Wilshire Weekly Mortgage Update ~ Oct. 8

Let's Recap:
The 30-Year Fixed Rate Mortgage averaged 6.37%, down from 6.42% just last week.

The 15-Year Fixed Rate Mortgage averaged 6.03%, down from 6.09% just last week.

The 1-Year Adjustable Rate Mortgage averaged 5.57%, down from 5.6% just last week.

It appears we have some good news with rates easing downward this week. After three weeks of slight increases, weakness in housing and manufacturing reports have driven rates slightly lower. Despite the slight decrease in interest rates, I would highly recommend you LOCK-IN your loans at application!

The Fed Funds Rate:
The current Fed Funds Rate is 4.75%. Prior to last week's events, we anticipated yet another Fed Funds Rate cut at their scheduled FOMC meeting on October 31st. However, credit markets and employment growth have shown slight signs of improvement. Another Fed Funds Rate cut would have a...

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