Mortgage Market Insider
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%.
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
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
Frequently asked questions
We use bank-level security. For both your safety and for regulatory compliance, we have to meet the security standards of all the lenders in our network. This means that all of our data is encrypted and processed over a secure network.
Every application is reviewed by a licensed mortgage consultant. They work behind the scenes to make sure everything goes smoothly from origination to closing. And yes, if you have any questions or need to discuss strategies, they’re on standby to help.
Yes and no. It will not hurt your credit to see your initial estimates. But, it will ding your credit by a handful of points when you complete a loan application.
How it works: any time that you apply for credit, it lowers your credit score a little bit. However, when you’re applying for a home loan, you have a window of opportunity to shop around without additional hits to your credit, which is how we’re able to provide you multiple offers without added impact.
Also: when you complete our initial application, you’re not actually applying for a home loan yet. You’re simply browsing your home financing options. So, this is risk-free.
Yes, absolutely. We don’t charge anything for our service, so no origination fees or mark-ups on your rate. Note: there are still costs associated with getting a mortgage, such as appraisal fees and lender fees, all of which will be detailed in your loan estimate.