Weekly Rate Forecast Email 08.17.20

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Brought to you by
Roger Rabbit, Mortgage Originator
(888) 777-9999
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Forecast for the week of August 17, 2020

Please enjoy this complimentary mortgage rate forecast to keep you informed of where interest rates may be headed, to help you gain the advantage when securing low rates and payments.

Last Week's Mortgage Rate Recap

Rates went up
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Average mortgage rates among lenders ended the week much higher, after an unexpected fee was added to all conventional refinances by the Federal Housing Finance Agency. The fee caused rates to increase across the board, even to purchase mortgages.

This Week's Mortgage Rate Forecast

Rates should stabilize
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Average mortgage rates aren't likely to go up more, but may not improve much this week either. Despite the sudden increase, rates are still near record lows and it is still a great time to consider buying a home or refinancing. Last week's surprise fee announcement and sudden rate increase is a great example of why you should work closely with a local mortgage professional, who can help make sure you still get a low rate during turbulent times.

What's affecting rates this week:

  • Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low.
  • FHFA Fee: The FHFA's fee, announced after-hours on Wednesday, unexpectedly pushed rates higher overnight last week and will continue affecting rates this week.
  • Market technicals: After losing ground and contributing to rising rates last week, mortgage bonds look ready to level off this week and maybe even improve slightly, helping future rates.

If you would like to discuss interest rates further or find out the benefits of locking your rate today, please contact your mortgage professional at (888) 777-9999 or jayhemmer@gmail.com.

Interest Rate Forecast and Commentary provided by:
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Hammer Solutions, LLC 260 Leaping Cat Ln Waynesville, North Carolina 28785 United States (973) 200-6808
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