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PMMS 2/18/2021

After three weeks of unchanged rates, the average mortgage rate for a 30-year fixed loan jumped 8 basis points to 2.81%, reaching its highest point since mid-November.

A modest rise in rates may just be what the market needs to cool down rampant price growth, according to HousingWire Lead Analyst Logan Mohtashami.

“For 2021, we need to root for a repeat of what happened in 2013-2014 and 2018-2019,” said Mohtashami. “Home prices have caught up to per capita income, just like what we saw in 2002. However, mortgage rates are lower today, and demographics better.”

MBA 2/17/2021

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 2.98% from 2.96%. As mortgage rates come off of their historic lows, mortgage applications dropped for the second week, according to data from the Mortgage Bankers Association.

“Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, and last week climbed to its highest level since November 2020,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

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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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