Mortgage Market Insider
Omicron pushes rates lower
The 30-year fixed rate mortgage dropped 14 basis points to 3.14% while the 15-year mortgage dropped 13 basis points to 2.52%.
current outlook:
What we’re seeing now is investors pricing in the risk of the omicron variant of COVID, which may be resistant to current vaccines. As a result Treasury yields fell on Friday before making a small recovery Monday. Also on the move are pending home sales. Pending sales represent signed contracts for existing homes and are usually 1-2 months behind existing home sales. In September, sales suffered due to accelerating home prices and buyer fatigue. However, in October, they made a swift comeback, increasing 7.5% month-over-month. This happened in spite of rising mortgage rates as buyers in good financial positions hoped to lock in a rate before they move up again.
recent MMI news
Rates become more volatile during Thanksgiving week
During this holiday-shortened week, the 30-year fixed rate mortgage increased 1 basis point to 3.28% while the 15-year mortgage held steady at 2.65%. current outlook:
Rates blew up last week
Rates increased more than 10 basis points in one day and have sustained these levels ever since. The 30-year fixed rate mortgage is up 19
Rates on their fifth day of declines
Rates are on their fifth straight day of declines as the holidays compel investors to short cover their investments. The 30- and 15-year fixed rate
Rates start off lower heading into a volatile week
Catching up to bonds, rates started the week lower with the 30-year fixed rate mortgage down 11 basis points at 3.14% and the 15-year mortgage
Rates wait for the inevitable
Rates have come down from Friday’s highs thanks to declining Treasury yields. However, they are still higher than they were last week; the 30-year fixed
Forecast for rates in 2022
Rates fell Thursday, but have moved up again since. Currently, they are lower than they were last week, but only by a few basis points.
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Frequently asked questions
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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.