Mortgage News

  • How do you Eat an Elephant – one bite at a time.

    Purchasing a home can be overwhelming even if you’re a pro. Go slow, ask questions, find the right professional that has your interest not theirs.

    I tell my buyers; you are making the house payment not me. Take one bite at a time. Get out there and start the process we are here to help.

    On a technical note. Strong 10y bond demand. this helps lower the interest rates. at 1:00pm EST there is a 30y Bond Auction and expect high demand.

    We are floating our clients for now in anticipation of the above Auction.

    Four more days until Super Bowl. Go Eagles. oops that was internal dialog.

  • Home Prices up 6.9%

    Corelogic Home Price Index released their Home Price Index for December. Down .4% but up 6.9% from this time last year. January forecast decline .2% but expect a 3% increase in the next year.

    I had a conversation with a client that wanted to wait until the market dropped. I don’t see any indication that will happen anytime soon.

    Inventory is one of the driving forces or lack there of.

    have a great rest of the week, we are half way through…

  • Everyone has a plan until you get Punched in the face – Mike Tyson

    The Jobs report is a tricky one. 517k new jobs in December, 50 year low unemployment, what to do, what to do.

    The Fed Chair Jerome Powell will be speaking between 12:30est and 1pm est. The market is watching this closely to see what he says about the jobs report.

    There were more full-time jobs last May than there are today. Let that sink in a bit. Not one full time job has been created in net over that time span. Layoffs are not always a bad thing except if you are the one being laid off. It allows companies to trim the fat so to speak. Lean and Mean.

    Have a great week and always reach out if you have any questions.

  • Don’t Trust Atoms, they make up Everything

    The housing market is difficult to predict when all the trusted sources are saying something different.

    The bottom line is there are more qualified buyers searching for homes than there are properties for sale. When I played Volleyball and was ready to block a shot, I didn’t look at their arms flailing around. I looked at their core and when that moved I moved.

    An interesting side note. “93% of borrowers who are in foreclosure today actually have positive equity in their Homes,…” – Rick Sharga real estate data company ATTOM (not to be confused with my headline).

    Make it a Fantastic week.

  • Inheritance, a word everyone likes, besides the grim arrival of the word.

    In the credit world inheriting a revolving account is even better. You get the immediate benefit of all the history without the complications.

    Credit can be the difference between buying a home and renting. Before you start messing with your credit, talk to one of us so we can help you understand the impact of paying off a debt opposed to paying it down. As a lender have seen it all and understand how critical credit can be.

    Have a great weekend. We are always here to help.

  • I’m not slurring my words, I’m just talking in Cursive – Fed Reserve

    Disinflation. That’s a word we haven’t heard in a long time.

    dis·in·fla·tion /ˌdisənˈflāSH(ə)n/ The reduction in the rate of inflation. But let’s not confuse this with deflation.

    de·fla·tion /dəˈflāSH(ə)n/ Is the general decline in prices for goods and services.

    To be clear, prices are still going up, just at a slower pace. This tends to have less harm to the economy and may indicate a softer landing for a recession.

    Schools out, go have fun at recess and enjoy the rest of your week.

  • In 1918 Five time zones were officially adopted -Railroad Industry

    2PM EST (Eastern Standard Time) Fed Chair Jerome Powell will speak at a press conference post todays statement release. 25bp hike is in the bag but what will Mr. Powell say about inflation, recession, job growth and how many hikes are left.

    We are still Floating our clients but very aware of the Time Zone…

    Have a great rest of your week and here to help.

  • Waiting for the Housing market to Cool, Data Says otherwise.

    I have clients that are waiting for the other shoe to drop. Remember 2008, I do and this is not it. All the Data points to home prices up 7.7 to 8.2% y/y. It’s about inventory and demand. Don’t Wait, the train is leaving the station.

    A quote from FHFA “U.S. House prices were largely unchanged in the last four months and remain near the peak levels reached over the summer of 2022, while higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

    Today is National Fun at Work Day and Hot Chocolate Day.

  • Lions and Tigers and Bears Oh my

    We have allot going on this week. Earnings reports, Feds and Debt Ceiling.

    Apple, AMD and Google lead the busiest week of reports. The Feds will have their first meeting and a rate decision of 2023. And let’s not forget about the Jobs report.

    The US has already hit its statutory limit on debt earlier this month but we can prevent a default. The important take away is the Debt Ceiling posturing will remain a threat for months to come. Stay tuned.

    On a side note… my two teams lost their bid to the Super Bowl Sunday.

  • “Stranger Things” was 2022’s most streamed original series in the US

    That sums it up… PCE or Personal Consumption Expenditures – Inflation Report was slightly higher but Y/Y fell from 5.5% to 5%. This was expected.

    Consumers i.e. you and I are spending less, this is good for inflation and rates. Pending home sales are up 2.5%. even though sales are down compared to last year it is moving in the right direction.

    We are slowly crawling out of the hole.

    Have a great weekend and happy to take your calls and emails.