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Nebraska Mortgage Rates | July 2 2021

Weekly Rate Update

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

PMMS 7/1/2021

The average 30-year fixed-rate mortgage fell four basis points from the week prior to 2.98%. Within the past almost three months, mortgage rates have only peaked above 3% one time.

“Economic growth remains steady and is bolstering more segments of the economy,” said Sam Khater, Freddie Mac’s Chief Economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”

Borrowers are still shopping at a feverish pace, at least by historic standards. Pending home sales released by the National Association of Realtors on Wednesday reached the highest mark for the month of May since 2005, up 8% from the previous month of April. Even Lawrence Yun, NAR’s chief economist, said this came as surprise given the number of would-be buyers getting priced out in numerous markets.

MBA 6/30/2021

After two consecutive weeks of increases, mortgage applications decreased 6.9% in the week ending June 25, 2021. Mortgage applications had increased 2.1% and 4.2% in the previous two weeks, respectively.

The 6.9% dip brought application volume to its lowest level in almost 18 months, according to Mike Fratantoni, MBA’s senior vice president and chief economist. Purchase applications for conventional loans also declined to the lowest level since May 2020.

“Mortgage rates were volatile last week, as investors tried to gauge upcoming moves by the Federal Reserve amidst several divergent signals — including rising inflation, mixed job market data, strong consumer spending, and a supply-constrained housing market that has led to rapid home-price growth,” Fratantoni said.

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