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Mortgage Market Update 10-05-20

President Donald Trump and first lady Melania Trump have tested positive for COVID-19, the president tweeted early Friday morning. The recent news, coupled with the disappointing Jobs Report, caused U.S. stocks to drop even lower, and showed almost no gain on bonds.

This overnight news from the White House even lowered global stocks, coming after fears of a second coronavirus wave.

The September Jobs Report showed employers added 661K new workers last month, lower than the 800k expected. The total unemployed percentage (U6 number) rose from 12.8% to 14.2% while the Labor Force Participation Rate fell to 61.4 from 61.7. The labor market slowly improves from April. Overall, we have reclaimed 52% of the jobs lost from the shutdown. However, there is much more work to do to improve the job market.

There are many uncertainty factors in the coming weeks. Market turmoil is inevitable; it’s hard to predict the impact on the new stimulus package. It is still recommended to lock and close files as soon as possible.

Economic Calendar

Report Period Estimate Impact
Date: Mon. Oct. 05
ISM Services Index Sep 55.6 Moderate
Date: Wed. Oct. 07
FOMC Minutes Sep NA High
Date: Thu. Oct. 08
Jobless Claims (Initial) 10/3 800K Moderate

Today’s Rate

Oct 2, 2020

Conforming Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 2.500% 2.567% APR
15yr Fixed 2.000% 2.067% APR
High Balance Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 2.500% 2.567% APR
15yr Fixed 2.125% 2.192% APR
Jumbo Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 3.000% 3.067% APR
15yr Fixed 2.875% 2.942% APR
Daily rate based on: SFR/Primay/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.

admin2021-01-07T21:33:04-08:00October 5, 2020|

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Daily rate based on: SFR/Primay/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.
Figure: 7 TAC §80.200(b)
“Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 north lamar, suite 201, Austin, Texas 78705. complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550.
The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. a written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.”
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