Now is the right time to tap into your home equity to finance a renovation or make a large purchase.

In 2020 the amount of equity that borrowers could take out of their homes was at a record low.On Tuesday, CNBC reported, that the soaring home prices in the country led to the record level of home equity.According to data from Black Knight, a mortgage technology and research firm, at the end of 2020, close to 46 million homeowners held a total of $7.3 trillion in equity.

Which is the largest amount ever recorded.This has led to many homeowners considering the home renovation projects by tapping into their equity.Homeowners looking for a home-equity line of credit, or HELOC, face certain challenges said the last month’s report of The Wall Street Journal.As the HELOC offers better rates than a credit card it is a good option.

the average interest rate on this type of credit is 4.86% and that of a credit card is 16%.But in April 2020 during the early days of the COVID-19 pandemic, some banks in the United States of America suspended the origination of HELOCs, including big players like Wells Fargo, JPMorgan Chase, and Citibank.Many of those suspensions are not lifted yet.

The banks offering HELOCs have stricter standards now, so to qualify you might need a high credit score and low debt-to-income ratio.A cash-out refinance, is another option that lets you draw cash from your home where you can replace your old mortgage with a new refinance.Compared to home equity loans and mortgages a cash-out refinance will offer you lower rates.If the cash-out funds are used to make capital improvements then you might also be able to deduct the interest on the first $750,000 of the new mortgage.When mortgage rates are historically low like the present moment a cash-out refinance is the best option because you’re lowering your interest payment even when you are taking out a bigger mortgage.According to the Federal Housing Finance Agency, a new federal refinancing program is starting which will reduce your monthly payment by $100 -$250.Reference Source: Yahoo Financehttps://www.compareclosing.com/mortgagenews/is-it-a-good-time-to-tap-into-home-equity/

Millennials make up the fastest-growing segment of buyers today as they are ending their leases, and many of them are buying houses.According to a recent report of the National Association of Realtors, the millennials who are in their late 20s to early 30s are the fastest-growing segment of buyers today.The household income rates of this set of people were two to four times higher than that of other age groups, noted a research study.Not just as buyers, half the number of sellers in the country are millennials impacting the market said a Zillow study.This movement is probably due to growth in their careers, higher income, and paying off student loans and other personal debts.Covid-19 was a perfect time for rebounding with a steep drop in interest rates providing the right opportunities for buying a home.Just by stretching their budgets a bit, they could afford a better home due to low-interest rates.MILLENNIALS ARE CHANGING THE HOME BUYING PROCESS.Compared to the older generation, the millennials have been slower to buy their first homes.According to this Pew Research study, 52% of adults aged 18–34 choose to move back in with their parents due to economic factors and the pandemic.According to this Pew Research study compared to 83% of the Silent Generation who married at their age only 46% of millennials are married, this is one of the reasons for the delay in home buying.According to a 2017 report by the National Association of Realtors, 99% of millennials used technology in the form of the internet and mobile devices for the home buying process, which is nearly double to Baby Boomers using the internet to browse homes.MILLENNIALS AND REAL ESTATE AGENTS.Important information about homes is now available online so the realtors’ value now comes from negotiation skills, valuable relationships, and their ability to facilitate the home buying process in this digital world.CHOOSING THE SUBURBS OVER THE CITY.A recent Zillow study pointed that 47% of millennial homeowners live in the suburbs for bigger, more updated houses by moving out of the city areas.Overall, they are approaching and treating the homebuying process in a modern way, which will an impact on the economy in the future.Reference Source: Forbeshttps://www.compareclosing.com/mortgagenews/millennials-contribution-in-the-mortgage-and-home-buying-market/

What is a First Mortgage?A primary or initial loan obtained for a property is termed a first mortgage.

A primary lien on the property is placed by the lender who funded the mortgage to buy a home.If in case of default in payment this lien gives the lender the first right or claim on the home.How does a First Mortgage Work?Depending on the type of mortgage, you’ll need to pay upfront, a percentage of its cost as a down payment.Then, regular monthly payments comprising of a portion of the principal and interest, homeowners insurance, and property taxes all need to be paid till the life of the loan.The first mortgage takes priority over any junior lien or second mortgage, attached to the property.So in case of default in payment, your first mortgage lender would have the first claim to the proceeds from the foreclosure sale.Then second mortgage lender can claim from the remaining proceeds.

If you have multiple liens then this chain of priority continues.However the pending property taxes will be repaid first before other claims, and if the borrower is filing for bankruptcy, then the court decides on the precedence of claims.How is a First Mortgage Different from a Second Mortgage?Both first and second mortgages have the property itself as collateral.The main difference being the first mortgage is used to buy the property, whereas a second mortgage can be used for many reasons like renovation, college fees, consolidating debts or healthcare costs, a vacation, or various other expenses.Sometimes a second mortgage is used to cover the down payment and closing costs.Second mortgages usually have higher interest rates compared to first mortgages.Home equity loans, and (HELOCs) are the two most common types of second mortgages.Reference Source: Bankratehttps://www.compareclosing.com/mortgagenews/all-about-first-mortgage/

For the fourth consecutive month of an existing home, sales have dropped 0.9% in May because of short housing supply and strong buyer demand reported the National Association of REALTORS.According to NAR in spite of this, sales were up 44.6% year over year.

The median price for an existing home is now at $350,300.NAR Chief Economist Lawrence Yun said, in May the home sales fell moderately and are reaching pre-pandemic activity now.Home sales are being held back due to a lack of inventory, but some first-time buyers out of the market due to rising prices.Yun added the market looks encouraging because supply is expected to improve, giving buyers more options and help bring down record-high asking prices for the existing homes.The NAR’s May existing-home sales report shows:89% of homes sold were on the market for less than a month.

And properties sold in 17 days, last year they sold in 26 days.The median existing-home price was up 23.6% at $350,300 a year earlier it was $283,500.At the end of May, total housing inventory reached 1.23 million units, down 20.6% from this time in 2020.

At the current sales rate, the unsold inventory is at a 2.5-month supply.31% of sales consisted of first-time buyers down by 34% from last year.Individual investors and second-home buyers bought 17% of homes, up from 14% a year earlier.Less than 1% of foreclosures and short sales, which is 3% down from last year.Reference Source: Realtor Magazinehttps://www.compareclosing.com/mortgagenews/home-sales-to-relapse-soon/

Important mortgage rates like the 30-year fixed and 15-year fixed mortgage rates grew.

Also, the common type of variable-rate mortgage notched higher.Mortgage Rates CurrentlyThe 30 years fixed mortgage rate is at 3.09% which was at 3.05% last week, now rose to 4 basis points from then.The 15 years fixed mortgage rate is averaging at 2.36% from 2.35% of last week, which is an increase of 1 basis point from the same time a week before.The 30-year jumbo mortgage median rate is 3.11% that was 3.07% the last week which rose to 4 basic points from then.The 5/1 ARM rate is averaging at a 3.16% uptick by 1 basis point to the last week’s rate.Along with the purchase, a mortgage, refinancing too became more expensive.The mean rates of 30-year fixed and 15-year fixed refinance mortgages saw a rise.

The average rates of a 10-year refinance loan, also inched up.The Average Refinances RatesThe 30 years fixed refinance rate is at 3.15% rose to 6 basic points from 3.09% same time a week beforeThe 15 years fixed refinance rate is averaging at 2.43%And the average 10 year refinance rate is at 2.43%Since the economy is getting stronger the demand for homes has increased.Many experts predicted that in 2021 the mortgage rates will dramatically increase, yet in spite of the current rates spike and crossing 3% rates are still near below the levels predicted.Reference Source: Next Advisorhttps://www.compareclosing.com/mortgagenews/may-18-2021-mortgage-and-refinance-rates-crept-higher/

While in situations when you are not having cash in hand a credit card is a great tool and so is it when you are earning rewards but a lot of time the interest rate you’ll pay is very high.Ideally, you should never carry a balance, so you don’t waste a fortune on interest charges.While paying your balance in full each month is always the best course of action, but it isn’t possible for everyone, they get stuck with huge credit card debt.When so much of your monthly payment goes toward high-interest charges it becomes difficult in paying down that debt.You have few options to reduce the cost of borrowing one is with a balance transfer credit card and another option is with a personal loan.Keep reading to learn more about each option.A Balance TransferYou can reduce the interest rate on your credit card debt if you can qualify for a balance transfer credit card.A balance transfer is an offer from a credit card company, that gives you a special promotional rate if you agree to transfer your debt to their card.The balance transfer offers usually comes with a 0% rate but they last for a limited time, of 12 or 15 months.If you qualify for a balance transfer card, then you will be able to reduce your interest rate to 0%.

Though you might have to pay an upfront fee of about 3% — 4% to transfer your balance.But when you do the math it will be a lot less than the amount of interest you would end up paying if you didn’t transfer your debt.But if you can’t pay off the transferred balance before the promotional rate expires then you’ll be right back to a higher credit card interest rate.This still may be a good option, because you get time to save money on interest and pay down your principal balance each month.A Personal LoanAnother way to tackle your credit card’s interest rate is through a personal loan.

Compared to the credit cards interest rate personal loan rates are quite low.You can apply for a personal loan, and if you qualify and are offered a competitive interest rate, you can take out the loan and use the proceeds to pay off your credit card.Unlike a balance transfer, A personal loan isn’t going to give you a rate of 0% as the balance transfer, but you’ll have a fixed interest rate so your monthly payment and total interest costs wouldn’t change over time.A personal loan can help you to predict exactly what you’ll pay and when you’ll be free of your debt.Both a personal loan and a balance transfer could help you reduce your interest rate.Look into what interest rates you qualify for as well as determine your timeline for paying your balance off.Reference Source: Yahoo Newshttps://www.compareclosing.com/blog/about-homeready-mortgage-in-texas/

The important mortgage rates remained unchanged today.

Both the average 15-year fixed mortgage rates and average 30-year fixed mortgage rates both were steady.While average rates for 5/1 adjustable-rate mortgages slumped.

Comparatively mortgage rates are quite low right now even though they are constantly changing.If you are looking for a fixed rate, now is an ideal time to own a home.Take your personal needs and financial situation into account before you purchase a house, and find the right one for you by comparing offers from various lenders.30-year fixed-rate mortgagesThe average 30-year fixed mortgage interest rate is 3.09% and was the same a week ago.A 30-year fixed mortgage is the most common loan term and has a higher interest rate but smaller monthly outgo than a 15-year term.15-year fixed-rate mortgagesThe average rate for a 15-year, fixed mortgage also remained the same as last week at 2.37%.A 15-year loan will be a better deal if you’re able to afford the higher monthly payments.So you will be able to get a lower interest rate, pay off your mortgage faster, and will pay less total interest in the long run.5/1 adjustable-rate mortgagesA 5/1 adjustable-rate mortgage has decreased by 1 basis point since last week, now the average rate is 3.10%.Mortgage rate trendsYou can connect with your local mortgage broker or use an online calculator to get a personalized mortgage rate.Look at your goals and current finances before researching home mortgage rates.

Interest rates will depend on various factors like your credit score, down payment, debt-to-income ratio, and the loan-to-value ratio.When a borrower has a high credit score, a good down payment, low DTI, and a low LTV, or any combination of those factors the interest rate will be lower.Other than the mortgage interest rate, additional costs like closing costs, fees, discount points, and taxes will add to the cost of your house.In order to get a mortgage that’s best for you shop around with multiple lenders.Reference Source: CNEThttps://www.compareclosing.com/mortgagenews/what-does-it-mean-when-the-mortgage-rates-does-not-change/

A coalition of Realtor groups on Thursday requested the Supreme Court to block the orders by US Centers for Disease Control and Prevention forbidding landlords across the Country from evicting tenants who failed to pay rent during the pandemic situation.On the 30th of June, the current moratorium is set to expire.There was a ruling against the CDC by a district court, holding that the moratorium was unlawful, but post an appeal the ruling was put on hold.The DC Circuit turned down the request to lift the stay.The justices were requested to step in on an emergency basis by the Realtor groups arguing that the CDC was never given the power by Congress that it now claims.They argue that the moratorium has now reached the unpaid rent per month of over $13 billion.In March the CDC extended the eviction moratorium to June 30, marking the third time the cutoff date for lifting the ban has been postponed.The first order first went into effect in September 2020 and was initially set to expire in December, then the protection was extended until January 31.The first act in the office of President Joe Biden was called to the CDC to extend the ban until March 31.As part of a massive coronavirus relief bill in March 2020, the lawmakers approved the original eviction ban.The moratorium has faced several legal challenges.

When some courts said the CDC has the authority to issue the order and did not support the ban, others courts have ruled in favor of landlords.In Ohio, a federal judge ruled that the CDC had exceeded its authority in issuing a nationwide eviction ban.There have been conflicting rulings at the district court level, all having their limited impact.Reference Source: Albany Heraldhttps://www.compareclosing.com/mortgagenews/will-supreme-court-block-cdcs-eviction-moratorium/

If you Are looking to be the owner of a property in the US, you’ll have to pay property taxes.Property taxes are a necessary part of real estate.

Fortunately, property taxes vary by state, so you have little control over how much property tax you have to give.Property taxes even vary by county, but we’ll estimate property taxes by the state to help you decide where to purchase a home.Nationwide, Americans pay a standard of $2,471 in property taxes each year.

However, this number can vary drastically between states as residents of Alabama pay $587 annually and residents of New Jersey pay $8,362 annually.The state you choose could have a major impact on the amount of property tax you pay each year.HOW PROPERTY TAXES ARE CALCULATED?To understand why property taxes differ by state so much, it’s important to first know the property tax calculation.For each homeowner, the annual property tax amount is calculated by multiplying some millage rate by the property value.The millage rate is, also called the property tax rate, is a percentage tax rate found using the state’s average mill levy.Each county has diverse mill levies, which is a flat dollar tax amount paid for each $1,000 in property value.Property taxes apply proportionately, which means to calculate your entire tax amount for the year, you can apply the millage rate indiscriminately.For example, if the millage rate is 1.8% in your state and you have a $500,000 home, your overall property tax would be $9,000.This is vital because it means that when considering property taxes, you have to equally pay attention to the property tax rate and the property value.The reason New Jersey has the highest property tax in the US by far is that it has one of the highest millage rates and one of the highest median home values.These two factors give an average property tax over 30% higher than the next highest state, Connecticut.https://www.compareclosing.com/mortgagenews/the-states-having-the-lowest-property-taxes/

Fannie and Freddie’s shares, which are down more than 40% in the past week after the Supreme Court’s ruling last week that the president can readily replace the head regulatorA new chief overseer can now be appointed by the Biden administration because of the holdover from the Trump administration, who was seeking to release the companies from government conservatorship during his term.So these government-sponsored enterprises are getting prepared to attract private investors to raise their capital requirements, yet boosting their returns.To many, it means higher fees and tighter access to guarantees because the fees bump last year sent mortgage originators’ shares down sharply.With an aim to make mortgages cheaper and more widely available the GSEs’ regulator under President Biden, may try to cancel some of the earlier measures, or put other initiatives.By cutting fees, or expanding the types of borrowers or loans they back, GSE’s could increase the market size for the firms that originate many qualified mortgages.Supporters of the prior administration’s approach might say that by discouraging the growth of other types of mortgages the GSEs in their current state distorted the market.Some big banks, too, have seen their share of the mortgage business go up with a smaller footprint for government-guaranteed loans, but they also benefit from unloading the credit risk.KBW analyst Bose George said additional credit protection on GSE guarantees was offered by mortgage insurers.He felt they might benefit if the Biden administration can help homeowners break off default, even though credit risk is already alleviated by the economic recovery.When more volume flows through the system it would be a boost to insurers.Even though President Biden’s full plans for the entities are unclear yet but reorienting Fannie and Freddie’s policy to make their services cheaper or broader would benefit many stocks in the mortgage sector.Reference Source: WSJhttps://www.compareclosing.com/mortgagenews/fannie-and-freddie-policies-to-be-reoriented-to-make-them-cheaper/

Today CoreLogic, released its monthly loan performance insights Report for March 2021.The president and CEO of CoreLogic, Frank Martell, said that as the economic effects of the pandemic begin to decrease homeowners are catching up on their debt, which is another sign of overall recovery.4.9% of all mortgages in the U.S. were in some stage of delinquency for the month of March, showing a 1.3-percentage point increase in overall delinquency rate in comparison to March 2020.

Since last March when it was 3.6% this month’s overall delinquency is at its lowest rate.CoreLogic examined all stages of delinquency to gain an accurate view of the mortgage market and loan performance health.

the U.S. delinquency and transition rates, and their year-over-year changes in March 2021, are as follows:* Early-Stage Delinquencies — due past 30 to 59 days, is at 1%, which was at 1.9% in March 2020.

* Adverse Delinquency — due past 60 to 89 days is at 0.4%, which was at 0.6% last year.

* Serious Delinquency past 90 days or more and loans in foreclosure is at 3.5%, which rose up from 1.2% in March 2020.

* Foreclosure Inventory Rate which is the number of mortgages in some stage of the foreclosure process is at 0.3%, lower from 0.4% same time last year.

Due to the COVID-19 pandemic offices across the U.S. were empty.

Suddenly the businesses had to adapt to the remote-working environments.A looming crisis in the commercial office market was predicted by many.But within a year the American economy recovered at a faster pace, bringing optimism in the attitude of companies and workers.According to a recent survey of employees in professional and financial services conducted by Arizent, which is the parent company of National Mortgage News, a similar physical footprint or even expansion is expected in the post-pandemic environment in over half of American companies.The commercial office market faced a huge financial blow due to COVID-19, and the effect of it will be months before a complete picture emerges.Paul Leonard, managing consultant of CoStar, the research platform serving commercial real estate said that there will definitely be some continued weakness in leasing in the next 12 months as the real economy takes a while for actions for instance in cases like hiring and GDP growth to flow through to office demand as leases are anywhere from a few years to 10 to 15 years which is quite a long time.According to Wells Fargo’s Economics’s commercial real estate chartbook, businesses are seeking out flexible office space to accommodate hybrid work models.The primary factor in determining the plan for returning to the office was worker’s preferences said 30% of the Arizent survey respondents.Now that employees are likely to work remotely, because of the expectation of a less crowded and safer environment when they head to the office in the post-Covid era.According to Wells Fargo’s research renovations for dedicated workspaces and to keep people spaced out when they’re in the office will require mending of older buildings to make necessary tech improvements.The new ways to work remotely have enabled the workforce to be more flexible, but it is not going to be the dominant way or a common way to work.It would be only in 2022 that business leaders and developers can get a full idea about how the future office environment will be shaped.Reference Source: Newso Timehttps://www.compareclosing.com/mortgagenews/how-would-office-space-in-u-s-look-like-post-covid/

Buying a house is the biggest financial decision made by many.

And the process of homebuying is at times complicated and stressful.As it is such a big commitment financially, you need to do your research well.Before committing to a mortgage payment here are few things that you must consider.As it is such a big commitment financially, you need to do your research well.Before committing to a mortgage payment here are few things that you must consider.GETTING QUALIFIEDBefore you start looking at different properties and real estate, it is advisable to get prequalified.Where you reach out to the bank or a lender to get to know the basic credit process.This will determine whether the bank is willing to give you a loan in the first place.Sometimes it can take months to get approved by banks and lenders.

Getting a prequalification before you go home hunting, will give you a clear idea of how much will you be able to qualify and what should your budget be.PROOF OF INCOMEWhen you are applying for a loan the bank or lender will ask you for proof of your income.So the banks will get an idea of the money you will have at your disposal for the long term.Your income proof will be work or tax forms that indicate a steady income for the past several years.ASSETSWhen you show your assets and wealth like investments in real estate, business ventures, and the stock market then you not only showcase your ability to repay your mortgage but also assets that can be used as collateral, in case of default.YOUR DEBTSThe banks will also want to look at your debt to income ratio because even with a good amount of income and assets, your debt could outweigh those positives, making you a liability for lenders to negotiate.All types of debt, from credit cards, car loans, or school loans will be considered.So if homebuying is your goal try to pay off your debts as early as possible.CREDIT SCOREYour credit score reflects your ability to make your payments on time and your ability to manage your finances.A bank wants to enter a contract with a candidate who is a good financial investment for them.If your credit score is bad, it makes you a much bigger risk for them, and they will not want to offer you a mortgage.TYPES OF MORTGAGEThe main two mortgage types are a fixed-rate mortgage and an adjustable-rate mortgage.In a fixed-rate mortgage, you are charged a specific interest rate that will not change, over the life of the mortgage.With an adjustable-rate mortgage, depending on market interest rates the amount of money you pay will change.A lower fixed-rate mortgage gives you the certainty of knowing exactly how much you will pay over the term of your contract.GOVERNMENT MORTGAGESWith government loans, the credit score demand is not too stringent but they come with higher interest rates and insurance or upfront fees.Government loans provide assistance to people who cannot qualify for traditional loans because of lower incomes or lower credit scores, it is also beneficial for people living in rural areas, or for military veterans.Before you commit to a mortgage, understand your budget and what you can afford.Look at your financial limitations by doing thorough research.

Be comfortable and consider your budget carefully.Reference Source: Washington Independenthttps://www.compareclosing.com/mortgagenews/what-to-consider-before-home-shopping/

In its 144-page annual report, the Federal Housing Finance Agency (FHFA) argued for greater capital requirements by wanting to strengthen its capital reserves and end conservatorship.The regulator of the government-sponsored entities (GSEs) asked Congress to authorize it to investigate non-bank lenders who do business with the GSEs and allow it to sanction other entities to compete with the GSEs.The FHFA also requested Congress to put an end to any exemptions or special treatments for the GSEs so that it is shoulder to shoulder with the private sector.The report argued for the need to raise enough funds to end the conservatorship, though it is very unlikely.One former GSE official who spoke to HousingWire questioned how much of the reports’ contents would be significantly revised, The upcoming supreme court decision will allow President Biden to remove Mark Calabria, the FHFA director.Calabria, who is a critic of the GSEs, is having very different priorities for the regulated entities as compared to the Biden administration.Because conservatorship provides control over the housing market, it is one reason the federal government is not likely to give up its control over the GSEs.Approximately half the country’s residential mortgage market is owned or guaranteed by GSEs.During the FHFA’s response to the pandemic, the regulator suspended single-family foreclosures and foreclosure-related evictions and rolled out options of forbearance on disaster response efforts.Even if the response has averted a wave of foreclosures, but it had significant costs noted in the report.The Congressional Budget Office estimated that it would take a $10 billion loss.The report said in order to prevent that loss, the agencies began adding an adverse market fee of 0.5 % on some refinance mortgages.Which got a response that the fees did not help with mitigating risk and were only an attempt to cushion its capital reserves.The losses weren’t as predicted because Fannie Mae’s net income in 2020 was $11.8 billion, which was $14 billion in 2019. at the end of 2020, Freddie Mac’s net income was $7.3 billion, a 2% increase from 2019.The regulator also cautioned that even though borrowers have come out of forbearance, the delinquent loans are still quite high.In December 2020, Fannie Mae and Freddie Mac had delinquent loans of 615,000 in their single-family guarantee portfolio.Reference Source: Housing Wirehttps://www.compareclosing.com/mortgagenews/fhfa-wants-to-end-conservatorship/

According to the Mortgage Bankers Association’s seasonally adjusted index, last week the mortgage loan applications fell 4% in comparison to the previous week.Yet the volume was higher by 2% for the same week last year, when the housing market was raising its head up after the pandemic shut it down.Joel Kan, an MBA economist said there was a drop in purchase applications for both conventional and government loans.Even when the building material shortages and higher costs are restricting purchase activity, the demand for buying a home is getting stronger.The prices are continuing to climb at the fastest pace in over 15 years, resulting in the average purchase loan balance also climb.In the 2nd week of this month, the average hit $411,400 the highest since February.The average rate for 30-year fixed-rate mortgages with conforming loan balances increased from 3.11% to 3.15% with points increasing from 0.32 to 0.36 for loans with a 20% down payment.The rate was still lower than it was in March, giving the borrowers an opportunity to save on monthly payments.Refinance home loan applications increased 4% from last week but were 2% lower than the same time the previous year.The refinance share of mortgage activity increased from 61.3% to 63.3% of total applications.He added that the refinance application volatility will continue if the rates are going to be at current levels.Reference Source: CNBChttps://www.compareclosing.com/mortgagenews/the-rising-prices-does-not-dissuade-homebuyers-from-applying-for-bigger-mortgages/

Last Friday the average mortgage rates fell.

And this week they start at their lowest level in more than a month.However, the early movements in markets suggest that mortgage rates could rise today.The conventional 30 years fixed mortgage rate remains unchanged at 2.81%The conventional 20 years fixed mortgage rate remains unchanged at 2.62%The conventional 15 years fixed mortgage rate use by 0.01% today and is standing at 2.13%The conventional 5 year ARM stands at 3.53% same as last week.The 30 years fixed FHA remains unchanged since a week back at 2.68%The 15 years fixed FHA rate has moved up by 0.14% since last week standing today at 2.41%Last week’s rate fall was welcoming but the rates will not stay there for long.Compared to last week the yield on the 10-year treasury rose by 0.03%, which is bad news for mortgage rates.The mortgage rates and economy go hand in hand if the economy does well the rates will go up and economists are expecting 2021 to be a boom year so if you are still looking for an opportunity to lock in a mortgage now is the best time.Reference Source: The Mortgage Rateshttps://www.compareclosing.com/mortgagenews/todays-mortgage-and-refinance-rates/