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Mortgage Rates Hold Steady and Remain Low - 10/23/20

 

Economy News

  • Talks continue for another pandemic stimulus package, although it is now questionable if a deal could be pushed into law before the November elections.

 

  • Pandemic aside, 6,500 new restaurants opened last month. That’s only 100 fewer new restaurant openings nationwide compared to a year earlier, a good sign for the recovery.

 

  • Jobless claims declined last week, falling for the third time in four weeks. Continuing claims fell to 8.37 million; however, more people were on extended benefits.

Housing News

  • Single-family homebuilding surged in September, cementing the housing market’s status as the star of the economic recovery. Starts were up 8.5% over last month.

 

  • Homebuilder sentiment set another record high in October, despite challenges of shortages in labor, lots, and lumber, as buyer demand remains strong.

 

  • Existing home sales jumped 9.5% in September, but sales could be even more robust if more homes were available. Inventory fell 19.2% annually, a 2.7-month supply.

 

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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