Shelter Six:  Mortgage Rates Holding Steady

Pfizer’s vaccine report last week caused rates to immediately shoot up .125%, however, this week’s equally optimistic Moderna vaccine report didn’t cause rates to budge.

October Consumer Price Inflation figures were just 1.6% higher than a year ago, a little higher than the last few months but still far below 2.3% pre-pandemic readings.

Fannie Mae’s October Home Purchase Sentient Index rose for the fifth time in six months as respondents claiming it is a good time to buy increased 9% from September.

Respondents claiming it is a good time to sell increased 6% from September.

After peaking in June at 8.55%, forbearance figures decreased to only 5.2% of all mortgages, as of Nov 10 per Black Knight.

The maximum Conforming loan limit is expected to increase over the next few weeks from $510,400 to somewhere between $545K and 555K.

Rate Update

Rates ended the week with little change and near record lows. The main thing driving rates right now is the pandemic. Pessimistic concerns influence rates lower, and vice versa.

This Week

Retail Sales will be released on Tuesday, Housing Starts on Wednesday, and Existing Home Sales on Thursday.

November 16, 2020 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

Leave a Comment