Mortgage Market Insider
Markets responded with a taper tantrum after more hints of rate hikes in 2022. As a result, mortgage rates increased across all loan types: the 30-year fixed rate mortgage increased 11 basis points to 3.70% while the 15-year mortgage increased 10 basis points to 2.95%.
With many calling for the Fed to hike rates not once, not twice, but up to seven times this year in order to control inflation, markets got a bit volatile last week. Builder sentiment also went down after a four-month positive run. It fell to 83 in January in response to increasing materials costs, which grew 19% over the last month. What could help the situation is a new trade agreement between the U.S. and Canada, one with fewer tariffs on softwood lumber imports. Should these inventory issues be addressed, experts predict a strong purchase market in 2022. In spite of rising rates, the first week of 2022 saw an uptick in purchase applications while refinance applications held steady. FHA and VA purchase applications in particular saw a 9% and 5% uptick respectively.
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Frequently asked questions
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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.