Mortgage Market Update 7-19-21
mortgage
Good news! Effective August 1, 2021, Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries. Most lenders will remove this fee shortly in the upcoming days. This is a great opportunity to consider refinancing.
Mortgage rates recently dropped and are now sitting near a five-month low. Refinancing applications jumped in the last two weeks, according to the Mortgage Bankers Association, and will likely move even higher with the fee removal.
Consumer prices increased 5.4% in June from a year earlier, the biggest monthly gain since August 2008. Fed Chairman Jerome Powell has been steadfast in stating that inflationary pressures are transitory, though a Fed report last Friday indicated that upside risks are increasing. However, bond prices are still under some selling pressure.
It’s a good time to submit files for refinance, as the rates are expected to drop shortly.
Economic Calendar
| Report | Period | Estimate | Impact |
|---|---|---|---|
| Date: Mon. Jul. 19 | |||
| Housing Market Index | Jul | 83 | Moderate |
| Date: Tue. Jul. 20 | |||
| Housing Starts | Jun | 1.590M | Moderate |
| Building Permits | Jun | 1.700M | Moderate |
| Date: Thu. Jul. 22 | |||
| Existing Home Sales | Jun | 5.90M | Moderate |
| Jobless Claims (Initial) | 7/10 | 352K | 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.
