Mortgage Rates - December 27th, 2019

Starting off the day at similar levels seen before Christmas. 30 year fixed mortgage rates are below 3.75% and 15 year fixed mortgage rates are below 3.00%. This is based on a purchase loan or a non-cash out mortgage for homebuyers and homeowners with above-average credit scores (also terms may include point and closing costs).

The application volume points to the fact that the most popular term is the 30 year fixed mortgage as the most popular fixed rate mortgage program.

It’s a slow time:

Do you know what the slowest time in the mortgage industry is? Right now! Things start to slow down early December and by the 20th application volume is minimal. Understandably most homeowners and homebuyers are focued on other things during this time (like family).

Also, mortgage lenders are short staffed between the 24th - January 2nd as some employees take a vacation. The good news is that mortgage rates are low and the market is stable post US - China trade deal.

There was a lot of concern heading into December that post trade deal agreement was going to be a very difficult time for the Mortgage Backed Securities market (MBS) and consumer mortgage rates.