Weekly Newsletter July 15th-19th

Interest Rates – Quiet Week

30-yr fixed6.83%
15-yr fixed6.31%
30-yr fixed FHA6.9%
30-yr fixed VA6.79%
*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.

This week, the mortgage market was relatively quiet after chaos and tragedy in our country. Weekly unemployment filings ticked up a bit higher than expected, showing further weakening in the job market. This helps show the Fed that the employment side of their dual mandate is starting to show signs that it’s time to cut their rate. Although Fed Chair Powell has testified many times that his office is not influenced by politicians, former President Trump has possibly asked him not to cut the Fed Funds rate until after the election. Will Powell stick to that?

Program Spotlight: Reverse Mortgage Second

There is a new loan program available for seniors who would like to tap into their equity but don’t want to touch their first mortgage. The Reverse mortgage second could be their solution. This functions much like a HELOC and a first-lien reverse mortgage, where no monthly payment is due for borrowing against available equity. Contact me for more details!

My Favorite Things

Taking things apart to find out how they work
I’ve heard many future doctors did this when they were kids. As a kid, I didn’t do a lot of dismantling of things to put them back together, but I loved trying to fix broken things, and sometimes that meant dismantling them first. This is one of the top reasons why I love mortgages. I get to take the pieces of someone’s financial life and make a mortgage work for them. This requires me to understand someone’s circumstances and know how loan programs, mortgage insurance, and even interest rates work. Then, I figure out how to explain these complicated concepts so my clients and partners can understand them.

The Future is Solar: Could Solar Panels Be a Deal Breaker?

This week, a Phoenix Business Journal report states that Titan Solar Power has filed Chapter 7 bankruptcy. A few months ago, we had a transaction in which they refused to allow the buyer to assume the seller’s solar agreement. Extra due diligence might be necessary to ensure the smooth transfer between parties if you have solar panels on a subject property.