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Rates are currently at a 3-year low! {Market Report} February 3rd

Rates are currently at a 3-year low! {Market Report} February 3rd
February 3, 2020 abryant

Market Report - American Family Funding



Yesterday’s average mortgage rates matched the lowest level we’ve seen in three years, according to this morning’s industry headlines.

A paradox of the mortgage markets is that bad news in the world can bring good news for our clients in the form of lower rates. This week’s rate retreat is due in part to the market’s uncertainty around the coronavirus. As the situation stabilizes, rates will likely bounce up again.

Meanwhile, if you’ve been waiting for an opportunity to refinance, access your home’s equity for cash, pay your loan off sooner or even purchase a home, this may be the time for you.

We’re here to help. Please reach out. 661-284-1150

Tough day to be silly…I will just ask you to say a prayer for all the families involved and if you want to watch something moving here is Dear Basketball….https://youtu.be/ziUc0OCDmoU

Target cashier: Did you find everything you were looking for? Me: First of all, I wasn’t looking for ANY of this.

The fact that we’re all different is the one thing we all have in common.

Electricity is really just organized lightning.

I bought some batteries, but they weren’t included.


Now The Market Report . . .


The Fed left rates unchanged this week, as was expected. Fed Chair Jerome Powell signaled the central bank would adjust policy as needed to support 2% inflation.

The deadly coronavirus that started in China continues to spread. Concerns over the economic costs of the outbreak have helped push mortgage rates to 4-month lows.

Consumer confidence jumped in January as the job market outlook improved. The data showed 49% of consumers think jobs are “plentiful,” up from 46.5%.


New home sales fell unexpectedly in December, held down by a shortage of more affordable homes. However, lower mortgage rates supported the overall housing market.

Pending home sales dropped 4.9% in December over November, as the supply of homes hit a record low. Inventory is leanest on the low end, where demand is strongest.

Tight inventory continues to drive home prices higher. Nationally, prices increased 3.5% annually in Nov, up from 3.2% in Oct, according to the Case-Shiller index.


“When life shuts a door, open it again. It’s a door! That’s how they work!”


This week’s potential market moving reports are:


Monday, February 3rd:        ISM Manufacturing Index, Construction Spending

Tuesday, February 4th:       Factory Orders

Wednesday, February 5th:   MBA Applications, ADP Employment Report

Thursday, February 6th:      Weekly Jobless Claims

Friday, February 7th:          National Employment Data

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.

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