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Mortgage Rates Dip Lower - 4/16/21

 

Economy News

  • Consumer prices rose more than expected in March, up 0.6% from February and 2.6% from a year ago. However, the Fed expects inflation to be transitory and is not concerned.

 

  • Retail sales surged 9.8% in March over February, boosted by stimulus funds, warmer weather, and the removal of some pandemic related restrictions.

 

  • Jobless claims fell last week to the lowest level since March 2020, when the pandemic began. The decrease in claims shows the labor market continues to improve.

Housing News

  • Home builder confidence increased slightly in April, according to the NAHB index, even as builders continued to grapple with rising lumber prices and supply chain issues.

 

  • Google searches reflect homebuyer challenges in a low-inventory market. Consumers are googling phrases like, “How much over asking price should I offer on a home in 2021?”

 

  • Purchase applications made up a majority of mortgage applications in March (52%), beating out refinance apps for the first time since December 2019 and underscoring the market’s shift.

 

Published interest rates based on the following scenarios: Conventional, 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; $596,850 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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