Question of the week: No question this week.
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The positive news continues this week as the Labor Department announced the economy added 916,000 jobs last month, the most since August. Consumer confidence is also very high as we approach 100 million vaccinations being administered across the country. Positive news like this usually puts a lot of pressure on rates to rise, but rates are unmoved.
Rates for Friday April 2, 2021: Markets closed early today for Good Friday, a bit of a late in the day dip as investors move to cash ahead of the holiday weekend. Conforming rate remains flat for the fifth week in a row and high-balance conforming rate dips back down after two weeks.
FIXED RATE MORTGAGES AT COST OF 1.25 POINTS LOCKED FOR 45 DAYS FOR PURCHASE TRANSACTIONS:
30 year conforming 2.875% Flat
30 year high-balance conforming 3.00% Down 0.125%
Please note that these are base rates and adjustments may be added for condominiums, refinances, credit scores, loan to value, no impound account and period rate is locked. Rates are based on 20% down with 740 FICO score for purchase mortgages.
For many years today would be the start of Spring Break for us as the week following Easter the Long Beach Unified School District goes on vacation. However, with our girls across the country in college it appears the annual family spring trip is a part of our history.
I have been very happy to hear from many that they are taking a trip this year with their kids to get away. Some to the mountains, some to visit grandparents, some to the beaches, whatever the destinations, families are breaking out after one year of pandemic quarantines and restrictions.
Whatever your plans for Easter weekend, and possibly next week if you are having time off with your families, I hope you enjoy yourselves!
Have a great week,
Past Weekly Rate & Market Updates can be found on my blog page at my website www.DennisCSmith.com/my-blog