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Mortgage Rates Remain Low - 11/27/2020

 

Economy News

  • Consumer confidence slipped in November, amid a resurgence in COVID-19 cases and business restrictions, reinforcing expectations for a 4th quarter economic slowdown.

 

  • Durable goods orders grew at a faster than expected clip in October, demonstrating the manufacturing sector’s continued support of the economy.

 

  • Jobless claims rose the 2nd week in a row for the first back-to-back increase since July. The rising COVID-19 count is likely causing labor market weakness.

Housing News

  • The FHFA released the 2021 conforming loan limits to be used by Fannie Mae and Freddie Mac. Limits will rise 7.42% to $548,250 in most places and to $822,375 in most high-cost areas.

 

  • Home prices surged to a 6-year high in September, according to Case-Schiller. The 7% increase over last year marks the fastest 12-month gain since 2014.

 

  • Existing home sales grew 4.3% over September and 26.6% over last year. New home sales were also strong in October, remaining near their best pace since 2006.

 

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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