BREAKING NEWS – FHFA eliminates the 50bps Adverse Market Refinance Fee which will SAVE homeowners when they refinance. Fee elimination will go into effect for loans delivered to Fannie Mae & Freddie Mac on 8-1-2021. You can read more here: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Eliminates-Adverse-Market-Refinance-Fee.aspx
Mortgage Rates are flat today since last Friday as the bond market continues to hold in a steady pattern after friendly Fed speak by Chairman Powell before congress this week. We must still remain mindful that bond tapering will being at some point in the not to distant future and rate WILL JUMP HIGHER as soon as the Fed announces intentions. My expectation is that we will hear communication of this news before the end of 2021.
Also noteworthy, over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak.
SOURCE & AUTHOR |
Keith Murphy Branch Manager – Essex Mortgage NMLS #330827