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Mortgage Rates Increase in February, creating the question: What’s Next?

Mortgage interest rate volatility continued in February with many lenders quoting interest rates higher than just a couple weeks earlier. Many home buyers and those seeking mortgage refinance are expressing concern about how high mortgage rates may increase this year.

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Notary Near YouMortgage Rates Increase in February, creating the question: What’s Next?
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Interest rates reached a new low in January, resulting in Increased Refinance Mortgage Activity

MortgageNewsDaily.com reports that according to Ice Mortgage Technology (formerly Ellie Mae), in their Loan Origination Report for January, “closed loans continued to show declining note rates in January, dropping from an average of 2.93 percent in December to 2.88 percent” and also includes “Interest rates continued to decline in January, driving up the share of refinances by seven percent,”

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Notary Near YouInterest rates reached a new low in January, resulting in Increased Refinance Mortgage Activity
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Home Purchase Mortgage Applications up 42% in December 2020 compared to Prior Year

Home sales were strong throughout 2020, with purchase applications up 42% in December 2020 compared to same period in 2019. These results are much better than many projected in early 2020, when the Covid Pandemic brought our nation to a standstill for months. The historically low mortgage interest rates in 2020 is the clear reason for the stellar home sales market performance.  

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Notary Near YouHome Purchase Mortgage Applications up 42% in December 2020 compared to Prior Year
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Highest Record in 35 Year History of the Housing Market Index

The National Association of Home Builders (NAHB) coupled with Wells Fargo 35 years ago to create the Housing Market Index (HMI).  NAHB.org defines the NAHB/Wells Fargo Housing Market Index (HMI) as based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of prospective buyers of new homes.

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Notary Near YouHighest Record in 35 Year History of the Housing Market Index
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Keep Your Eye On: Now

There is a lot of talk and prediction about the future of mortgage interest rates and home sales prices. The variables that lie in the future for both of these topics will happen. What does this mean for those of us who are considering refinancing or purchasing a home? It means that interest rates and home prices may go up or may go down.

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Notary Near YouKeep Your Eye On: Now
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