Wes Short Mortgage Loan Officer Nmls#737559

**Fed Cuts Rates by 0.5%—But What Does That Mean for Your Mortgage?**

The Fed just announced a 0.5% rate cut, but it’s important to know that this doesn’t directly translate to a 0.5% cut in mortgage rates. The Fed rate impacts short-term lending rates, like credit cards, not long-term mortgage rates.

Mortgage rates are influenced by other factors, like bond markets and inflation expectations. While the Fed’s decision may create downward pressure on mortgage rates, it's unlikely to be at a clip of 0.5%. 😁

If you're considering buying or refinancing, now’s a great time to review your options! Let’s talk about how this move could impact your plans.

🏡 Mortgage vs. Rent: Which is Right for You? 🏡

Deciding between buying a home and renting can be tough. Each option has its own set of pros and cons. Here’s a quick rundown to help you make the best choice:

- Building Equity: Owning a home lets you build equity over time, while renting is a monthly expense without long-term gain.

- Flexibility vs. Stability: Renting offers flexibility to move easily, but owning provides stability and a sense of community.

- Cost Considerations: Upfront costs for buying can be high, but long-term, it might save you money compared to rising rents.

Thinking about making a move? Let’s explore your options together and find what’s best for you: https://www.emortgagecapital.com/

📈 Mortgage Rates Impact: What You Need to Know! 🏡

The ongoing rise in mortgage rates is affecting homeowners and potential buyers alike. Here’s the lowdown:

1. Mortgage Applications Down: A significant 5.6% drop in total applications last week.
2. Refinance Decline: 7% decrease in refinance applications.
3. Purchase Power: 5% fewer applications for home purchases.

Interesting Fact: Despite high rates, demand for new homes is up by 19% year-over-year!

Stay informed and make smart decisions in this volatile market. Full details here:
https://www.emortgagecapital.com/post/impact-of-7-interest-rates-on-weekly-mortgage-demand

𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟭𝟲, 𝟮𝟬𝟮𝟰

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗹𝗼𝘄𝗲𝗿 👍
Mortgage rates continued to move lower last week, but once again it was in small steps rather than seeing big rate drops. Rates were helped last week as reports came out showing inflation rose at the slowest pace since early 2021, as well as markets pricing in the chance of a larger rate cut at the September Fed meeting.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 𝗯𝘂𝘁 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
Mortgage rates are likely to start the week relatively unchanged but have the potential to move lower after the Fed meeting and Fed Chair Powell's press conference on Wednesday. Expect volatility after the meeting and into Thursday.

𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- The Fed: The Fed will be cutting rates at this week's meeting, with markets now anticipating that cut to be a half point rather than the previously expected quarter point, after an article last week in the Wall St Journal. While mortgage rates are not set by the Fed, they will react to the Fed rate cut as well as the quarterly projections of Fed members on where the policy rate will be in the future.
- Fed press conference: Expect more market reactions to Fed Powell's press conference, which will affect mortgage rates this week.

🌟 Why Choose E Mortgage Capital? 🌟

When it comes to securing your dream home, you deserve the best in the business. Here’s why E Mortgage Capital stands out:

1. Expertise You Can Trust: With years of industry experience, our team knows the ins and outs of the mortgage process, ensuring you get the best advice and solutions.

2. Personalized Service: We tailor our services to fit your unique needs, providing a seamless and stress-free experience from start to finish.

3. Unmatched Support: Our dedicated team is here for you every step of the way, offering guidance and answering all your questions to make your home-buying journey smooth and enjoyable.

Let’s get started on making your homeownership dreams a reality! 🏡✨
https://www.emortgagecapital.com/who-we-are

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟵, 𝟮𝟬𝟮𝟰

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗹𝗼𝘄𝗲𝗿 👍
Mortgage rates moved slightly lower last week after jobs data showed the labor market continues to cool, making a Fed rate cut at this month's meeting almost guaranteed.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 👍
Mortgage rates could improve a bit more this week if inflation data shows inflation continuing to move lower, but we shouldn't look for big drops in rates yet. Next week will bring the Fed meeting, and Fed Chair Jerome Powell's press conference, where we will more likely see mortgage rates react.

📈 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Inflation data: Wednesday brings consumer inflation data while Thursday brings wholesale inflation data. It is likely that these reports will show that inflation continues to move lower, which is good for mortgage rates.
- The Fed: Although the Fed doesn't meet until next week, markets are currently pricing in the idea that the Fed will start cutting rates with a quarter point rate cut at this meeting. If markets were to anticipate a larger cut, such as a half point cut, we could see mortgage rates move lower in anticipation. However, that doesn't seem likely at this point, with markets instead anticipating bigger cuts later this year.

📉 Breaking News: Mortgage Rates Hit Lowest Levels of the Year! 🏡

Good news for homebuyers and refinancers! Mortgage rates have dropped to their lowest levels of the year. 🎉 This is a golden opportunity to lock in a great rate and save on your home loan. Wondering what this means for you? Lower rates can translate to lower monthly payments and more savings over the life of your loan. If you’ve been on the fence about buying or refinancing, now is the time to act!

Want the full scoop? Check out the details here:
https://www.mortgagenewsdaily.com/markets/mortgage-rates-08012024

We're thrilled to share this glowing testimonial from one of our amazing clients on BBB. 🔑

At E Mortgage Capital, we take pride in making your home-buying journey as smooth and enjoyable as possible.

Ready to start your journey with us? Let's make your dream home a reality! 🌟
https://www.emortgagecapital.com/

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟯, 𝟮𝟬𝟮𝟰

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗹𝗼𝘄𝗲𝗿 👍
Mortgage rates moved slightly lower on the week, but not by much, and were basically unchanged throughout the week before heading into the Labor Day holiday.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
Mortgage rates will react to jobs data this week, and any signs that the labor market is weakening will help mortgage rates move lower. However, although it is unlikely to happen this way, if markets were to get any surprises showing the labor market is not as weak as anticipated it could see rates react negatively and move higher on the week.

📈 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Labor market data: Wednesday brings the job openings and labor turnover survey (JOLTS), and on Thursday we will see unemployment claims and the ADP private payroll report. But it is Friday's Bureau of Labor Statistics (BLS) jobs data that will cause the most movement in mortgage rates this week.
- Fed rate cuts: Markets will be looking for the jobs data to support the speculation that the Fed will need to start cutting its policy rate at this month's Fed meeting. If the data shows the labor market is weakening worse than expected, speculation of a bigger Fed rate cut could help mortgage rates.

Imagine walking through the doors of your dream home every day. Maybe it’s a cozy cottage from your favorite rom-com or a grand estate from a thrilling drama. We want to know!

Share your pick in the comments and tell us why it's your dream home. 🏡🎥

⚠️ Whether you're getting a mortgage to buy a home or to refinance, these are 4 things you should NOT do...

❌ Make any large purchases like a new car or furniture for your new home
Even if you don't have to pay any interest or make any payments for awhile, new purchases come with new debt that will have to be factored in and can affect qualifying for your loan.

❌ Deposit cash into your bank account
All money into and out of your accounts has be be accounted for during the mortgage process, even if not being used for the mortgage or a down payment. Talk with me about how to document unexpected or large deposits, especially cash deposits.

❌ Quit or change jobs.
Now isn't the time to make a move, even for a better opportunity... at least not without talking to me first about how it can impact your loan.

❌ Open (or even close) credit accounts
Don't take that new store card to save 10% on your purchase, don't pay off old debts or collections, and don't close or pay off any other accounts. Some of these actions can have unexpected consequences to your credit score, so be sure to talk with me first.

✅ Remember, I'm always here to help. If any of these situations comes up and you're thinking of buying or refinancing soon, be sure to reach out to me for guidance.

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟲, 𝟮𝟬𝟮𝟰

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗯𝗲𝘁𝘁𝗲𝗿 👍
Mortgage rates moved slightly lower for the week, although most media sources are still behind the curve and some of the headlines about how low rates are at have been overblown. Rates got a boost on Friday from Fed Chair Powell's comments that "the time has come for policy to adjust".

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗰𝗿𝗲𝗲𝗽 𝗮 𝗯𝗶𝘁 𝗹𝗼𝘄𝗲𝗿 👍
Rates are not likely to make any big moves this week, but could continue to creep lower, usually improving the lender rebate (credit you get towards closing costs or the cost to buy a rate down using points) rather than seeing actual rates move lower.

📈 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Thursday brings the final 2nd quarter GDP data, and Friday brings the PCE inflation data, which is the Fed's favorite gauge of inflation. Markets didn't react much to the CPI inflation data earlier in the month, which could signal we won't see a big reaction to Friday's data.
- Labor Day: Markets are closed Monday September 2nd, so we could see some conservative rates on Friday this week ahead of the holiday weekend.
- Fed rate cuts: Mortgage rates could react favorably if markets speculate larger Fed rate cuts coming at the September meeting.

When your suitcase gives you that look because there's no vacation this year. Sorry, but the mortgage called dibs!

Thinking about paying off your mortgage early? It’s a big decision! Paying off your mortgage can save you on interest, but it also means tying up your funds. Consider the pros and cons, like the freedom from monthly payments versus the loss of potential investment returns. It’s important to weigh your options carefully.

Need expert advice? Contact us to learn more and make an informed decision for your financial future! https://www.emortgagecapital.com/contact-us

🤔 𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝘄𝗮𝗶𝘁 𝘂𝗻𝘁𝗶𝗹 𝗿𝗮𝘁𝗲𝘀 𝗱𝗿𝗼𝗽 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝘂𝘀𝗲?

With mortgage rates starting to fall, I am hearing that question a lot these days, and the answer may surprise you.

𝗡𝗼𝘄 𝗶𝘀 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗮 𝗿𝗲𝗮𝗹𝗹𝘆 𝗴𝗼𝗼𝗱 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗯𝘂𝘆 𝗮 𝗵𝗼𝘂𝘀𝗲, and here are a few reasons why...

👉 You're more likely to get your offer accepted with less competition...

👉 Sellers are a bit more likely to help pay closing costs or give other concessions...

👉 Home prices have settled, but are likely to go up again when rates drop...

👉 Ask me for the other reasons!

𝗦𝗼 𝗶𝗳 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗼𝗳 𝗯𝘂𝘆𝗶𝗻𝗴 𝗮 𝗵𝗼𝗺𝗲, 𝗯𝘂𝘁 𝘆𝗼𝘂'𝗿𝗲 𝘄𝗮𝗶𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝗿𝗮𝘁𝗲𝘀 𝘁𝗼 𝗱𝗿𝗼𝗽, 𝗹𝗲𝘁'𝘀 𝘁𝗮𝗹𝗸. 𝗜 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗵𝗲𝗹𝗽.

Wondering how mortgages and promissory notes differ? Here's a quick breakdown:

Promissory Note - This is your promise to repay the loan. It outlines the terms, interest rate, and repayment schedule.

Mortgage - This secures the promissory note, giving the lender a claim against your home if you default on the loan.

Understanding these agreements is crucial for a smooth home buying process. Ready to dive deeper? Let's make your home buying journey easier and more informed!
https://www.emortgagecapital.com/

What sets E Mortgage Capital apart from the competition? Our commitment to exceptional service, personalized solutions, and unmatched expertise. We provide:

- Customized Loan Options: Tailored solutions to fit your financial needs.

- Competitive Rates: Access to the best mortgage rates in the market.

- Expert Guidance: Professional advice from experienced loan officers.

- Streamlined Process: Efficient and hassle-free loan approval process.

Choose E Mortgage Capital for a seamless, enjoyable home financing experience. Ready to secure your dream home? Contact us today!
https://www.emortgagecapital.com/

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟭𝟵, 𝟮𝟬𝟮𝟰

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝗯𝗲𝘁𝘁𝗲𝗿 👍
Last week saw rates improve marginally, but not by much despite data showing the lowest inflation since spring 2021.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗵𝗼𝗹𝗱 𝘀𝘁𝗲𝗮𝗱𝘆 👍
Rates are not likely to move much this week, but any moves are more likely to happen near the end of the week. Markets have shifted to expectations of only a quarter point rate cut at the Fed's September meeting, after speculating that the weak labor market data earlier this month would spur a half point cut or more. Mortgage rates move ahead of actual Fed cuts, and improved earlier this month on the speculation of coming cuts.

📈 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: There is very little data this week that will affect mortgage rates, basically only an early report on Thursday.
- Fed minutes: The minutes from the Fed's last meeting come out on Wednesday, although we shouldn't see rates react much to the news.
- Powell speech: Fed Chair Jerome Powell will be speaking from the Jackson Hole Symposium on Friday morning, and markets will be listening for signals of future Fed rate cuts. It is unlikely that Powell tips his hand much, and will likely signal Fed rate cuts are coming but will be data dependent.

Looking to save on your home loan? E H. had an amazing experience with E Mortgage Capital, securing a lower interest rate and saving on closing costs.

Contact E Mortgage Capital today!
https://www.emortgagecapital.com/contact-us

Mortgage insurance protects lenders in case a borrower defaults on their home loan. It's often required for buyers who put down less than 20% of the home's purchase price.

There are two primary types of mortgage insurance:

1. Private Mortgage Insurance (PMI) for conventional loans.

2. Mortgage Insurance Premium (MIP) for FHA loans.

Understanding mortgage insurance helps you plan your home purchase effectively.

Ready to learn more about securing your dream home? Dive into the details and get expert insights! https://www.emortgagecapital.com/

Do you want to get amazing deals on mortgages? Improve your credit score first! This is how to do it:

- Pay Bills on Time: Consistent, on-time payments are crucial.
- Reduce Debt: Lowering your debt can significantly improve your score.
- Check Credit Reports: Regularly review your credit reports for errors.

Improving your credit score can make a huge difference in the mortgage rates you qualify for, saving you thousands over the life of your loan. Ready to take the first step toward your dream home? Let’s get started!
https://www.emortgagecapital.com/

Welcome back to school! Hope everyone has a wonderful first day and an even better year this year!

Why haven’t I seen anyone say they want to be a mortgage broker when they grow up?!?

To my Realtor friends!

Here is a great opportunity to hear directly from the President of NAR surrounding the upcoming changes in our industry! This is a FREE webinar, thanks to my friend, Tommy Choi, a top Real Estate Agent out of Chicago!

Here is the link!

https://l.facebook.com/l.php?u=https%3A%2F%2Fzoom.us%2Fwebinar%2Fregister%2FWN_P59SnsDITGSSF_XJAb39EA%3Ffbclid%3DIwZXh0bgNhZW0CMTAAAR0-E3vW5EvcbEZqSf5zoCwpNpIPfhBuR5olcv3KnhDX2577GgBhTSl6HXs_aem_O6Gxjt-MaVBxsBNy6yyhjg%23%2Fregistration&h=AT2wtCjPuXbA3XdeA42tZryHWjRu0mAOgZ39GIHlZr4G3BXj0jEY-oZx8JHGAPsTr7HGaVifdwQ3hQEcfrk71FPFM8cvVUTgIQPilsG3RpDlrvtkgDFmHXRJIg05VsTqDA&__tn__=R]-R&c[0]=AT1S8rcmBGlhwOOByF5b_p-HpDPFfQk59FgovgJHDdpkRZ0iC3aHZndkzeR91BEr6zLuz4fUlChbdKB4vEOx1AiXprI6vYu7zSF6UhrznrEKqszCJSV6x-FOQZGMuVdBihga-lQGR23jUlaxx26G4AfRufuJrA1K0kqzGNmTZGDPNCG9ebaxwOs0bdKMb-VKeN3heKHmFZw6bo5Pc3_ECFrbfx3OfDSy0Hdx

Send a message to learn more

To my clients, current, past, and future - and even if you aren't a client of mine - rest assured that I have my pulse on the interest rates!

If you have already purchased, now is a good time to have a discussion about refinancing. Note, the discussion part. This is likely just the beginning of rate drops. The Fed did not even announce a rate cut, yet we have already seen the impact from that meeting. How much lower can they go?

To my current clients shopping for a new home, we have time to make adjustments to your file to ensure you take advantage of these cuts.

If you are considering purchasing a new home or refinancing, let's connect to see how these market improvements can impact your home-buying or refinancing journey!

Update from yesterday's Fed meeting:

Yesterday's statement and press conference from the Federal Reserve unfolded largely as anticipated. Chair Jerome Powell indicated that the Fed is likely to begin reducing interest rates in September, barring any significant changes in upcoming economic data. Powell emphasized that the Fed's decisions are based on a comprehensive view of the data, rather than any single report, and strongly denied any political influence on their actions.

In other words - It's go time!

Send a message to learn more