Mortgage refinance demand has increased from last week, as some fear the end of super-low rates is near. The rate for 30-year fixed-rate mortgages with conforming loan balances rose to the highest level in a month, but applications rose 3% last week from the previous week, the Mortgage Bankers Association said. Mortgage applications to purchase a home increased by 1% from the previous week and were 14% lower than a year ago.
A key inflation indicator that the Federal Reserve uses to set policy rose 3.4% in May, the fastest increase since the early 1990s, according to the Commerce Department. There was no significant impact on the market. The stock market posted mostly solid gains, while government bond yields were moderately higher. Fed officials continue to insist that they see the current situation as temporary, and are likely to abate as conditions return to normal.
Continual floating of longer-term and brand new files, while locking interest rates in time for closing loans, is recommended.
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.