Mortgage Report and Market Update

Mortgage Report and Market Update

January 6, 2021


By Saeed Ghaffari

Mortgage Report and Market Update


Crystal Ball Anyone?


Could you have ever predicted or foreseen the interest rates in 2s or lower? I’ll be lying if I say I did. These rates are unprecedented in recent history, they are even lower than before the holidays. Will they get lower? I don’t know, I doubt it and I don’t have any explanation for it either. Yes, I know we are in a global pandemic and we might be facing a recession as a result, I know it was an election year, I know, I know… But rates this low! Below 2%? C’mon? Don’t take me wrong, I am not complaining. As a person who makes his living off of lending on and borrowing off of real estate, I am beside myself to see the rates this low. I am just in awe. 

What puts me in further shock is this revelation: According to a report on November 16, 2020 by Zach Wichter of, 27% of mortgage holders don’t even know what their rate is and whether it’s worth refinancing!  Only 17% of mortgage borrowers refinanced their mortgage in 2020, 27% have considered refinancing, but have not done so and 52% have not even considered refinancing.!!?? Wow? Is it shocking or what?

Without a doubt, some may have legitimate reasons, and I would think a lesser percentage of them. The rest of them fall victims of financial illiteracy, procrastination, and negligence, getting tangled up in a rat race, fighting for survival and not having time to breath.

Doesn’t matter what category you fall under, here is the good news: The rates are still incredibly low and you have not missed the boat yet.  If you have not taken advantage of them, you should, as most likely it will be a very long time before you see the rates in 2’s or lower again, if ever at all.  If you have qualification challenges, or simply you are looking for an honest and experienced lender, for all your mortgage needs, reach out to me or Michelle Yar and we’ll connect you with the right lender who can serve your needs and help you take advantage of these historically unprecedent low interest rates.

You Deserve 100% Commission

Learn about our 100$ Commitment to 100%  Commission

Gold Sponsor of M&M

Order your NHD Report  on M&M

Not a M&M Member?

Call Us Today

714 469 5529


Related Articles

Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In

Prices falling in expensive cities

In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.

We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.

It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.

The only way to know for sure is to wait until the latest rate hike sets in.

Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.

‘Deals to be had:’ Homebuyers Should Ask For These Incentives While They Have The Upper Hand

The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.

At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.

Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.

“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of, told Yahoo Finance.