Mortgage Rate Update
Mortgage interest rates continue to be near the all-time low levels we have been experiencing since June of this year. Mortgage rates are still at historically low levels despite the FHFA (Federal Housing Finance Administration) refinance fee hike that by now has been implemented by most lenders. The bond market has been able to weather the pull of investor funds flowing into the torrid stock market. With the continued help of the Federal Reserve, purchasing $120 Billion worth of bonds and treasuries per month, bond yields that most influence mortgage rates remain at these historically low levels.
Taking a Breather
As many of you know, I have been working non-stop since February, mostly seven days a week and 16+ hour days, Monday through Thursday. I am completely fried at this point and need to take a break before I break, physically and mentally.
No New Loan Applications in December
My initial plan was to stop taking refinance applications for one month, starting in December 2020. I have decided to add purchase pre-approvals to that not-do list.
Basically, this means I will not be taking on any new loan applications for one month starting December 1, 2020. I will start taking new loan applications in the new year after January 3rd, 2021.
I will continue to work on closing all loans that are in process prior to December 1st and my staff will still be working through the holidays to make sure every loan closes efficiently and on time. I will also continue to be available by phone and e-mail during this time.
December Backup for Urgent Loan Situations
I do have a very seasoned loan agent ba