%
  • FHA 30 year with a 550 Fico Score 5.75%/APR 6.804%
  • VA 30 year 4.625%/APR 4.835%
  • VA 30 year with 550 Fico Score 5.75%/APR 5.96%
  • CHFA First Step (FHA loan) Down Payment Assistance Program 30 year fixed at 5.125%/6.165%
  • CHFA Conventional Down Payment Assistance Program 30 year fixed at 5.375%/APR 5.970%
  • Conventional 3% down with NO PMI 5.50%/APR 5.673%
  • Jumbo 30 year 4.375%/ APR 4.492%
  • Jumbo 7/1 ARM 4.00%/ APR 4.00%