|The House gave final approval today to a budget blueprint that included President Biden’s $1.9 trillion stimulus plan, advancing it over unanimous Republican opposition; Democrats pressed forward with plans to begin drafting the aid package next week, hoping to speed it through the House by the end of the month. President Biden said Friday that a weak jobs report created new urgency for his proposed $1.9 trillion economic aid package, and that he would not delay the bill in hopes of attracting Republican support.
The January jobs report showed high rates of long-term unemployment (counted as a period of joblessness lasting at least six months). According to the Bureau of Labor Statistics, almost 40% of jobless workers are long-term unemployed, nearing the record 46% following the Great Recession.
The average contract interest rate for 30-year fixed-rate mortgages increased last week from 2.92% to 2.95%. The Mortgage Bankers Association’s seasonally adjusted index showed refinancing applications jumping 11% last week; demand was 59% higher compared to last year. The refinance share of mortgage activity increased to 71.4% of total applications, up from 70.7% the previous week.
With the increased pace of vaccinations, a strong stimulus plan, and an accommodating Federal Reserve – the second half of 2021 may see very strong economic growth.
It is recommended to submit loan application as soon as possible since interest rates have been rising slightly.
|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.