|According to the 2020 Commerce report, the GDP declined by 3.5% for the full year and by 2.5% from the fourth quarter of 2019; this is the worst decline since the end of World War II.
A slower-than-anticipated vaccine rollout, coupled with a continued rise in cases and restrictions, likely held back growth. However, activity is projected to rebound strongly once vaccines are more widely distributed, returning the economy to some semblance of normal.
Fed Chairman Jerome Powell said it was premature to taper bond purchases, and the Fed would have to see improvement towards its goals before possibly cutting back on purchases. He expects inflation to tick higher in the coming months because of low prices last year, as well as a potential burst in consumer spending as vaccines help to reopen the economy. Powell reiterated that the Fed would allow inflation to rise above 2% for some time。
The Fed will be purchasing up to $7.79B in mortgage-backed-securities today.
Interest rates have been rising recently, it is recommended that everyone sets their lock-in target rate, and keeps paying attention to the market.
|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.
|Golden Star, Inc. dba Transglobal Lending, 185 W. Chestnut Ave., Monrovia, CA 91016, NMLS # 1437002 (www.transgloballending.com). All rights reserved. Equal Opportunity Employer and Equal Housing Lender. All mortgage products are subject to credit property approval. Rates, Program terms and conditions are subject to change without notice. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.