Week of 11/15/2021
After a brief hiatus, Matt and James are back with more market rate information!
While headlines read that mortgage rates returned to below 3.0%, it was short-lived. Technical factors pushed rates up midweek, but the market appears to have become less apprehensive about rates moving upward quickly. The Fed’s latest meeting seems to have soothed some of the growing inflation fears. While inflationary pressures are growing, the fact that the Fed did not react beyond expectations led many to believe inflation may begin to diminish before too much longer. With the Fed beginning its process of removing its extraordinary support from the economy, potential economic growth could be slightly less than it would be with the Fed’s programs. Additionally, the prospect of rate hikes next year adds to the forces slowing potential economic growth.
This week should see national mortgage rates averages move back upward. If both Retail Sales and Industrial Production exceed expectations on Tuesday, then the lift in rates could be slightly more. Of course, if both fall short, then rates could remain relatively level for the remainder of the week.
Here are key interest rates at open of business this morning to begin the week of November 15th:
- 30-Year Fixed: 3.000%
- 20-Year Fixed: 2.875%
- 15-Year Fixed: 2.375%
- FHA 30-Year Fixed 2.990%
- VA 30-Year Fixed 2.990%
- Jumbo 30 Year Fixed 3.000%
- Prime Rate: 3.250%
As always, thank you for your business and should I be of any assistance, please don’t hesitate to email or call!
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10400 Yellow Circle Drive, Suite 320
Minnetonka, MN 55343
MN License Number MN-MLO-324106.