Mortgage Market Update 2-22-21

Existing home sales in January increased 0.6% compared with December, according to the National Association of Realtors. There were 1.04 million homes for sale at the end of January, a 26% drop from a year ago. The lack of supply in the face of strong demand continues to push prices higher and higher.

Lumber price is double the price from just three months ago, a record high. Single-family homes, which are the most desperately needed, fell 12% from December as material costs increase and delays slow down home building.

Mortgage rates sat near record lows in December, when most of the contracts on these sales would have been signed. That gave buyers additional purchasing power, especially given sky-high prices. However, mortgage rates have moved sharply higher in this week. The average rates have risen by nearly 0.25%

The Fed will be purchasing up to $5.29B in mortgage-backed-securities today.

Since it still takes longer than usual to process application, approved file must be prepared to lock what you can and keep close monitor on the market.

根据美国房地产经纪人协会的数据，1月份的成屋销售量比12月增长了0.6％。截至1月底，共有104万套房屋待售，比去年同期下降了26％。面对强劲需求的供应不足继续推高价格。

木材价格是三个月前价格的两倍，最迫切需要的独户房屋开工量比去年12月下降了12％，原因是建筑材料成本增加和某些房屋建造的延缓。

12月份的抵押贷款利率接近历史低点，这给买家带来了额外的购买力，尤其是影響到高房价。但是，从上周开始抵押贷款利率已有明顯地上升，贷款利率平均上涨了近0.25%。

美联储今天将购买高达$ 5.29B的抵押贷款支持证券。

贷款审批还是很缓慢，必须准备好锁定批准的文件，并密切监视市场。

Economic Calendar

Report

Period

Estimate

Impact

Date: Tue. Feb. 23

Consumer Confidence

Feb

90.0

Moderate

S&P/Case-Shiller Home Price Index

Dec

8.6%

Moderate

Date: Wed. Feb. 24

New Home Sales

Jan

855K

Moderate

Date: Thu. Feb. 25

Gross Domestic Product (GDP)

4.1%

High

Pending Home Sales

Jan

Moderate

Jobless Claims (Initial)

2/20

821K

Moderate

Durable Goods Orders

Jan

1.1%

Moderate

Date: Fri. Feb. 26

C Chicago PMI

Feb

61.0

Moderate

Personal Consumption Expenditures and Core PCE

YOY

1.4%

Moderate

Personal Income

Jan

10.0%

Moderate

Personal Spending

Jan

2.4%

Moderate

Consumer Sentiment Index (UoM)

Feb

76.4

Moderate

Personal Consumption Expenditures Jan 0.1% Moderate and Core PCE

Jan

0.1%

Moderate

Today’s Rate

Feb. 19, 2021

Conforming Loan

Loan Term (Yr)

Rate (%)

APR (%)

30yr Fixed

2.625%

2.692%

15yr Fixed

1.875%

1.942%

High Balance Loan

Loan Term (Yr)

Rate (%)

APR (%)

30yr Fixed

2.625%

2.692%

15yr Fixed

2.000%

2.067%

Jumbo Loan

Loan Term (Yr)

Rate (%)

APR (%)

30yr Fixed

3.000%

3.067%

15yr Fixed

2.750%

2.817%

Daily rate based on: SFR/Primary/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.

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.