December Mortgage Market
After reaching a short-term low on November 28, mortgage rates rebounded quickly. Although the Federal Reserve cut rates by 25 basis points on December 10, mortgage rates did not see an immediate or meaningful improvement.
The November CPI report released on December 18 showed inflation came in well below market expectations. However, this positive news had already been largely priced into the market, making December 17 the effective recent low for mortgage rates. Following the CPI release, rates did not move noticeably lower.
Reminder: Our 45 bps Hybrid / Virtual Closing credit will expire on December 31. Borrowers who wish to take advantage of this offer are encouraged to lock their rate before the deadline.
Mortgage Servicer Transfer
Many borrowers ask how to handle a mortgage servicer transfer to ensure payments are not late, delayed, or harmful to their credit.
Under federal regulations, during the first 60 days after a servicer transfer becomes effective, as long as your payment is made on time, even if it is mistakenly sent to the previous servicer, it will not be considered late and will not negatively impact your credit score.
⚠️ Important reminder: Existing auto-pay settings do NOT transfer automatically. Once you receive a servicer change notice, be sure to manually update your payment information to avoid unnecessary issues.
For more details and practical tips, please refer to our blog article.
Waive the Right to Receive Your Appraisal Early?
Under federal regulations, borrowers normally have the right to receive the appraisal at least three business days before closing, giving them enough time to review the property value and make informed decisions.
Choosing to waive this right can speed up the loan process, but it also means you will have less time to review and discuss the appraisal results.
Ultimately, deciding whether to waive your right is a balance between closing speed and review time, depending on your personal situation.
For detailed comparisons of both options, real-life examples, and key considerations before signing, please refer to our blog post.
Click on the link to view today's home purchase/refinance rates: