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Mortgage Market Update 9-28-20

Last week, Congress fourth stimulus plan was being discussed in Washington, and there will be a specific aid plan soon. Fed Chairman Powell and Treasury Secretary Mnuchin this week called on Congress to agree on a plan to stimulate the economy and stabilize the current economic recovery, hoping that an agreement can be reached at an early date.After the market turmoil last week, the prices of mortgage bonds and U.S. Treasury bonds were flat or slightly higher, and the 10-year Treasury bond yield remained at 0.66%. Uncertainty about the stimulus plan has risen, causing mortgage bonds to sell off again.The Federal Reserve continues to purchase mortgage bonds to maintain market demand. As the support of mortgage bonds continues, consider focusing on and locking in interest rates this week. And after October 1st, most banks will start to charge a 0.5% service fee of the loan amount for refinance, so locking in this week is very important.

Economic Calendar

Report Period Estimate Impact
Date: Tue. Sep 29
S&P/Case-Shiller Home Price Index Jul 3.8% Moderate
Consumer Confidence Sep 90.0 Moderate
Date: Wed. Sep 30
Pending Home Sales Aug 3.0% Moderate
Gross Domestic Product (GDP) Q2 -31.7% High
GDP Chain Deflator Q2 1.4% High
Chicago PMI Sep 52.0 Moderate
ADP National Employment Report Sep 600K High
Date: Thu. Oct 1
Personal Spending Sep 0.7% Moderate
Jobless Claims (Initial) 9/26 850K Moderate
Personal Consumption Expenditures and Core PCE Sep 0.3% High
ISM index Sep 56.0 High
Personal Consumption Expenditures and Core PCE YOY 1.2% High
Personal Income AUG 0.1% Moderate
Date: Fri. Oct 2
Non-farm Payrolls Sep 875K High
Consumer Sentiment Index (UoM) Sep 72.8 Moderate
Unemployment Rate Sep 8.3% High
Average Work Week Sep 34.6 High
Hourly Earnings Sep 0.2% High

Today’s Rate

Sep 25, 2020

Conforming Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 2.500% 2.567% APR
15yr Fixed 2.125% 2.192% APR
High Balance Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 2.500% 2.567% APR
15yr Fixed 2.250% 2.317% APR
Jumbo Loan
Loan Term (Yr) Rate (%) APR (%)
30yr Fixed 3.000% 3.067% APR
15yr Fixed 2.750% 2.817% 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.
admin2021-01-07T21:32:54-08:00September 28, 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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