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Is Now the Time To Buy? Homebuyer’s Mortgage Watch – February 14, 2021

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Graph showing last 7 weeks of mortgage rates

To find out if now is the time to buy, check out this week’s mortgage highlights:

  • Mortgage rates remained mostly level last week as markets waited on stimulus plans and virus news. Economic data added little to the conversion.
  • Weekly Jobless Claims are slowly moving downward, and inflation remained muted.
  • With Congress focused on the impeachment trial, political movement on what the next round of stimulus may look like came to a standstill. While we may see the $1.9 trillion package pushed through Congress, more experts are asking about its potential impact on inflation.
  • If we provide too much stimulus, we could drive inflation upward quicker than the Fed would like to see.
  • Virus news was mixed. As new cases and affiliated metrics appear to be moving downward, news of new variants that vaccines may not handle as well damped the economic outlook.
  • This week has some major economic data due, including Retail Sales. But as has been the case for some time, political and medical news are likely to be the real influence on rates.
  • If we see the next stimulus package pushed forward at $1.9 trillion, rates are fairly likely to step upward for the week.

Everyone Should Get The Best Financing Available!

Study after study has shown that non-majority Americans are treated poorly by financial institutions, and home lending is not immune. Last week, following a Supreme Court decision, HUD announced that the agency will enforce the Fair Housing Act to prohibit discrimination based on sexual orientation and gender identity.

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