Weekly Newsletter: July 1st-5th 

Interest Rates

30-yr fixed 7.08% 
15-yr fixed 6.53% 
30-yr fixed FHA 6.86% 
30-yr fixed VA 6.82% 

*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.

Jobs Week

There was big news for this short week, with all three Job Reports showing continued weakness in the labor market. The U3 unemployment rate the Fed concentrates on increased to 4.1% from 4.0% and should be a hot topic at the next Fed meeting on July 31st.

A number of Fed members predicted unemployment would not exceed 4.1% for the year; however, here we are five months ahead of that. While the probability they will cut rates this month is still low, we continue to see numbers supporting a cut sooner rather than later.

Stat Spotlight

According to ListReports, as of July 1st:

  • 848 homes were sold in Maricopa County last week, totaling over $550 million. 56% of those used conventional financing.
  • In the last 12 months, almost 39,000 agents conducted the majority of their business in Maricopa County

According to The Cromford Report (June):

  • 50% of all closings had concessions, averaging $9765.
  • List Price to Closed Sales Price Ratio is 97.8%.
  • Median Days on Market at Contract Acceptance is 30.

My Favorite Things: How to Refer Your Favorite Partners

Our commission reflects our expertise to guide each client by providing options to fit their specific needs. For this reason, you may have multiple partners in each category to which you need to refer clients. Financing is no different.

Even if your preferred lender doesn’t have a specific type of financing (i.e., lot loans, manufactured homes, commercial lending, etc.), they should have solid relationships with their referral contacts. This eliminates the need to refer multiple lenders to your client. If the first one doesn’t work out, you can let your client know you can refer them to another. This helps you keep track of feedback about a partner from your client, and you control who you both work with. Refer one partner at a time; your client will trust you are also the best choice to work with!

Show Me the Numbers: Open House Home Features and Numbers

Buyers come to your open house to see the property with their own eyes and imagine living there. They do the same with the monthly payment. That’s why it’s just as essential to display loan options at an open house as it is to show features. From buydown and down payment assistance to renovation options, we’ve got a custom flyer for that! Contact me to put one together for your listing!