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Mortgage Rates Inch Up - 1/28/2022

 

Economy News

  • The Fed didn’t raise policy rates at this week’s meeting but did signal a possible March hike. Markets are now pricing in up to 6 hikes in 2022.

 

  • Economic growth accelerated by more than forecast in the 4th quarter, fueled by the rebuilding of inventories and a pickup in consumer spending.

 

  • Fewer workers applied for unemployment benefits last week, a sign the job market continues to recover from the impact of COVID-19.

Housing News

  • Case-Shiller reports home prices surged 18.8% year-over-year in November, even as the housing market entered a normally slower season.

 

  • New home sales jumped by 11.9% to a 9-month high in December, boosted by a severe shortage of previously owned houses on the market.

 

  • A total of 6.12 million previously owned homes were sold in 2021, the most since 2006, despite an acute shortage of available inventory.

 

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 $750,000 purchase price, 90% 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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