Mortgage Market Insider
Highest levels since 2009
The 30-year fixed rate mortgage increased 26 basis points to 5.54% while the 15-year mortgage increased 17 basis points to 4.88%.
current outlook:
The 50 basis point bump in the Federal Funds Rate has pretty much been set in stone. What the market will be looking for in today’s press conference is how they will be going about their balance sheet normalization. Depending on the language used by the Feds, mortgage rates could either have a positive or negative reaction. As it stands, rates haven’t risen this fast since the 1980s. As a result, consumers have been turning to adjustable-rate mortgages for affordability. The share of purchase rate locks for ARMs increased from 2.5% in December to 9% last week.
recent MMI news
Rates go in different directions
For the first time in a while, the 30-year mortgage is down 7 basis points at 5.28%. Meanwhile, the 15-year fixed rate mortgage is up
Rates follow Europe’s lead
In a show of neighborly support, rates increased after the European market opened and EU bond yields grew. The 30-year fixed rate mortgage is up
Rates continue to pick up in April
Despite hopes that mortgage rates had peaked in March, rates continue to climb in April. The 30-year is up 10 basis points at 5.12% while
Should we prepare for a recession?
After a period of cooling off, rates jumped on the chance to rebound yesterday. The 30-year fixed rate mortgage rose 14 basis points to 5.02%
Rates fall short of 5%
Rates fell yesterday for only the fourth time this month, but remain elevated compared to last week’s levels. Overall, the 30-year fixed rate mortgage rose
First-time home buyers increase their share of sales
By last Friday, bond yields had doubled down on recent increases and mortgage rates followed suit. As it stands, the 30-year fixed rate mortgage increased
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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.