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For the Week Ending October 5, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

 

The non-manufacturing services sector expanded last month at the fastest pace on record. The news helped trigger this week's rise in mortgage rates.
Jobless claims last week fell to a near 49-year low, pointing to sustained labor market strength. The strong labor market could contribute to further rate increases.
The sudden rise in bond yields this week triggered higher mortgage rates. It's likely bond yields will continue to advance heading into 2019.

 

Year-over-year mortgage application volume was down 15% last week. However, volume was unchanged from the previous week.
Builders say new tariffs are adding as much as $9,000 to the price of a new home. Builders are also plagued by labor shortages and increased building regulations.
As home prices rise, so do rents. In some cities, renters have turned to rent strikes to compel landlords to negotiate rents and improve maintenance.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


Buying a home and looking to finance your closing costs? Who better to explain how it all works than Erin the Expert? Watch the video then get more details from our article on the topic.

Understanding Seller Concessions

Check out the other videos in the series:

 

Download our FREE Frist-Time Homebuyer E-Book

(click here)


For the Week Ending September 28, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The Fed met this week and raised policy rates 0.25%. This rate increase did not cause mortgage rates to rise though, as they are not tied directly together.
The Fed is expected to hike policy rates again in December and 3 more times in 2019. Strong employment and increasing inflation would support these hikes.
Unemployment filings were up last week, mainly due to states hit by Hurricane Florence. However, the national figure remains near a five decade low.

 

Home prices are still rising, albeit at a slower pace. Case-Shiller shows prices rose 6% annually in July, down from 6.2% in June.
Pending home sales were down slightly in August for the 4th month. Tight inventory, rising rates and increased prices are being blamed for hampering sales.
New home sales rebounded in August after 2 months of declines. However, rising borrowing costs and increasing home prices could temper further improvement.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

 

 


Home buying just got a lot easier!

The average borrower wants a conventional mortgage when they purchase a home. Rates are lower and the terms seem friendlier. What if you don’t have the standard 20% down payment, though? What if you only have 3% to put down – are you out of luck? The good news is there is a Conventional 97 program. 

The Conventional 97 First-time Buyer Program helps more families achieve the homeownership milestone with a 3% down payment, regardless of income levels or geographic location. Many of today’s home buyers will meet guidelines for this new loan option.

Take a look at some of the criteria in order to qualify for this type of loan:

SOLUTION FOR DOWN PAYMENT CHALLENGES

  • Minimum down payment: 3%

BROAD ACCESS

  • No geographic restrictions or income limits 

GETTING READY FOR HOMEOWNERSHIP

  • Homeownership Education required

PROPERTY ELIGIBILITY

  • Primary Single Unit Residences (including condos)

FINE PRINT & ELIGIBILITY

  • At least one borrower must be a 1st time homebuyer (no ownership in last 3 years)
  • Borrowers may not have any ownership in any other residential property at time of closing 
  • Non-owner occupant co-borrowers not permitted
  • Homeownership education: Certificate required when all borrowers are first-time buyers, at least one borrower must complete the course

Have questions or need some guidance? Contact us today.


For the Week Ending September 21, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Mortgage rates crept up this week to the highest levels since May. Market indicators and analysis suggest they will not fall any time soon.
Consumer sentiment rose to a 17-year high last week. Confidence improved as consumers grow more optimistic about the economy and their personal finances.
The labor market also continues to show strength and is considered at or near full employment. Unemployment filings for last week fell to a near 49-year low.

 

Home builder sentiment rose unexpectedly in September to its strongest level in 11 months, prompted by renewed interest in purchases following a summer lull.
Housing starts rose in August, boosted by a jump in multifamily construction and a rise in single-family homebuilding. Building permits, however, fell slightly.
Existing home sales were unchanged in August, following 4 months of declines. Supply continues to be an issue, although demand remains strong.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


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