Nebraska Mortgage Rates | November 19 2021

November 19, 2021
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 11/18/2021

Mortgage rates strongly increased above 3% in the week ending November 18. The 30-year fixed-rate mortgage hit 3.10%, up 12 basis points from 2.98% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%.

Sam Khater, Freddie Mac’s chief economist, said the combination of rising inflation and consumer spending is driving mortgage rates higher. “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices,” he said in a statement.

MBA 11/17/2021

Refinance mortgage loan applications dipped 31% year-to-year on the week ending Nov. 12. The refi volume decreased 5% compared to the previous week. Meanwhile, applications to purchase a new home declined 6% in one year. However, they were up 2% in comparison to the previous week.

Overall, the Market Composite Index, a measure of the mortgage loan application volume, decreased 2.8% compared to the previous week and 23% year-to-year. Joel Kan, associate vice president of economic and industry forecasting at the MBA, said refi applications decreased for the seventh time in eight weeks, as mortgage rates increased following two weeks of declines.

The trade group estimates the average contract 30-year fixed rate for conforming loans ($548,250 or less) increased to 3.20%, four basis points higher than the previous week. For jumbo loans (greater than $548,250), it remained at 3.26%.

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