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PMMS 5/6/2021

For the third consecutive week, mortgage rates managed to remain under 3%, dropping three basis points last week to an average of 2.96%.

Despite consistent forecasts of a market with rising rates, the 30-year fixed rate mirrored more closely numbers borrowers saw back in February. Sam Khater, Freddie Mac’s chief economist, pointed to a golden opportunity for homebuyers given the recent economic resurgence.

“Consumer income and spending are picking up, which is leading to an acceleration in economic growth,” Khater said. “The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”

MBA 5/5/2021

Mortgage applications dropped again, falling 0.9% from the previous week. MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan called last week’s mortgage activity “a mixed bag,” between rates, loan sizes, and government purchase applications.

“Mortgage rates were slightly higher, refinance applications were essentially unchanged, and purchase applications fell for the second straight week,” Kan said. “Both conventional and government purchase applications declined, but average loan sizes increased for each loan type. This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity. The higher prices are also affecting the mix of activity, with stronger growth in purchase loans with larger-than-average balances.”

“The 30-year fixed rate was up slightly to 3.18%, which is still 22 basis points lower than a year ago, but higher than it was between mid-2020 and February 2021,” he said.

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Other useful links

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• Why your assets matter
• Mortgage Calculator
• Is Credit Karma accurate?
• FHA vs Conventional, which is better?

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