Mortgage Market Update 7-12-21
mortgage
Today’s refinance rates decline : July 9, 2021. The average 30-year fixed-refinance rate is 3.13%, down 2 basis points compared to last month’s 3.15%. The average for a 15-year refi is currently running at 2.44%, down 1 basis point since the same time last week.
The Dow jumps 440 points, rebounding from a one-day slide. All three major averages notched record closes on Friday, rebounding from the previous session’s losses over concerns of a slowdown in global economic growth. Friday’s comeback brought all three majors averages into the green for the week. The Dow rose 0.25% for the week, with the S&P 500 and Nasdaq gaining 0.4% each.
Mortgage applications fell 1.8% last week, according to the Mortgage Bankers Association’s seasonally adjusted index, indicating that interest in new home purchases and home refinancing is at its lowest level since before the pandemic. Although ultralow interest rates should be driving up demand, homes are scarce and increasingly expensive, pricing out potential buyers out of the market.
Continual floating of longer-term and brand new files, while locking interest rates in time for closing loans, is recommended.
Economic Calendar
| Report | Period | Estimate | Impact |
|---|---|---|---|
| Date: Tue. Jul. 13 | |||
| Consumer Price Index (CPI) | Jun | 0.4% | High |
| Core Consumer Price Index (CPI) | Jun | 0.4% | High |
| Date: Wed. Jul. 14 | |||
| Core Producer Price Index (PPI) | Jun | 0.5% | Moderate |
| Producer Price Index (PPI) | Jun | 0.5% | Moderate |
| Date: Thu. Jul. 15 | |||
| Empire State Index | Jul | 18.0 | Moderate |
| Jobless Claims (Initial) | 7/10 | 363K | Moderate |
| Philadelphia Fed Index | Jul | 29.8 | High |
| Date: Fri. Jul. 16 | |||
| Retail Sales | Jun | 0.2% | High |
| Retail Sales ex-auto | Jun | 0.3% | High |
| Consumer Sentiment Index (UoM) | Jul | 79.0 | Moderate |
Today’s Rate
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.
