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Mortgage Rates Creep Up - 11/26/21

 

Economy News

  • Inflation rose strongly in October, accelerating at its fastest pace since the early 1990s. Growing inflation can lead to higher rates..

 

  • Durable goods orders fell for a 2nd straight month in October, but year-over-year orders were up almost 14% and exceeded pre-pandemic levels.

 

  • Unemployment claims fell to 199K last week, the lowest level since 1969. Continuing claims fell by 60K.

Housing News

  • Existing home sales rose in October as investors rushed into the market. Their median price rose to $353,900, 13.1% higher than last October.

 

  • Purchase mortgage apps were up 5% for the week due to an unusual surge in home buying just before the typically slow holiday season.

 

  • Millennial homebuyers have accounted for 67% of first-time purchase mortgage apps and 37% of repeat purchase apps so far in 2021.

 

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 $625,000 purchase price, 95% 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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