• Sign Up
  • Log In
Pamela Briggs
(909) 631-0006pamela@briggsteamrealty.com
  • Sell
  • Buy
  • Sell & Buy
  • Blog
  • Schedule a Call
  • (909) 631-0006
  • pamela@briggsteamrealty.com
    Copy Email
  • The Briggs Team
    1241 Grand Ave. STE B
    Diamond Bar, CA 91765
    (909) 631 0006
    pamela@briggsteamrealty.com

About

  • Home
  • Contact

Properties

  • Search Properties
  • Browse Areas
Pamela Briggs - Footer Logo
    • Privacy
    • Terms
    • DMCA
    • Accessibility
    • Fair Housing
    © 2025 Coldwell Banker Tri-Counties Realty. All rights reserved.
    Website built by CloseHack.
    California Regional Multiple Listing Service

    The multiple listing data appearing on this website, or contained in reports produced therefrom, is owned and copyrighted by California Regional Multiple Listing Service, Inc. ("CRMLS") and is protected by all applicable copyright laws. Information provided is for viewer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties the viewer may be interested in purchasing. All listing data, including but not limited to square footage and lot size is believed to be accurate, but the listing Agent, listing Broker and CRMLS and its affiliates do not warrant or guarantee such accuracy. The viewer should independently verify the listed data prior to making any decisions based on such information by personal inspection and/or contacting a real estate professional.

    Based on information from California Regional Multiple Listing Service, Inc. as of the most recent time synced and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information

    Your Economic Update and Mortgage Minute 8/26/2020

    Published 08/22/2020 | Posted by Pamela Briggs

    Your Economic Update and Mortgage Minute 8/26/2020:

    Federal Reserve continues to come up with ways to stabilize the markets and interest rates. Federal Reserve continue to buy mortgage back securities (about 4.2 Billion Daily).

    The stock market continues to increase this week (specially NASDAQ) – concerns the health pandemic is taking a back seat to earning and possibility of vaccine.

    FHFA – who controls Fannie Mae and Freddie Mac on August 12th decided to attach a .50 point tax for all refinance transactions effective immediately. Lenders will pass this extra cost to the consumer through higher fees or higher interest rates.   Banks, Mortgage Bankers, and Mortgage Brokers are going to congress to get this reversed. 

    Initial Jobless claims report improved this week. For the first time in 27 weeks we are below 1 million claims.  Good news for the economy.

    Unemployment report dropped from 11.2% to 10.1% in July.

    New Mortgage Applications – Purchase and Refinance applications were down this week as interest rates started to rise.

    The CPI and PPI reports showed inflation starting to increase – which usually means interest rates will also rise.

    Home Appreciation for the first six months of 2020 is around 4.9% nationwide. Price of homes are not coming down due to the lack of good inventory.

    Congress has stalled this week in reaching an agreement for the next stimulus package – President Trump signed executive orders to unfreeze dollars to help consumers during this health pandemic.

    First Quarter GDP was down -5% / Just received Second Quarter GDP and it was down -32.9% Lowest in US history. Hopefully the 3rd and 4th quarters will come back.

    Bidding wars are continuing to heat up with low rates and limited inventory. 60% of agents surveyed said bidding wars are on the rise, as reported in REALTOR Magazine.

    New Guidelines from Fannie Mae and Freddie Mac – regarding self employed borrowers. Lenders will require a Profit and Loss for the current year and will also review the borrower’s assets and cash flow to justify that profit and loss statement.

    Current Interest Rates:

    08/14/20 –Interest rates went up this week due to inflation reports, but still great rates!
    (Based on a 740 FICO / Purchase / 20% down / Single Family / 0 Points) *

    30 Year Fixed Conforming

    3.000%    (3.083% APR) 

    15 Year Fixed Conforming

    2.625%    (2.741% APR) 

    30 Year VA/FHA Loan Conforming

    2.625%    (2.913% APR)

    30 Year High Balance Conforming

    3.250%    (3.363% APR)    

     

    If you have any questions or need anything, give us a call!  

    Related Articles

    Keep reading other bits of knowledge from our team.

      Request Info

      Have a question about this article or want to learn more?