Weekly Market News Update 12/04/2020
Mortgage applications to purchase a home jumped 9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally and holiday adjusted index. Purchase applications were a stunning 28% higher from a year ago.
Applications to refinance a home loan fell 5% for the week, but were an impressive 102% higher than a year ago. The ongoing refinance wave has been beneficial to homeowners looking to lower their monthly payments during pandemic.
A weak November Jobs report has investors seeing visions of stimulus dance in their heads. Today’s jobs report was weak enough to make traders think that politicians will pass some fiscal stimulus before the end of the year. It has been key considerations for the bond market because bonds–specifically US Treasuries–are used to pay for it!
Mortgage Bonds are lower and off their best levels while Treasury prices have declined after the jobs data.
The Fed will be purchasing up to $4.39B in mortgage-backed-securities today.
Locking rate plus market attention at any time is advised especially on those files that are closing soon.
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. |
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