The Matt Wright Team

, : Average mortgage rates last week remained low, and in some situations were slightly better than the previous week.... : Average mortgage rates will remain low this week, but could fluctuate a bit day-to-day depending on headlines about the covid relief plan and concerns about the economy stalling amid lockdowns. We also have a Fed meeting that concludes on Wednesday that could play a role in rates and pricing this week. We aren't likely to see large changes to rates either up or down this week. ' : - Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low and generally stable. - Fed Meeting: The Fed will release a policy statement on Wednesday that could affect pricing for the day. - Economic relief talks: A deal is expected to get done this week as part of a larger spending bill. Markets have already priced in a deal worth nearly $1 trillion, but we could see further reaction. - Lender capacity: Lenders continue to struggle with volume constraints, making it unlikely they would push rates significantly lower this week, although small improvements are possible.

Homeowners gain over $1 trillion in equity during third quarter - American homeowners collectively saw their equity increase by more than $1 trillion year over year in the third quarter, according to the latest data from CoreLogic. That’s a collective annual increase of 10.8%, as well as an average gain of $17,000 per homeowner the largest average equity gain since 2014’s first quarter....

- . It helps lenders determine how likely you are to repay a loan. For a mortgage, the FICO score is also a big factor in what interest rate you will be offered. . It measures how long you've had credit, how much credit you have, how much of your available credit is being used and if you've paid on time. FICO Scores are calculated us...ing many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). The FICO score that a mortgage lender uses is not usually the same as one you may get on your own, through services like CreditKarma. Your FICO Scores consider both positive and negative information in your credit report. Late payments will lower your FICO Scores, but establishing or re-establishing a good track record of making payments on time will raise your credit score. ' , , . ' .

, : Average mortgage rates last week remained low, and in some situations were slightly better than the previous week.... : Average mortgage rates this week will remain low, and are unlikely to move up or down much. Most movement will come in the form of better rebate pricing, the credit a lender gives you towards your closing costs or the cost to obtain a lower rate, usually referred to as 'points'. ' : - Covid-19: An increase in covid cases and hospitalizations has some areas of the country going back to lockdowns or implementing business curfews. The effect will be bad for the economic recovery, helping to keep rates low for the near term. - Economic stimulus: The Fed continues to buy Treasuries and mortgage bonds, helping to keep rates low and stimulating the economic recovery. - Economic data: A couple of Treasury auctions, and some data on inflation later in the week could have a small effect on rates this week, but not much. - Stimulus talks. Markets have priced in a stimulus package to get done this month, which put some pressure on rates and pricing due to added debt and more Treasury supply in the bond market.

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