Steady rates (for now), continued Omicron uncertainty, upcoming loan limits, and more. Now more than ever, it’s important to stay proactive and updated on all news pertaining to today’s market. Let’s get right into it with this week’s Mortgage Monday update.
Another week, another report from Freddie Mac’s PMMS. The week of December 9 saw minimal changes for mortgage rates across the board compared to the week prior – a much-needed break considering the projected rise that has been in motion since earlier this year.
Despite this recent stabilizing of mortgage rates, the Omicron variant of COVID-19 still poses concerns that could result in market volatility in the coming weeks and months. According to some, the expectation of higher rates in 2022 may not be as dramatic as anticipated; under the condition that Omicron’s effects are significant enough, experts predict a slowdown in the rate rise as we enter the New Year.
With so much uncertainty surrounding mortgage rates, it’s important to keep in touch with your Total Mortgage loan officer. Rates remain at historic lows but are always subject to change – stay tuned for more information in next week’s update!
Upcoming Loan Limit Increases for 2022 – Conventional and FHA Options
In case you missed it, the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) made big announcements regarding their borrowing limits for 2022. The result: more bang for your buck to help compete with rising market prices. With loan limit increases for both conventional and FHA options, these upcoming changes will benefit a wide range of borrowers and create more flexibility in the market. The start of the New Year will be a great time to lock in a new rate, so be sure to contact your Total Mortgage loan officer now to get the ball rolling.
For now, review the updated loan limits in detail below.
As we continue through December, be sure to check back every Monday for the latest on mortgage rates, industry news, and more. Even with last week being relatively steady, things are almost certain to change as the holiday season ramps up and the Omicron situation evolves. Contact us if you have any questions and as always, we’ll be monitoring the news every step of the way to keep you in the know.
Enjoy the rest of your week!
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