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Mortgage Rates Slip - 5/13/2022


Economy News

  • Inflation expectations for the next year fell to a median 6.3% in April, a 0.3% decrease from the record high the previous month.


  • However, producer prices rose 11% in April, signaling continuing elevated consumer inflation in the near future.


  • Last week’s jobs data showed slightly more jobs than expected added in April in an increasingly tight labor market and despite surging inflation.

Housing News

  • Purchase mortgage applications rose 5% over the previous week. Although apps were down 8% from a year ago, that number is shrinking.


  • Apps for adjustable rate mortgages, which often have a lower starting rate than 30 yr fixed, surged to a 14-yr high, comprising 11% of apps.


  • Lumber prices are falling, down 30% and reaching their lowest level for the year. Prices are still above historical levels but could continue to drop.


Published interest rates based on the following scenarios: Conventional HomeReady/HomePossible $450,000 purchase price, 95% LTV, 740+ credit score. FHA $450,000 purchase price, 96.5% LTV, 740+ credit score. VA $450,000 purchase price, 100% LTV, 740+ credit score. High Balance Conventional $750,000 purchase price, 90% LTV, 740+ credit score. Jumbo $1M purchase price, 75% LTV, 760+ credit score. Rates subject to change, 30 day rate locks quoted.

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