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Mortgage Rates Remain Low - 9/18/20

 

Economy News

  • Consumer spending slowed in August, as extended unemployment benefits ran out for millions of Americans. Despite being lower than expected, retail sales still increased 0.6%.

 

  • The Fed left policy rates unchanged at this week’s meeting and signaled near-zero rates will last through 2023 to aid the economy on its rebound from the coronavirus shutdowns.

 

  • Jobless claims fell slightly less than expected last week, suggesting the labor market recovery has slowed. Nearly 30 million people remain on unemployment benefits.

Housing News

  • Single-family home construction increased 4.1% for the month. Overall, housing starts fell more than expected in August, as multi-family home construction slumped.

 

  • Builder confidence remains at an all-time high as housing leads the economic recovery. This month’s level beat last month’s record high despite labor shortages and rising lumber prices.

 

  • Purchase mortgage applications last week were 6% higher than a year ago, though down 1% from the previous week. Total applications declined 2.5% for the week.

 

Published interest rates based off the following scenarios: Conventionl, Homeready; $380k loan amount, 80% LTV, 740+ Credit Score and rate lock good for 30days. FHA; $380k loan amount, 96.5% LTV, 740+ Credit Score, and rate lock good for 30 days. VA; $380k loan amount, 100% LTV, 740+ Credit Score, and rate lock good for 30 days. High Balance Conforming; $575,000 loan amount, 75% LTV, 740+ Credit Score and lock good for 30 days. Jumbo; $800,000, 75% LTV, 760+ Credit Score and rate lock good for 30 days.

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