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PMMS 4/22/2021

For the first time in nearly two months, mortgage rates dropped below 3% last week, down seven basis points to 2.97%.

“The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low-rate environment,” said Sam Khater, Freddie Mac’s chief economist. “Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.”

MBA 4/21/2021

After six consecutive weeks of dips, mortgage applications rose 8.6%. The jump in applications can be traced to mortgage rates falling to the lowest level in two months, prompting a small resurgence in refinance activity, said Joel Kan, MBA associate vice president of economic and industry forecasting.

“Borrowers acted on the decrease in rates for most loan types, with both conventional and government refinance applications showing gains,” Kan. “The spring housing market also saw a boost from lower rates, with purchase applications — driven by a jump in conventional applications — increasing over 5%.”

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.2% from 3.27%.

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Other useful links

• How to improve your credit
• The 20% down rule on conventional
• What is Escrow?
• How is income calculated?
• Why your assets matter
• Mortgage Calculator
• Is Credit Karma accurate?
• FHA vs Conventional, which is better?

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