Mortgage rates are down again this past week. The Federal Reserve has continued is unprecedented massive purchase of mortgage backed securities to press rates lower in the face of widespread dislocation in the mortgage secondary market. On the supply side, loans for non-QM (non qualified mortgages, basically non-conforming loans) continue to be a problem to obtain. On the demand side, historical recent unemployment will further limit those able to qualify.
Freddie Mac’s Weekly Survey was released this morning with its most recent assessment of the mortgage rate landscape. See the details of their survey below.