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For the Week Ending May 10, 2019

 

 

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

 

 

Tweets by President Trump reignited investor concerns over the trade talks with China. Stocks dropped from recent highs as investors' anxiety increased.
Although the trade dispute with China has not directly helped mortgage rates, newly proposed tariffs could hamper global economic growth, helping rates.
Low inflation has offset strong employment, helping keep rates low. Although lots of jobs are being created, wages aren't rising fast enough to cause inflation.

 

A remodeling labor shortage continues to delay housing projects, according to NAHB. The highest demand is for carpenters, bricklayers, and electricians.
Homeowners are showing more love for their front yards in a recent trend, carving out spots in lawns and front porches to mingle with neighbors and relax.
High home prices and strong demand have today's youngest homebuyers pouring into smaller cities, where prices are generally more affordable.

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.


Are you getting ready to refinance your mortgage loan? If so, here are a few tips to ease the process:

DO

Continue to make your regular payments. However, if you have a payment due just prior to your scheduled closing, consult with me first. It may be best to pay at the closing rather than to risk having the payment and payoff letter cross in the mail.

Prepare your home for the appraisal. The appraiser will take photos inside and out. While a messy house is not really worth less than a clean one, property appraisal is part art, part science. First impressions can make an impact with an appraiser just as with a prospective purchaser.

Keep your ongoing pay stubs and bank statements available. Underwriters may request the latest documentation before loan approval or as a condition of loan commitment.

Understand that things have changed. Underwriters require more documentation than in the past. Even if requests seem silly, intrusive or unnecessary, please remember that if they didn't need it, they wouldn't ask.


DON'T

Apply for new credit. Changes in credit can cause delays, change the terms of your financing or even prevent closing. If you must open a new account, please consult with me first.

Change jobs during the process. Probationary periods, career or even status changes (such as from a salaried to a commissioned position, leave of absence or new bonus structure) can be subject to very strict rules.

Make undocumented deposits. Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.

Start any home improvement projects. Small cosmetic projects like painting are not usually a problem. Anything that can disrupt functionality can be an issue if undertaken before the appraisal. Delay projects that require a building permit, involve a bathroom or kitchen renovation, or create structural changes.

Ever be afraid to ask questions. If you're uncertain about what you need or what you should do, I'm here to help you through the process.

Together, we’ll get you on your way to saving money and achieving your goals. Questions? Reach out today. We are happy to help!


MortgageCast #11

John Mauro | A Lifetime of Mortgage Experience


MortgageCast #11 with John Mauro

In this episode, Tom and I welcome John Mauro to the show. John is the Vice President and Co-founder of Greenway Mortgage.

Our conversation is an in-depth look at what happens behind the scenes and what it takes to operate a direct mortgage lender like Greenway.

There are many aspects a typical client is not exposed to that makes approving, closing and funding a mortgage possible. My clients get to know my team and me best along the way but we are but a tiny cog in a very intricate framework that includes government entities, various financial institutions and a host of Greenway employees working diligently to get loans to the closing table and beyond. John, along with our President James, is at the helm overseeing the daily operations with a keen eye towards the future.

There's a lot of industry terminology discussed so be sure to check the show notes here.


For the Week Ending May 3, 2019


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

 

 

The Fed's preferred inflation gauge, the core personal consumption expenditures index, was flat for the month of March and up only 1.6% year-over-year.
The lack of inflation helped the Fed keep policy rates unchanged this week at their FOMC meeting. Speculation is that we won't see a rate increase this year.
Unemployment applications remained at higher levels last week, leaving the forecast rate at 3.8% for the month of April.

 

Thanks in part to a recent dip in mortgage rates, pending home sales jumped 3.8% in March. However, sales were down 1.2% compared to March of 2018.
Home prices are still rising, but at a slower rate in February than in January. Prices rose 4% year-over-year in February compared to 4.2% in January.
Luxury home sales appear to be in a bit of a slump. Sales of homes listed at $2 million and above fell 16% in the first quarter as supply rose 14%.

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.

 


For the Week Ending April 26, 2019

 

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

 

Stocks continue to hit record highs, helped by strong corporate earnings. Money moving from bonds back into stocks can continue to pressure rates higher.
New orders for U.S.-made capital goods increased by the most in 8 months in March, but a drop in shipments suggested business spending slowed.
Weekly jobless claims recorded the biggest increase in 19 months last week. The overall trend in claims, however, remains consistent with a strong labor market.

 

New home sales hit a 1-1/2-yr high in March, boosted by home prices and lower mortgage rates. It was the 3rd straight monthly increase for new home sales.
However, existing home sales, which make up about 90% of sales, aren't doing as well. Sales fell 4.9% in March.
After seeing mortgage rates increase slightly, mortgage application volume was down last week 7.3%. However, that's still 6.6% higher than a year ago.

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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