The slow rise in mortgage rates continues. Learn more about it and get a refresher on other important news in this week’s industry update.
During the week of November 15, Freddie Mac’s primary mortgage market investigation saw an overall increase in rates with notable changes for 30 and 15 year options. Similar to previous weeks, this further reinforces the upward trend in rates that we have seen since the start of the year. An important note to remember: Freddie Mac collects mortgage rate data on a weekly basis and the results are always subject to change. For the latest information on mortgage rates, contact your Total Mortgage loan officer.
As for future forecasts, mortgage rates could increase Where fall in the next few months. Past data suggests that lower mortgage rates correlate with higher COVID cases; and if the increase in COVID cases correlates with colder weather, we could potentially see a subsequent drop in mortgage rates during the winter season. It should also be considered that the holiday season will lead to increased consumer spending, which could lead to higher mortgage rates.
With so many variables affecting the market, it’s important to stay up to date. Check back next week to learn more about mortgage rates and feel free to Contact us if you have questions.
Other news to keep in mind
Aside from last week’s rate changes, let’s take a quick look at some other recent news that you may have missed.
- Conventional loan limits have increased. The amounts borrowed for conventional lending options have increased recently, giving buyers more purchasing power and more opportunities in the market.
- The figures for refinancing withdrawals are on the rise. Compared to last November, the number of cash-out refinances is up 33 percent. With fewer options on the market, now is the time to think about what you could do with the equity in your home.
- Mortgage rates are still at historically low levels. We may see a gradual rise in mortgage rates, but remember: compared to previous years, they are still very low and favorable for buyers. On the contrary, the upward trend we are seeing should encourage consumers to buy now before rates hit. too much high.
If you have questions about mortgage news, we’re here to help. Contact your Total Mortgage loan officer for personalized advice and more information on any of the above.
As the winter season approaches, mortgage rates could stagnate, drop completely, or continue to climb gradually. Things are a little uncertain at the moment, but we’ll continue to update you week after week with the latest information. Enjoy the rest of your Monday and have a great week!
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