Categories: Financial News, Real Estate + LendingPublished On: January 11th, 2021Comments Off on Mortgage Market Update 1-08-2115.1 min read
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Federal Vice Chairman Richard Clarida said today that he expects the central bank to maintain the pace of its bond purchases through the rest of 2021. The Fed is now buying at least $120 billion each month through the pandemic as a continuing effort to both maintain economic growth and to preserve market functioning.
The Labor Department reported today that nonfarm payrolls fell by 140,000 (below expectations of 50,000 from surveyed economists); it was the first monthly drop since April. Since unemployment benefits are due to expire in March, the new stimulus package could be approved and delivered by early April.
The Fed will be purchasing up to $4.34B in mortgage-backed-securities today.
It is recommended that everyone check their lock-in target rate in the near future. Interest rates have been rising recently, and keep paying attention to the market.
Economic Calendar
Report
Period
Estimate
Impact
Date: Wed. Jan. 13
Beige Book
Jan
NA
Moderate
Consumer Price Index (CPI)
Dec
0.4%
High
Core Consumer Price Index (CPI)
Dec
0.2%
High
Date: Thu. Jan. 14
Jobless Claims (Initial)
1/09
NA
Moderate
Date: Fri. Jan. 15
Producer Price Index (PPI)
Dec
0.3%
Moderate
Consumer Sentiment Index (UoM)
Jan
81.0
Moderate
Core Producer Price Index (PPI)
Dec
0.2%
Moderate
Retail Sales
Dec
-0.3%
High
Empire State Index
Jan
5.85
Moderate
Retail Sales ex-auto
Dec
-0.3%
High
Today’s Rate
Jan 08, 2021
Conforming Loan
Loan Term (Yr)
Rate (%)
APR (%)
30yr Fixed
2.375%
2.442%
15yr Fixed
1.875%
1.942%
High Balance Loan
Loan Term (Yr)
Rate (%)
APR (%)
30yr Fixed
2.500%
2.567%
15yr Fixed
1.875%
1.942%
Jumbo Loan
Loan Term (Yr)
Rate (%)
APR (%)
30yr Fixed
2.625%
2.692%
15yr Fixed
2.625%
2.692%
Daily rate based on: SFR/Primary/LTV60/FICO 780/Purchase
IMPORTANT: Advertised rates were valid and effective as of the date reflected above, are for informational purposes only, and are subject to change without notice.
Loans are subject to credit and collateral approval. Advertised rates are based on a set of loan assumptions including a borrower with excellent credit history and optimal loan characteristics. Your final interest rate and annual percentage rate (APR) may differ depending on your individual transaction’s specific characteristics, and certain products may not be available for your situation. Several determining factors include, but are not limited to, the state of the property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value, and credit score.
APR reflects the cost of credit over the term of the loan expressed as an annual rate. For mortgage loans, APR may include the interest rate, discount points (also referred to as “points”), and other charges or fees (such as mortgage insurance and origination fees), but does not necessarily take into account other loan-specific finance charges you may be required to pay.
Golden Star, Inc. dba Transglobal Lending, 185 W. Chestnut Ave., Monrovia, CA 91016, NMLS # 1437002 (www.transgloballending.com). All rights reserved. Equal Opportunity Employer and Equal Housing Lender. All mortgage products are subject to credit property approval. Rates, Program terms and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.
