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Nebraska Mortgage Rates | June 11 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 6/10/2021

Mortgage rates fell again last week, dropping three basis points to an average of 2.96%. Rates have now managed to stay within a five basis point range above or below 3% for nearly two months.

Higher mortgage rates historically have signaled a strengthened economy. But this is no ordinary economy: an apprehensive bond market has been keeping a close eye on global macroeconomic trends and Fed policy changes. Such factors have contributed to stagnating mortgage rates around the 3% mark.

“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates.”

May data from Fannie Mae‘s Home Purchase Sentiment Index revealed homebuyers are feeling awfully discouraged by the housing market these days. The HPSI reported that just 35% of consumers believe now is a good time to buy a home, down from 47% in April. And those who believe it is a bad time to be a homebuyer increased to 56% from 48%.

MBA 6/9/2021

For the third week in a row, mortgage applications decreased. Mortgage applications fell 3.1% in the week ending June 4, and refis took the biggest dip.

“Most of the decline in mortgage rates came late last week, with the 30-year fixed-rate mortgage declining to 3.15 percent,” said Joel Kan, the MBA’s vice president of economic and industry forecasting. “This likely impacted refinance applications, which fell 5% for both conventional and government loans.”

Compared to last year, fewer people are applying for purchase mortgages, the MBA reported, as home prices continue to rise and prospective buyers avoid astronomical bidding wars. Demand is still strong overall, especially in certain markets in the South and West.

“Housing demand is still far outpacing supply,” Kan said. “The average loan size on a purchase application edged down to $407,000, below the record $418,000 set in February — but still far above 2020’s average of $353,900.”

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