Weekly Mortgage Update – Are Interest Rates going up // With employment numbers improving, there are reports that interest rates are now on the rise. What does this mean for refinancing? Should you take advantage of current interest rates or wait for lower rates to come? In this video, Josh Lewis of Buywise Mortgage and I discuss mortgage interest rates as well as the “loosening” of some recent lender guidelines.
Far-better-than-expected May employment report only added to a growing sell-off in the bond market, pushing the stock market higher and bon yields to the highest level since March. Mortgage rates loosely follow the yield on the 10-year Treasury. With that, interest rates rose this week, after sitting around a record low for the last two weeks.
United Wholesale Mortgage (UWM), the largest U.S. wholesale lender, said it was making a guideline change by removing an extra rule, or overlay, it implemented in March requiring a borrower’s employment to be re-verified on the day of closing.
The removal of the overlay applies to all loans, UWM said on Wednesday. Lenders can now use the regular employment verification process that allows the step to be done within 10 business days.
The overlay had been put in place as millions of Americans lost their job after state shutdowns aimed at stopping the spread of the virus led to more than 40 million claims for unemployment insurance since mid-March.
Please let me know your thoughts below: what are your thoughts on interest rates and the housing market 2020 california? After watching this video, do you believe interest rates will go higher or is it possible we experience negative interest rates in the future?
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