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Monthly Newsletter
March 2024

Did You Know?!?
The Agencies, Fannie Mae & Freddie Mac, recently changed their guidance on owner-occupied multi-unit properties. The minimum down payment for Conventional qualifying borrowers is now only 5% of the purchase price.

Do you know anyone who could benefit from these changes?

Current Mortgage Rates:

Disclaimer: Average mortgage rates as of 02/21/2024 © MND's Daily Rate Index

Mortgage Rate Commentary:
The story remains the same, the fate of mortgage rates are in the Fed's hands. Rates dropped at the end of 2023 from their peak because markets had figured the Fed had pivoted and was done raising rates. Rates continued to improve as traders got a bit ahead of themselves and started pricing in Fed rate cuts to start as early as March. It was the much stronger than expected jobs data in early Februrary that started the dominoes falling, and last week's inflation data was the straw that broke the camel's back and sent rates higher. Although we are still much lower than October 2023's peak in rates, we are seeing rates about 0.5 to 0.75% higher than in December.

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