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Tag: Interest Rates

Highest Rates in a Week After Surprisingly Strong Economic Reports

Mortgage rates moved higher again today, bringing the average lender to the worst levels since last Thursday.  There are a few exceptions to that due to recent regulatory changes.  Specifically, many lenders made improvements to loans for 2nd homes and investment properties.  That’s the short version.  If you need to background, here’s the long version.

The average loan scenario was unaffected by the regulatory changes and thus was free to react to the day’s bond market weakness.  Bonds responded immediately to a pair of economic reports that came in much stronger than expected this morning.  In general, stronger data pushes bond prices lower and yields (aka “rates”) higher.  

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Mortgage Rates Start Stronger But Moved Higher During The Day

Mortgage rates began the day with promise.  Actually, it was the underlying bond market (which largely dictates mortgage rates) was sending promising signals by apparently building on the bigger improvements seen on Tuesday.  This is exactly what mortgage lenders needed in order to feel comfortable setting rates at even lower levels.

Unfortunately, not long after the day began, bonds started losing ground.  For more than a few lenders, the intraday losses were enough to prompt mid-day reprices (meaning that the initially-offered mortgage rates were replaced by slightly weaker terms.  

A mid-day reprice may or may not be a big deal depending on your perspective.  In most cases, the “note rate” for your mortgage quote will remain the same and only the upfront costs will change.  In even less threatening cases, lenders simply eat the difference as it’s not worth the operational trouble of an official rate change.  Today’s version was on the less threatening end of the spectrum, but nonetheless reinforces the recent sideways momentum in rates and argues against a friendly break toward a lower range.

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Mortgage Rates Falling Back in Line With Best Recent Levels

Mortgage rates started the day modestly lower, but many lenders ended up offering mid-day improvements in response to market conditions.

When it comes to rates, the bond market sets the tone.  Bonds can move for a variety of reasons, but economic data is one of the quintessential inputs.  If the incoming data suggests a hotter economy or higher inflation, rates tend to rise.   The opposite is also true (weaker data = lower rates) as was the case today.

The Bureau of Labor Statistics released the Consumer Price Index for the month of August today. 

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Mortgage Rates Flat to Start The Week

Mortgage rates were fairly flat to start the new week.  This leaves the average lender in the high 2% range for top tier conventional 30yr fixed  scenarios (i.e. 20%+ equity, 740+ FICO, owner-occupied, single-family, detached homes).  This is just a bit higher than the all-time lows seen at the beginning of the year when rates were in the mid-2% range.

There’s disagreement about where we go from here.  The easy answer–and probably the more common one–is that rates will gradually move higher as we continue to distance ourselves from the worst days of the pandemic.  But that answer actually implies its own counterpoint: a lot depends on covid!  Specifically, if the delta-driven case count spike doesn’t quietly subside, and more importantly, if cases accelerate into the fall months, rates could remain in this all-time low territory.  Moreover, if covid ends up translating to new, measurable economic damage, rates could even re-challenge previous lows.

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Rate Reckoning Draws Closer

Rates are dictated by the bond market and bonds are flashing a warning sign about volatility on the horizon. In other words, rates look like they’re ready to make a bigger move in the near future, for better or worse.

This isn’t readily apparent at first glance–especially when it comes to mortgage rates (which are still very close to all-time lows).  Even when we look at a rate benchmark like 10yr Treasury yields, it seems that volatility has died down recently. 

But the absence of volatility is actually the problem.  Rates had been moving decisively higher early in the year as vaccines and fiscal stimulus fueled hopes of a quicker economic recovery.  More recently, political gridlock and the delta-driven surge in covid cases took 10yr yields back in the other direction. 

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Fact or Fiction: Homebuyer Edition [INFOGRAPHIC]

Fact or Fiction: Homebuyer Edition [INFOGRAPHIC] | Simplifying The Market

Fact or Fiction: Homebuyer Edition [INFOGRAPHIC] | Simplifying The Market

Some Highlights

  • When it comes to the current housing market, there are multiple misconceptions – from what the current supply of available homes looks like to how much houses are selling for.
  • It takes professionals who study expert opinions and data to truly understand the real estate market and separate fact from fiction.
  • Trust the pros. If you want to understand why it’s still a good time to buy, let’s connect today.
Content previously posted on Keeping Current Matters Fidelity Home Group | Home Buyer Experts | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, Buying Myths, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up Buyers, Pricing

Mortgage Rates Improve Again, Making it Back to Last Week’s Levels

Mortgage rates moved lower again today, with many lenders making it back to the levels seen after last Friday’s jobs report.  In week-over-week terms, rates were still decidedly higher at the beginning of the day.  It wasn’t until the afternoon’s 30yr bond auction that the entire bond market improved enough for mortgage lenders to offer mid-day reprices.  A similar pattern played out yesterday.

Why do Treasury auctions matter to mortgage rates?  Treasuries and MBS (mortgage-backed securities–the bonds that most directly affect mortgage rates) are both part of the bond market.  They correlate quite well for a variety of reasons (not the least of which being that Treasuries are the risk-free starting point against which every dollar-denominated bond investment is measured).  As such, when Treasuries have a good day, MBS (and thus, mortgage rates) tend to have at least a decent day.  Today (like yesterday) was no exception.

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Fidelity Home Group | Mortgage News | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, #mortgagerates #mortgagenews # mortgage, bond markets, Interest Rates, mortgage rates

Mortgage Rates Lower Today, But Volatility Remains a Risk

Mortgage rates moved lower today after starting the week by jumping noticeably higher yesterday.  Today’s gains came courtesy of global growth concerns early in the trading session and a strong 10yr Treasury auction during domestic market hours.  This morning’s mortgage rates weren’t too much better than yesterday’s, but several lenders offered mid-day improvements after the Treasury auction.  Lenders who held firm would likely improve tomorrow morning unless overnight market drama undoes today’s gains.

Why do Treasury auctions matter to mortgage rates?  Treasuries and MBS (mortgage-backed securities–the bonds that most directly affect mortgage rates) are both part of the bond market.  They correlate quite well for a variety of reasons (not the least of which being that Treasuries are the risk-free starting point against which every dollar-denominated bond investment is measured).  As such, when Treasuries have a good day, MBS (and thus, mortgage rates) tend to have at least a decent day.  Today was no exception.

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Fidelity Home Group | Mortgage News | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, #mortgagerates #mortgagenews # mortgage, bond markets, Interest Rates, mortgage rates

Mortgage Rates Begin The Week Slightly Higher

Mortgage rates moved slightly higher to begin the holiday-shortened week.  With Labor day being a bank holiday, mortgage lenders were closed yesterday despite much of the world remaining open.  Futures and overseas markets thus had some extra time to distance themselves from Friday’s latest levels.  In today’s case, that distance was in an unfriendly direction for rates.

The damage is minimal in the bigger picture.  On average, lenders are quoting the same rates seen last week, but with slightly higher closing costs today.  Most of the weakness in the underlying bond market is centered on US Treasuries as opposed to the mortgage-backed securities (MBS) that serve as the foundation for mortgage rates.  The Treasury-specific weakness is likely due to the presence of several big Treasury auctions this week in addition to heavy corporate bond issuance (which tends to hurt Treasuries more than MBS).

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Fidelity Home Group | Mortgage News | Mortgage Rates

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Reasons You Should Consider Selling This Fall

Reasons You Should Consider Selling This Fall | Simplifying The Market

If you’re trying to decide when to sell your house, there may not be a better time to list than right now. The ultimate sellers’ market we’re in today won’t last forever. If you’re thinking of making a move, here are four reasons to put your house up for sale sooner rather than later.

1. Your House Will Likely Sell Quickly

According to the Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly – on average, they’re selling in just 17 days. As a seller, that’s great news for you.

Average days on market is a strong indicator of buyer demand. And if homes are selling quickly, buyers have to be more decisive and act fast to submit their offer before other buyers swoop in.

2. Buyers Are Willing To Compete for Your House

In addition to selling quickly, homes are receiving multiple offers. That same survey shows sellers are seeing an average of 4.5 offers, and they’re competitive ones. The graph below shows how the average number of offers right now compares to previous years:Reasons You Should Consider Selling This Fall | Simplifying The MarketBuyers today know bidding wars are a likely outcome, and they’re coming prepared with their best offer in hand. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Supply Is Low, Your House Is in the Spotlight

One of the most significant challenges for motivated buyers is the current inventory of homes for sale. Though it’s improving, it remains at near-record lows. The chart below shows how today’s low inventory stacks up against recent years. The lighter the blue is in the chart, the lower the housing supply.
Reasons You Should Consider Selling This Fall | Simplifying The MarketIf you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

If your current home no longer meets your needs, it may be the perfect time to make a move. Today, homeowners are gaining a significant amount of wealth through growing equity. You can leverage that equity, plus current low mortgage rates, to power your move now. But these near-historic low rates won’t last forever.

Experts forecast interest rates will rise. In their forecast, Freddie Mac says:

“While we forecast rates to increase gradually later in the year, we don’t expect to see a rapid increase. At the end of the year, we forecast 30-year rates will be around 3.4%, rising to 3.8% by the fourth quarter of 2022.”

When rates rise, even modestly, it’ll impact your monthly payment and by extension your purchasing power.

Bottom Line

Don’t delay. The combination of housing supply challenges, low mortgage rates, and extremely motivated buyers gives sellers a unique opportunity this season. If you’re thinking about making a move, let’s chat about why it makes sense to list your house now.

Content previously posted on Keeping Current Matters Fidelity Home Group | Home Buyer Experts | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, For Sellers, Interest Rates, Move-Up Buyers

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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions
 
 
Copyright © 2021 Fidelity Home Group supports Equal Housing Opportunity | All Right Reserved  | NMLS Identifier 1834853. Fidelity Home Group is not affiliated with the Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA). Fidelity Home Group is a Mortgage Corporation serving the state of Florida. Not intended for legal or financial advice, consult your own professionals if such advice is sought. Accessibility Statement  | Consent to Receive Electronic Loan Documents  |  Cookies Policy   |  Disclosures  | Email and Mobile PolicyFair Lending Policy  |  File a Complaint Mortgage Assumptions  |  NMLS Consumer Access  |  Privacy Policy  |  Terms of Use 

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