Mortgage Finance Forecast for August 2021
Advancing Mortgage Forecast
Our last review of the Mortgage Finance Forecast occurred in January 2021 and suggested that the historically low mortgage rates of the past were behind us. As we move into the second quarter of 2021, the forecast holds however our mortgage rates have fallen for a third consecutive week as of April 22, 2021, and are currently below the rate from one year ago. The forecast has rates averaging 3.4 percent by the end of June 2021 which means that the rates we are currently experiencing need to jump in order for the average to reach 3.4 percent. Likewise by the end of 2021, the average rate is forecast to be 3.7 percent which means rates are expected to exceed 3.7 percent for some period of time before the end of 2021.
The mortgage rate graph depicts a steady decline during the past 40 years. The graph was from a housing and economic recovery webinar presentation prepared for the Hawaii Association of Realtors by Dr. Paul Brewbaker, a respected and renown local economist. Click Here if you would like to view a full recording of the webinar.
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VA Home Loans
So what do these rates mean if you are seeking a Veteran's Assistance or VA home loan? VA home loan is a home loan guaranty program offered to Veterans, military service members and eligible surviving spouses. The rates one actually qualifies is based on several factors including the loan program, credit score and credit worthiness. The forecast rates are only intended to provide you with insight into what the market considers as the overall average rate for the given period. You must check with your financial institution to find out what rate you qualify and in some cases that rate may be lower than what you see forecast by Mortgage Bankers Association.