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The conforming loan limit is set by the Federal Housing Finance Agency (FHFA). Mortgages under that amount generally have the lowest effective rates, and in some cases are easier to qualify for. With prices appreciating rapidly in the past year, a big increase in the...
As recently as Thursday, news outlets were reporting mortgage rates had only risen modestly this week with 30yr fixed rates still well under 3.00%. In fact, they were already well over 3.00% by then. So who's lying to you? Perhaps no one! Thursday's news fell...
Mortgage rates ended the week at the highest levels in roughly 2 months as investors moved to the sidelines ahead of next week's Fed announcement. In other words, investors sold bonds (among other things) and in the bond market, selling pressure means lower prices and...
Rates are dictated by the bond market and bonds are flashing a warning sign about volatility on the horizon. In other words, rates look like they're ready to make a bigger move in the near future, for better or worse. This isn't readily apparent at first...
It was a busy week for economic data with several reports that were pertinent to the housing market. In addition to being the perennial top dog among economic reports, this Friday's jobs report was especially important due to its role in the Federal Reserve's...
Rates are on hold until the next chapter is written in the complex saga of covid versus the market. This isn't to say rates perfectly flat--simply that the prevailing momentum has been sideways for the past few weeks. Since mortgage rates only change once or twice a...
Mortgage rates bounced at 6 month lows early last week and moved higher at a faster-than-normal pace through the middle of this week. They've been slow to recover, but Friday went a long way toward solidifying the short-term ceiling. Economic data inspired the move on...
As recently as Thursday, August 6th, the average mortgage rate headline proclaimed the lowest rates in 6 months. That wasn't true on Thursday, and it's even less true today. Were the other headlines lying? No, not intentionally. The source of the confusion is Freddie...
The Federal Reserve (aka "the Fed") released its latest policy announcement this week without making any changes to existing policies or rates. The Fed doesn't directly control mortgage rates, but Fed policies--and even the verbiage of the announcement--can have an...
GoPrime Mortgage, Inc. is a mortgage lender. NMLS ID # 69551. Arizona Mortgage Banker License No. 0942646. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. For licensing information, go to: www.nmlsconsumeraccess.org. Not licensed in all states.
