Inflation gets all the attention this week

Weekly Newsletter January 13^th – 17 ^th

It got a bit cold this week in both AZ and the mortgage interest rate market. That won’t stop the holiday party season, though!

Interest Rates

30-yr fixed	6.98%
15-yr fixed	6.375%
30-yr fixed FHA	6.99%
30-yr fixed VA	6.75%

Homeowner’s Fire & Hazard Insurance

Upon checking our mail after our New Year’s vacation, we found we had received a letter from our homeowner’s insurance that our Pine home policy would not be renewed when it expires in March. The reason? Wildfire risk is too high for the company to carry our property anymore. Of all the weeks for this to happen, it’s the same week as the out-of-control California fires. We have all seen insurance premiums rise, and now, with recent events, it’s quite possible my scenario will become more common, especially in the high country. When talking with your clients, insurance should be a conversation they have as early in the home shopping process as possible, especially if they are current homeowners with claims. Typically, the insurance isn’t addressed until the second half or even one of the last tasks completed in the mortgage process. By then, the non-refundable appraisal and inspection have been paid for, packing has commenced and moving trucks have been ordered. We will be asking our clients to take care of this earlier in light of developments.