Little change seen in mortgage interest rates for week ending 9/26/20

Mortgage interest rates for buying a home on the Palos Verdes Peninsula remained steady at  record lows this week for conforming loans but remain higher to jumbo loans . The following are excerpts from the newsletter on interest rates published by HSH Associates:

“With regard to mortgage rates, the landscape here has been very flat. The economy is performing about as well as it can, the Federal Reserve is doing virtually all it can or needs to do, and Congress is still undecided about the scope of new stimulus. With this as a backdrop, the slight ebb and flow of rates is related almost solely to which way investors are leaning at any given moment, and there’s no real trend to be seen at the present time. This will probably change soon; a stimulus deal might move things a bit, and certainly what promises to be the messiest election in U.S. history will have some effects on the markets as we close in on November. Next week has a big bunch of both end of and first week of the month data, but as much of it comes late in the week, mortgage rates probably won’t be affected by it. With this in minds, we think we’ll see another week of little change in the average offered rate for a conforming 30-year FRM as reported by Freddie Mac next Thursday, perhaps just a basis point or two, probably downward.”

The following are interest quotes from Allen Bond of Wells Fargo:

Conforming

Jumbo

Rates shown are for purchase loans only. This information is accurate as of 9/25/2020 6:25:01 PM (CT) and is subject to change without notice.

For information on the many other loan options we have available, including refinance loans, please contact me.