Mortgage Rates Rise to One-Month High on Jobs Report
The average U.S. rate for a 30-year fixed mortgage rose to the highest level in a month, reversing six weeks of declines, after last week’s employment report.
August 12, 2021 1 MIN
The average U.S. rate for a 30-year fixed mortgage rose to the highest level in a month, reversing six weeks of declines, after last week’s employment report.
The market share of purchase loans increased to 51% in June from 47% in the prior month as demand for refinancings weakened.
Mortgage rates are falling because of "uncertainty" caused by a resurgence of the pandemic, Freddie Mac's chief economist said.
The Federal Reserve on Monday announced guidelines for a $10 billion program aimed at keeping people with non-traditional mortgages in their homes.
Homeowners with mortgages backed by the departments of Housing and Urban Development, Agriculture or Veterans Affairs could get their monthly payments reduced under new guidelines aimed at avoiding foreclosures.
Mortgage rates dropped this week to the lowest level in five months as bond market investors worried a pandemic resurgence could slow the economy.
Mortgage rates dropped to a five-month low on Friday as mortgage investors worried about the economic impact of the pandemic’s hyper-transmissable Delta mutation.
Cybersecurity criminals are targeting borrowers with VA loans, often claiming to be from the government, the Consumer Financial Protection Bureau said.
The fee imposed last year added an average of $1,400 to refinanced mortgages to advance the Trump administration’s “recap and release” plan for Fannie Mae and Freddie Mac.
The purchase share of the market rose to 47% of originations in May, the highest since the beginning of the pandemic, according to a report from Ice Mortgage Technology.
