According to the Intermountain Multiple Listing Service (IMLS), the Boise housing market showed a mixed bag of factors in June and July 2023.

Mortgage rates in Boise simmering.

Mortgage rates ticked up last week. With us up .05 of a point and that is .10 for the last 2 weeks. It is all about China and Trade, again. As the stock market is rolling and hitting new highs each week, investors are putting their money into Stocks and out of Bonds and Mortgage Backed Securities. Again, no use talking about technicals or data (although new home sales were up 1.3% M/M) and traders are going to focus on Trump, Tariffs & Tweets over the next 2 weeks.

Also, don't forget:

• VA removed ALL Loan limits as of 1/1/2020.
• FHA loan limits are now $366,850,
• Conventional Loan limits are $510,400,
• High Balance Conventional is $765,500, and
• Jumbo is anything over $765,501 Merry Christmas to you all!

Mortgage rates in Idaho worsened last week, as the Trump Admin and China looks like they have made a trade deal, or atleast Phase 1.  I indicated a few months back that I felt the closer we got to the election the more likely a trade deal would get done.  I really feel that this deal was pushed up to front run the impeachment hearings...but what ever.

The bond market and stock market really are not looking at economic numbers and is focusing on Trade, so no use speaking about numbers today (housing, unemployment, inflation).  I will speak about the pending recession, when ever that may happen.  Two talking heads spoke last week, pushing the recession out of 2020 and into 2021, and with the pending Trade Deal, 2020 is looking REALLY GOOD for economic growth.

Watch for the details to come out of the Trade Deal, this will really either set the stock market on FIRE, and thus mortgage rates will continue to go up.  OR if it is like the deal with Mexico/Canada, which is flaking out, then we could see stocks sell off and mortgage rate improve.

Mortgage rates worsened again last week for Boise & Nampa, and through yesterday. The main cause is the potential of getting a trade deal with China AND the potential of the Federal Reserve lowering rates this week. YES when the Federal Reserve lowers their rates, historically mortgage rates go up.

Boiose Mortgage Rates ticked up slightly again last week, as there is more talk about a trade deal with China. If the US does get a trade deal with China, the talking heads are saying this could eliminate the Recession potential, and actually bring back a RED HOT economy, this bring back Inflation, and Inflation is BAD for mortgage rates. Keep watching the headlines: Trump, Tweets & Tariffs.

Mortgage rates in Boise & Nampa sank just a little last week, as more data is pointing to a recession, and Trump continues to Tweet. Watch the recession news, not the Federal Reserve News, as we see rates continue to slide this week.

Rough week for mortgage rates, as economic news all pointed to NO Recession coming causing rate to increase by .30 of a point. This week, with the attack on oil, rates are improving a little, but we will have to see if it is stable or now. We are definitely in a locking mode.

Mortgage Rates in Boise & Nampa made a GREAT run lower last week, hitting 24 month lows on Wednesday, only to pull back on Friday. Today we are looking to make a run lower again home loan rates as the news media look towards the 3T again, with Trump Tweeting about Tariffs with a meeting with China coming up. If the meeting goes well, this could spell the end of good rates as any movement in tariffs easing with cause stock market to rally. On the flip side, if Trump storms out of meeting, and Tariffs stay in place we would see a sell off in Stocks and Interest rates would improve. Watch the news!

Mortgage rates slide again last week, although giving some of it back today. Pending the 3T's (Trump, Tweets & Tariffs), most of the economic news should be mortgage rate friendly this week. We are seeing conventional hovering in the high 3's and government (FHA/VA/USDA) in the mid to low 3's.

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