Not much movement in mortgage interest rates for week ending 10/21/20

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:

“Overall applications for mortgage credit eased this week by 0.6%, refi activity edged 0.2% higher and is running about 74% above year-ago levels (not surprising when you consider that mortgage rates are about one percentage point lower now than then). However, applications for purchase-money mortgages have been rather softer, with a 2.1% decrease in the week ending October 16 a fourth consecutive decline (and six of the last weeks have also been down). Apps for purchase mortgages are currently about 26% above year ago levels, but there has been a definite cooling trend of late. The shifted-to-summer spring homebuying market may be coming to a close and more measured seasonal demand may be starting to form.

Yields on the influential 10-year Treasury have firmed up again, and that does seem to have spilled over a little into other mortgage-rate influences. With that as backdrop, we are of the mind that the average offered rate for a conforming 30-year FRM as reported by Freddie Mac will a touch higher when next Thursday’s morning comes and new data is released, perhaps by couple of basis points.”

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

Conforming

Jumbo