Nebraska Mortgage Rates | February 11 2022

February 11, 2022
Michael Petrovich
Uncategorized

Weekly Rate Update

Rates fluctuate every day and are based on several factors. For an exact rate quote, submit your request HERE for a free evaluation.

PMMS 2/10/2022

The average 30-year-fixed rate mortgage climbed to 3.69% for the week ending Feb. 3. It’s the highest level since the start of the pandemic. A year ago, the 30-year fixed-rate mortgage averaged 2.73%.

“The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic,” Sam Khater, Freddie Mac’s chief economist, said in a statement.

MBA 2/9/2022

Mortgage applications decreased 8.1% from the previous week, a response to an uptick in mortgage rates. The seasonally adjusted refi index fell 7.3% while the purchase index dropped 9.6%.

The higher rate environment has already started to take its toll on production for originators. Multichannel shops NewRez, Pennymac and loanDepot have all reported lower volumes in concert with rising rates and lower interest in rate-term refi business.

According to Joel Kan, MBA’s associate vice president of economic and industry forecasting, mortgage rates continued to climb “as the Federal Reserve and other key global central banks responded to growing inflationary pressures and signaled that they will start to remove accommodative policies.”

The trade group estimates that the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) increased to 3.83% from 3.75% the week prior.

“With rates 87 basis points higher than the same week a year ago, refinance applications continued to decrease,” Kan said in a statement.

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