Shop Mortgage Options & Compare Rates for FREE!

Use the quick & easy tool below to find out what you qualify for.

Mortgage Rates Inch Higher - 1/15/21

 

Economy News

  • Consumer prices increased in December, but underlying inflation remained tame. Low inflation is good because rising inflation can pressure mortgage rates higher.

 

  • President-elect Joe Biden released his plans for more fiscal stimulus when he takes office. The added stimulus is expected to help the economy but could pressure mortgage rates higher.

 

  • Jobless claims surged last week, confirming a weakening in the labor market as virus counts rise and the pandemic disrupts operations at restaurants and other businesses.

Housing News

  • After setting more than a dozen record lows last year, rates started 2021 on an upward climb. Refinance applications rose 20% last week as borrowers tried to beat further increases.

 

  • Only 16% of respondents to Fannie Mae’s December National Housing Survey feel that housing prices will fall in 2021. More than 50% felt it was a good time to buy or sell a home.

 

  • According to a Wall Street Journal report, builders are building tens of thousands of homes to be used as rentals, believing rentals will stay in high demand as prices continue to rise.

 

Published interest rates based off 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.

Get Your FREE Mortgage Rate Quote Now!