Shelter Six:  Mortgage Rates Drop Near All-Time Lows

November 9, 2020 by · Leave a Comment 

The economy gained a substantial 638K jobs in October, which was close to expectations.

More than half of the 22 Million jobs lost in March and April have now been recovered.

The Unemployment Rate plunged from 7.9% to 6.9%, far below the consensus forecast.

Thursday’s Fed meeting produced no surprises and had no impact on mortgage rates.

Black Knight, in its September Mortgage Monitor report projected that, for the first time ever, the market is on track to top $4 Trillion in mortgage originations in 2020.

Temporary mortgage underwriting flexibilities related to the pandemic have been extended for most types of loans with application dates prior to December 31st.

Rate Update

The bond market liked the mixed election / divided government results and purchase mortgage rates fell last week back down near all-time low levels.

This Week

The JOLTS report will be released on Tuesday and the Consumer Price Index on Thursday. Mortgage markets will be closed on Wednesday in observance of Veterans Day.