Jacob Leggett - Mortgage Loan Officer

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"In a real estate market where demand outpaces the supply of houses for sale, buying a home can be a marathon, not a sprint."

Avoid first-time homebuyer fatigue (and the costly mistakes it can generate) In a real estate market where demand outpaces supply, you’re likely to experience buyer’s fatigue. You might let frustration dictate key decisions or quit the process altogether. Avoid these fatigued homebuyer mistakes!

Pending Home Sales (signed contracts on existing homes) rose 3.4% from February to March, well above expectations, as the index hit its highest level in a year. NAR’s Chief Economist, Lawrence Yun, added that home prices are still expected to "march higher” given the ongoing tight supply of homes for sale. hashtag hashtag hashtag

Pending Home Sales (March 2024) Pending Home Sales (signed contracts on existing homes) rose 3.4% from February to March, well above expectations, as the index hit its highest level in a year. NAR’s Chief Economist, Lawrence Yun, added that home prices are still expected to "march higher” given the ongoing tight supply of home...

Check out some interesting stats for Colorado real estate:

"In February 2024, 23.8% of homes in Colorado sold above list price, up 0.3 points year over year. There were only 24.6% of homes that had price drops, up from 23.0% of homes in February last year. There was a 98.7% sale-to-list price, up 0.1 points year over year. "

Colorado Housing Market: House Prices & Trends | Redfin Wondering how competitive the Colorado housing market is? Find Colorado's median house price, demand, supply and more with Redfin. Learn more!

Feeling “locked-in” by your low existing mortgage rate? If you're carrying large, higher interest debt balances (credit cards or car loans), your "blended" rate may be much higher than you realize. You might even have the opportunity to buy a new home, consolidate your debt with a slightly larger loan, and end up with a lower monthly payment! Ask me about my blended rate calculator and I’ll walk you through your options!

What's Your "Blended" Rate? Feeling “locked-in” by your low existing mortgage rate? If you're carrying large, higher interest debt balances (credit cards or car loans), your "blended" rate may be much higher than you realize. You might even have the opportunity to buy a new home, consolidate your debt with a slightly large...

Rising shelter and energy costs added to inflationary pressure last month, with readings at or above what economists had forecasted. While annual inflation has fallen significantly after peaking in 2022, it remains above the Fed’s 2% target. How will this impact the Fed’s timing for rate cuts this year?

Consumer Price Index (February 2024) Rising shelter and energy costs added to inflationary pressure last month, with readings at or above what economists had forecasted. While annual inflation has fallen significantly after peaking in 2022, it remains above the Fed’s 2% target. How will this impact the Fed’s timing for rate cuts th...

The Fed’s favored inflation measure, Core PCE, continues to move closer to their 2% target as the annual reading fell to 2.8% for the 12 months ending in January. This was well below 2022’s 5.6% peak and the lowest level since March 2021. But the question remains - when will the Fed think inflation is low enough for them to start cutting rates this year?

Personal Consumption Expenditures (January 2024) The Fed’s favored inflation measure, Core PCE, continues to move closer to their 2% target as the annual reading fell to 2.8% for the 12 months ending in January. This was well below 2022’s 5.6% peak and the lowest level since March 2021. But the question remains - when will the Fed think inflat...

While existing home sales are still much lower than a few years ago, January brought a 3.1% rise when compared to December. NAR’s Chief Economist, Lawrence Yun, noted that "listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year."

Existing Home Sales (January 2024) While existing home sales are still much lower than a few years ago, January brought a 3.1% rise when compared to December. NAR’s Chief Economist, Lawrence Yun, noted that "listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year." ...

Inflation was hotter than expected in January, with rising shelter costs a key contributor to the increase. Yet, annual inflation has come down quite a bit after peaking in 2022. Headline CPI is now at 3.1% (down from 9.1%). Core CPI, which removes food and energy prices, is at 3.9% (down from 6.6%). How will the Fed see this progress as it ponders monetary policy and rate cuts this year?

Consumer Price Index (January 2024) Inflation was hotter than expected in January, with rising shelter costs a key contributor to the increase. Yet, annual inflation has come down quite a bit after peaking in 2022. Headline CPI is now at 3.1% (down from 9.1%). Core CPI, which removes food and energy prices, is at 3.9% (down from 6.6%)...

Private sector job growth was slower than expected to start the year, as employers added just 107K new jobs in January. December’s figure was also revised lower. While annual pay growth continued to decelerate, ADP noted that “wages adjusted for inflation have improved over the past six months, and the economy looks like it's headed toward a soft landing in the U.S. and globally.” hashtag hashtag hashtag hashtag

ADP Employment Report (January 2024) Private sector job growth was slower than expected to start the year, as employers added just 107K new jobs in January. December’s figure was also revised lower. While annual pay growth continued to decelerate, ADP noted that “wages adjusted for inflation have improved over the past six months, ...

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National home prices have risen for the ninth straight month, with October’s 0.6% rise representing a new all-time high per Case-Shiller. October’s YoY increase of 4.8% was the fastest rate of the year, with appreciation around the country “broad based.” Case-Shiller noted that the report “reflects a rising tide across nearly all markets.”

Case-Shiller Home Price Index (October 2023) National home prices have risen for the ninth straight month, with October’s 0.6% rise representing a new all-time high per Case-Shiller. October’s YoY increase of 4.8% was the fastest rate of the year, with appreciation around the country “broad based.” Case-Shiller noted that the report .....

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The latest figures from Case-Shiller (+0.7% MoM in September) and the FHFA (+0.6% MoM) showed continued, broad-based growth in home prices. Case-Shiller's national index and 13 of its 20 big city indexes hit new record highs in September. Based on the growth in home prices year-to-date, full year 2023 will likely see prices up 6-8% year-over-year.

Home Prices Keep Rising The latest figures from Case-Shiller (+0.7% MoM in September) and the FHFA (+0.6% MoM) showed continued, broad-based growth in home prices. Case-Shiller's national index and 13 of its 20 big city indexes hit new record highs in September. Based on the growth in home prices year-to-date, full year 20...

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Signed contracts on new homes fell more than expected in October due in part to elevated mortgage rates. However, sales remain higher than a year ago as the tight supply of existing homes for sale means buyers are turning to new construction. Yet, builders still need more completed homes to meet the level of demand, and this tight supply will continue to be supportive of home prices. hashtag hashtag hashtag hashtag hashtag

New Home Sales (October 2023) Signed contracts on new homes fell more than expected in October due in part to elevated mortgage rates. However, sales remain higher than a year ago as the tight supply of existing homes for sale means buyers are turning to new construction. Yet, builders still need more completed homes to meet the...

Elevated mortgage rates and low inventory continue to hinder existing home sales, which hit a 13-year low in October. Yet, homes are still selling quickly and "home sellers have done well as prices continue to rise year-over-year.” There’s some good news for buyers, too, as inventory is expected to improve heading into the spring.

Existing Home Sales (October 2023) Elevated mortgage rates and low inventory continue to hinder existing home sales, which hit a 13-year low in October. Yet, homes are still selling quickly and "home sellers have done well as prices continue to rise year-over-year.” There’s some good news for buyers, too, as inventory is expected...

The Federal Funds Futures market is currently implying a 35% probability of a Fed rate cut in March 2024, and a 69% likelihood of a rate cut at the May 2024 meeting. All in, the FFF market is implying 80-100 bps of rate cuts by end-2024.

Higher for (not much) Longer? The market is no longer buying Mr. Powell's rhetoric. The Federal Funds Futures market is currently implying a 35% probability of a Fed rate cut in March 2024, and a 69% likelihood of a rate cut at the May 2024 meeting. All in, the FFF market is implying 80-100 bps of rate cuts by end-2024.

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With 10-yr treasury yields at 4.86%, the 30-year mortgage rate should be around 7% (instead of almost 8% today). But thanks to Fed-induced uncertainty and a sharply inverted yield curve, the "spread" between 30-yr mortgage rates and 10-year treasury yields is today 1% wider than it was in 2007.

The Fed and Spreads With 10-yr treasury yields at 4.86%, the 30-year mortgage rate should be around 7% (instead of almost 8% today). But thanks to Fed-induced uncertainty and a sharply inverted yield curve, the "spread" between 30-yr mortgage rates and 10-year treasury yields is today 1% wider than it was in 2007. ...

September showed the slowest pace of private sector job growth since January 2021, with large businesses driving the way. Annual pay growth for both job-stayers and job-changers slowed as well. The Fed is looking for clear signs that the job market is softening as they consider further rate hikes. All eyes on the big BLS jobs report Friday.

ADP Employment Report (September 2023) September showed the slowest pace of private sector job growth since January 2021, with large businesses driving the way. Annual pay growth for both job-stayers and job-changers slowed as well. The Fed is looking for clear signs that the job market is softening as they consider further rate hikes. A...

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According to Case-Shiller, national home prices rose nearly 6% in 2022. And they're on pace for another 5% appreciation in 2023. At current home prices and mortgage rates, the Cost of Acting can feel very high. But with home prices rising, the Cost of Waiting is even higher! Let me take me you through a detailed Cost of Waiting analysis for your area.

Cost of Acting vs. Waiting (9/27/2023) According to Case-Shiller, national home prices rose nearly 6% in 2022. And they're on pace for another 5% appreciation in 2023. At current home prices and mortgage rates, the Cost of Acting can feel very high. But with home prices rising, the Cost of Waiting is even higher! Let me take me you throu...

National home prices have erased the modest decline seen in the 2nd half of 2022, rising 0.6% MoM in July 2023 to a new all-time high. 10 out of the 20 city indices also hit new all-time highs. Price gains are expected to continue, as Case-Shiller noted the report’s strength shows an “optimistic view of future results.”

Case-Shiller Home Price Index (July 2023) National home prices have erased the modest decline seen in the 2nd half of 2022, rising 0.6% MoM in July 2023 to a new all-time high. 10 out of the 20 city indices also hit new all-time highs. Price gains are expected to continue, as Case-Shiller noted the report’s strength shows an “optimistic...

The Fed has hiked hiked rates 11 times since March 2022 to slow the economy and curb inflation. And "core" CPI has already eased significantly since peaking at 6.6% last year. Will this progress be enough for the Fed to pause further hikes?

August 2023 CPI The Fed has hiked hiked rates 11 times since March 2022 to slow the economy and curb inflation. And "core" CPI has already eased significantly since peaking at 6.6% last year. Will this progress be enough for the Fed to pause further hikes? ...

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When Doves Cry (August 31, 2023) It's too early to call it a chorus, but a rising number of current and former Fed presidents are crying for restraint on rate hikes. Inflation has been trending lower for a year and there are early signs of a loosening job market. But maybe Powell's just too demanding? ...