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Mortgage Rates Remain Relatively Unchanged - 10/15/21

 

Economy News

  • Minutes from their last meeting show the Fed feels the economy is close to reaching their prescribed targets to begin tapering bond buying soon, pressuring rates higher.

 

  • Consumer prices grew slightly more than expected in September, when food and energy increases offset declines in used car prices. Inflation can contribute to higher rates.

 

  • Jobless claims fell last week to the lowest since March 2020, as employers hang onto their workers in the tight labor market. Continuing claims dropped to 2.6 million.

Housing News

  • Foreclosures are rising, but numbers should stay relatively low due to high levels of home equity and aggressive modifications by lenders.

 

  • Purchase applications increased 2% for the week but were 10% lower than the same week one year ago. Refinance applications fell 1% for the week and were 16% lower year over year.

 

  • A recent survey of agents shows rising prices are causing problems with appraisals. 23% of contracts were delayed and 12% then terminated due to appraisal issues, according to the survey.

 

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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