Mortgage Market Insider
Rates fall in the week after Good Friday
It’s the first time in over two months that both the 30-year and 15-year fixed rate mortgages dropped. The 30-year fell 11 basis points to 3.34% while the 15-year fell 7 basis points to 2.81%.
current outlook:
Non-farm payrolls increased by 916,000 and the unemployment rate dropped to 6.0% in February, causing stocks to go up and Treasury yields to move down. Most of these increases in payroll came from new jobs in the service sector, which is expanding by its highest rate to date, 63.7, as the leisure and hospitality industries pick back up. In this time of economic resurgence, real estate continues to be an attractive asset. Fannie Mae’s fourth quarter 2020 National Housing Survey revealed that 73% of people see a house as a safe investment, compared to only 63% who view stocks as safe. However, real estate has also become a less attainable investment with 20% fewer listings this year than the same time last year and only 14% of homeowners planning to sell some time in the next three years.
recent MMI news
Housing prices haven’t grown this much since 2006
Rates experienced another run-up this week. The 30-year fixed rate mortgage increased 9 basis points to 3.45% while the 15-year mortgage increased 5 basis points
How will the Fed’s actions affect mortgage rates?
Following Yellen and Powell’s joint address to the U.S. House Committee on Financial Services in which they mentioned “recovery is far from complete,” Treasury yields
COVID-19 is no longer investors’ biggest concern
In the face of a possible V-shaped economic recovery, rates leapt another 10 basis points. The 30-year fixed rate mortgage increased 12 basis points to
How do 2021’s rates compare to 2020’s?
Rates continue climbing as prospects of another stimulus bill get better. The 30-year fixed rate mortgage increased 12 basis points to 3.26%, 6 basis points
The Bond market may require some intervention from the Fed
The 30-year fixed rate mortgage continues to move up, increasing 2 basis points to 3.14%. Meanwhile, the 15-year fixed rate mortgage pared some losses, decreasing
Rates are finally catching up to yields
The 10-Year Treasury yield has been on the rise. As of yesterday, yields floated around 1.36% after staying below 1% for nearly all of 2020.
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