Weekly Newsletter August 5th – 9th

Interest Rates

30-yr fixed6.25%
15-yr fixed5.99%
30-yr fixed FHA6.5%
30-yr fixed VA6.5%
*These mortgage rates are estimated by a third party using industry averages for owner-occupied properties and do not include refinancing options. Rates may vary based on availability and lender approval.

Last week’s interest rate improvements led to an increase in activity. Nationally, refinances jumped up 16% and are now up 59% for the year. We are also reviewing pre-approved purchase applications for lower rates and more buying power. After the stock market dip this week, it was speculated that the Fed would have an emergency meeting to reconsider a rate decrease. They have since stated they will not do that but are indicating a cut at their September meeting. Left on the table, then, is how much they will cut.

Program Spotlight: No-Ratio Primary Residence

This week, a pre-approved client switched from 1099, contractor income, to starting their own business. Their pre-approval had to be updated with a new loan program. Their income was no longer valid on a traditional conventional loan. Fortunately, we have a solution for them! The No-Ratio loan solution allows us to exclude income and employment history from the application and qualifying. These clients have excellent credit, a 20% down payment, and over 12 months of reserve assets. They negotiated a contract of $25,000 under the list price and will now be able to take advantage of gained equity until we refinance them into a more favorable loan. Reach out to me for more details!

My Favorite Things: Financial Education

Yep, I’m one of those nerds who can talk for days about any piece of the mortgage loan market and process. I am also grateful to work with the best in the business. I have an amazing team where someone always has experience where I might not be as nerdy. My superpower is explaining something in a way that anyone can understand. The “You don’t know what you don’t know” adage applies in our industry, and always remembering that is key!

Upcoming Class (online):

Reverse Mortgage Basics

Tuesday, September 17th

1-2 PM 

I will share how it works, who it’s for, and other tips to help you identify and assist clients in considering this potential retirement savings tool.

Register Here

Register by going to: https://bit.ly/ReverseMortgageRegistration