|February’s surprisingly strong job growth signals that the economy could be at a pivot point, where there could be a boom in hiring. Most of the increase in employment was in leisure and hospitality, the sector hardest hit when the economy shut down. The Labor Department reports that Non-Farm Payrolls rose by 379K in February, up from 166K in January。
A sharp drop in the spring housing market listings was partly due to severe weather, and combined with already record-low supply it will be increasingly difficult for buyers to find their dream home at the perfect price. There were nearly half as many homes for sale at the end of February, compared with a year earlier, according to a new calculation by realtor.com.
Even though current Mortgage Rates trend higher, rates persist near record lows, with the benchmark 30-year rate 0.92 percentage points below the 2019 average annual rate. Mortgage applications to purchase a home increased 2% for the week and were 1% higher than last year. Total mortgage application volume was essentially flat for the week, rising just 0.5% according to the Mortgage Bankers Association’s seasonally adjusted index.
The Fed will be purchasing about $5B today in mortgage-backed-securities. As market volatility continues, we may hit a near-term peak in rates. Loan applications still take longer than usual to process. Submit applications as soon as you can and be ready to lock what you can.
|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.