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The latest Freddie Mac PMMS survey has 30-year mortgage rates at 2.82% with an average of 0.70 points. The rates have persisted under 3% and should remain at these levels for the near future. Federal Reserve Chairman Jerome Powell continues to reiterate the Federal Reserve’s goal of keeping rates low to stimulate the economy through the use of monetary policy. This is done by the Fed dropping the Fed Funds Rate and purchasing mortgage-backed securities. With the stimulus package in limbo right now in Congress, the Fed is going to have to play an even bigger role to help our economy withstand COVID-19 uncertainty.
All of the residential markets continue to exceed expectations. The CoreLogic Home Price Index showed September home prices grow at an annualized 6.7% gain due to record-low mortgage rates and a limited national supply of homes available for sale. The NAR Existing-Home Sales report for September reports a seasonally adjusted 6.54 million units sold, more than a 20% increase annually. Furthermore, it’s likely existing home sales would have been even higher if there was a larger available number of homes for prospective buyers; inventory is at its lowest level in 40 years. As for new residential construction, housing starts and building permits continue to rise, especially on the single-family residential end in the Northeast.
The mortgage and housing market both remain strong. Are you looking to refinance your mortgage or get preapproved to buy a house? Our Mortgage Loan Originators are always available to help. Our online application process is seamless and secure. We provide milestone updates tracking your progress along the way. In almost all cases, we will service your mortgage, so you can be a Lyons’ customer for life.
Stephen Casil, Vice President
Secondary Marketing Manager