Welcome back to another episode of Mortgage Porter Weekly! This week’s update covers new home sales data, home price appreciation, where mortgage rates stand, a packed economic calendar, and an exciting expansion to the Doctor Loan program.
Last Week in Review
There were several notable housing updates last week. After two months of declines, new home sales rose 1.6% in June to a seasonally adjusted annual rate of 628,000, coming in above expectations.
Home prices also continued to rise. According to ICE’s latest Home Price Index, U.S. home prices increased 0.26% from June to July, bringing year-over-year appreciation to 1.7%. Since the beginning of the year, prices have been rising at an annualized pace of about 3%, helping homeowners continue to build equity over time. Even modest appreciation can add up — a $500,000 home that increases in value by 3% would gain approximately $15,000 in equity over one year.
On the labor front, weekly unemployment claims dropped to 187,000 after holding near the 209,000 to 217,000 range over the past month. While that’s the lowest level since 1969, the data may not tell the full story — recent changes requiring additional identity and eligibility verification for unemployment benefits may be contributing to delays or cancellations in some filings.
Turning to the broader economy, geopolitical concerns have continued to impact oil markets. The conflict in Iran escalated last week, which pushed rates higher, though there is currently a pause in attacks, with reports of possible negotiations taking place through third-party intermediaries. That’s providing some relief for mortgage rates today.
Optimal Blue Rate Index
Optimal Blue reports the average rate for a 30-year fixed as of last Friday, July 24th, at 6.647% — slightly higher than what I shared with you last week.
Please remember: the Optimal Blue index reflects approximately 35% of mortgage transactions and is not a rate quote. You cannot lock in last week’s rate today, and your credit score, loan-to-value, and other factors will impact the rate you may qualify for. This is intended only to provide a sense of how rates are trending. Please contact me directly for current mortgage rates based on your personal financial scenario.
Economic Calendar
There’s a lot to unpack this week, with the Fed’s rate announcement on Wednesday — no change is expected.
- Monday: Durable Goods Orders
- Tuesday: ADP Employment, Case-Shiller & FHFA Home Price Reports, Consumer Confidence
- Wednesday: FOMC Rate Announcement
- Thursday: Jobless Claims, Personal Consumption Expenditures (PCE), Gross Domestic Product (GDP)
- Friday: Employment Cost Index, Chicago PMI, Consumer Sentiment
That said, these scheduled indicators will likely take a back seat this week to developments in the Iran conflict and their impact on oil prices.
Mortgage-Backed Securities Update
Mortgage-backed securities have seen quite a bit of movement since the start of the conflict, with an initial series of red candlesticks reflecting higher rates. It’s been a bit of a roller coaster, and we’re hopeful for a resolution soon.
In the Spotlight: Doctor Loan Program Expands to Nurses
This week’s spotlight is a program update I’m excited to share: the medical professional mortgage — commonly known as the Doctor Loan — now includes Nurse Practitioners, CRNAs with a DNAP or DNP, and Physician Assistants, alongside physicians, dentists, and veterinarians.
This has been one of the most common questions I’ve fielded since the Doctor Loan program launched. I’ve had nurses reach out in the past hoping to use it, and I wasn’t able to help them qualify — so I’m glad to finally have an answer.
Program highlights:
- 100% financing (no down payment) up to $1,000,000 with a 700 credit score
- 100% financing up to $1,500,000 with a 720 credit score
- 95% LTV (5% down) up to $2,000,000
- No monthly mortgage insurance, regardless of down payment
- Available for home purchases and rate-and-term refinances
This program looks at the bigger picture — career stability and earning potential — rather than penalizing borrowers for the student loan debt that so often comes with advanced medical training.
Read the full details: Nurses & PAs Now Qualify for the Doctor Loan Program.
Let’s Talk About Your Options
If you have questions about your specific scenario — whether you’re buying, refinancing, considering a retirement mortgage, or just trying to figure out your options — I’d love to hear from you.
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