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Mortgage Market Update 10-23-20

There’s a big week ahead for the market with increased earnings, GDP data, and stimulus negotiations.

Bonds are slightly lower and yields modestly higher while stocks trade in positive territory on stimulus hopes.

Traders continue to look to D.C. for stimulus headlines though hopes of a deal before the November 3 election are fading. Nonetheless, a deal is coming, news of which is supporting stock prices at the expense of bonds.

There are no economic reports due for release today, but stay tuned for next week’s activities.

The Fed will be purchasing up to $4.042B in mortgage-backed-securities today.

It is recommended to float brand new clients and files with a longer time to close; pay close attention to the market to see if bonds can recover and the yield rises.

Economic Calendar

Report Period Estimate Impact
Date: Mon. Oct. 26
New Home Sales Sep 1.0M Moderate
Date: Tue. Oct. 27
Consumer Confidence Oct 102.8 Moderate
Durable Goods Orders Sep 0.3% Moderate
S&P/Case-Shiller Home Price Index Aug NA Moderate
Date: Thu. Oct. 29
Jobless Claims (initial) 10/24 792K Moderate
Pending Home Sales Sep 3.4% Moderate
Gross Domestic Product (GDP) Q3 32.5% High
GDP Chain Deflator Q3 NA High
Date: Fri. Oct. 30
Personal Consumption Expenditures and Core PCE Sep 0.3% High
Consumer Sentiment Index (UoM) Oct 79.0 Moderate
Personal Consumption Expenditures and Core PCE YOY 1.4% High
Personal Income Sep 0.5% Moderate
Employment Cost Index (ECI) Q3 0.5% High
Personal Spending Sep 1.0% Moderate
Chicago PMI Oct 61.0 High

Today’s Rate

Oct 23, 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 3.000% 3.067% 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.

admin2021-01-07T21:33:23-08:00October 23, 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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