Uncertainty of Stimulus Package Has Direct Impact on Mortgage Rates in Northern Virginia
From Rob Clark at Preferred Mortgage:
“Attached is this week’s mortgage update. Rates increased a bit last week and closed the week at 5.375% with 0 points for a conforming loan of up to $417k. The rates have been steadily increasing now for the past 3 weeks as Wall Street tries to determine the impact of the in-the-work stimulus package on the economy and on mortgage rates.
I expect volatility to remain fairly high until we have a definite idea on the terms and conditions of the package and will report an update once the results have been announced.”