Stable rates (for now), continued Omicron uncertainty, upcoming loan limits, etc. Now more than ever, it is important to stay proactive and up to date on all the news concerning today’s market. Let’s get to the heart of the matter with this week’s Mortgage Monday update.
Another week another report from PMMS of Freddie Mac. The week of December 9 saw minimal changes for mortgage rates overall from the previous week – a much needed break given the expected rise that has been in motion since the start of this year.
Despite this recent stabilization in mortgage rates, the Omicron variant of COVID-19 still poses problems that could lead to market volatility in the weeks and months to come. According to some, the expectation of higher rates in 2022 may not be as dramatic as expected; provided the effects of Omicron are strong enough, pundits predict rate hike will slow as we enter the new year.
With so much uncertainty surrounding mortgage rates, it is important to keep in touch with your Total Mortgage loan officer. Rates remain at historically low levels but are still subject to change – stay tuned for more in next week’s update!
Upcoming 2022 Loan Limit Increases – Conventional and FHA Options
In case you missed it, the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) have made big announcements regarding their borrowing limits for 2022. The bottom line: 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, check out the updated loan limits in detail below.
As we continue through December, be sure to check back every Monday for the latest mortgage rate information, industry news and more. Even though the past week has been relatively stable, things will almost certainly change as the holiday season intensifies and Omicron’s 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 up to date.
Enjoy the rest of your week!
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