Recap of Last Week

Rates went up
Average mortgage rates among lenders ended the week much higher, after an unexpected fee was added to all conventional refinances by the Federal Housing Finance Agency. The fee caused rates to increase across the board, even to purchase mortgages.

This Weeks Forecast

Rates should stabilize
Average mortgage rates aren’t likely to go up more, but may not improve much this week either. Despite the sudden increase, rates are still near record lows and it is still a great time to consider buying or refinancing. Last week’s surprise fee announcement and sudden rate increase is a great example of why you should work closely with a local mortgage professional, who can help make sure you still get a low rate during turbulent times.
What’s affecting rates this week:
Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low.
FHFA Fee: The FHFA’s fee, announced after-hours on Wednesday, unexpectedly pushed rates higher overnight last week and will continue effecting rates this week.
Market technicals: After losing ground and contributing to rising rates last week, mortgage bonds look ready to level off this week and maybe even improve slightly, helping future rates.

* indicates required

Join Our Newsletter

Subscribe to our newsletter for the latest news and articles straight to your inbox

Leave a Reply

Your email address will not be published. Required fields are marked *

Get in Touch

    By entering your contact information, you are providing express written consent for Total Quality Lending to contact you at the email and number you provided via telephone, mobile device, automated means like autodialing, text SMS/MMS and pre-recorded messages, even if you are registered on a corporate, state, or federal Do Not Call list. You are also acknowledging and agreeing to our terms of service and privacy policy. Consent is not required to use our services.

    Total Quality Lending

    7700 Irvine Center Drive,
    Suite 760, Irvine, CA 92618
    Phone : (949) 860-7710
    Email: TQLinquiries@TQLend.com

    In no event will Total Quality Lending be liable for any loss or damage including and without limitation to indirect or consequential loss or damage, or any loss or damage whatsoever arising out of, or in connection with, the use of this website. This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify.
    Total Quality Lending is a registered DBA of Western Express Lending NMLS # 1457930. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Western Express Lending, NMLS# 1457930. Phone (949)-234-6279.
    These materials are not from HUD or FHA and were not approved by HUD or a government agency.
    Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367, Licensed by the Department of Business Oversight under the California Financing Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.

    Copyright © 2021 Powered by Western Express Lending.