Mortgage rates have remained relatively stable, with 30-year fixed rates only increasing by 1 basis point. After holding steady the week before, rates rose only for the fourth time in 11 weeks.
During the week ending September 9, fixed 30-year rates rose 1 basis point to 2.88%.
30-year mortgage rates have only risen above the 3% mark once since April 21.
Compared to the same period last year, fixed 30-year rates increased by 2 basis points.
Fixed 30-year rates were still down 206 basis points since the last peak in November 2018 at 4.94%.
Economic data of the week
The first half of the week was quieter, with US markets closed for Labor Day on Monday.
Key statistics included JOLT’s job postings in the United States, which were bullish after the disappointing NFP figures from the previous week.
With lighter US statistics, the lower than expected non-farm payroll from the previous Friday, however, set rates in the week.
Freddie Mac Pricing
Average weekly rates for new mortgages as of September 9 were cited by Freddie Mac as:
According to Freddie Mac,
As the economy continues to grow, it has lost momentum over the past 2 months due to the current wave of the Delta variant.
The drop in employment, lower spending and lower consumer confidence resulted, pegging rates.
Rates have remained stable despite rising inflation caused by supply and demand imbalances.
The net result for housing is that these low and stable rates allow more time for customers to find the homes they are looking to buy.
Mortgage Bankers Association rate
The story continues
For the week ending September 3, the rates were:
The 30-year average interest rates set with compliant loan balances remained unchanged at 3.03%. Points increased from 0.34 to 0.33 (including origination fees) for LTV loans at 80%.
The 30-year average fixed mortgage rates backed by the FHA fell from 3.09% to 3.07%. Points increased from 0.25 to 0.30 (including origination fees) for LTV loans at 80%.
The 30-year average rates for jumbo loan balances fell from 3.13% to 3.14%. Points increased from 0.26 to 0.30 (including origination fees) for LTV loans at 80%.
Weekly figures released by the Mortgage Bankers Association showed the Composite Market Index, which is a measure of mortgage application volume, fell 1.9% in the week ending September 3. The previous week, the index had fallen by 2.4%.
The refinancing index fell 3% and was 4% lower than the same week a year ago. The index had fallen 4% the week before.
During the week ending September 3, the refinancing share of mortgage activity was unchanged at 66.8%. The share had fallen from 67.3% to 66.8% the previous week.
According to the MBA,
Mortgage application volumes fell last week to their lowest level since mid-July, as mortgage rates remained above 3% for several weeks.
Refinancing volume has moderated, while purchase volume continues to be below expectations given the lack of housing on the market.
Economic data saw mixed signals, with slower job growth but a further drop in the unemployment rate in August.
We anticipate that further improvements will lead to a decrease in purchases of MBS FED by the end of the year. This should put some upward pressure on mortgage rates.
For the coming week
It’s a busier week ahead on the economic data front. US inflation figures on Tuesday and industrial production figures on Wednesday will influence.
Another acceleration in inflationary pressures would likely push the Fed’s tapering deadlines forward. While employment growth has slowed, a continued pick-up in inflationary pressures is expected to be curbed. So expect further inflationary pressures to push mortgage rates north.
This article originally appeared on FX Empire
More from FXEMPIRE:
The mention sources can contact us to remove/changing this article
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]