When Your Mortgage Matters

First of the year I will celebrate 44 years in the mortgage industry. This has been one of the slowest years in the business because of very high interest rates. It was slow in 2007, 08 and 09 when lending almost stopped after the housing crash. It was deathly slow in 1981 when rates topped out at 18.63%. We are probably at the end of rate hikes and will see a turnaround in 2024. Even though I post a lot of pictures showing me traveling and having a great time, my computer is always with me, and I work from wherever I happen to be. That is the secret to my success - always there when a client needs me. Our company is licensed in the states listed below and I welcome your call.

Interest rates may be high but foreclosure rates are not. There are many options available to people in financial challenges.

Mortgage delinquency rate falls to historic low The overall mortgage delinquency rate dropped five basis points to 2.75% in May, according to Black Knight. That's the lowest level ever recorded.

Has the housing market hit its peak?

https://www.msn.com/en-us/money/realestate/i-think-we-re-in-the-final-innings-pimco-s-kiesel-thinks-the-housing-market-has-hit-its-top/ar-AAWJYhB?ocid=msedgntp&cvid=2df900bf246a4337b44b807d688cda33A

‘I think we’re in the final innings.’ Pimco’s Kiesel thinks the housing market has hit its top Mark Kiesel famously sold his home in 2006 just before the last housing bubble burst.

Record high home prices with interest rates at 5% does not a good combination make.
https://www.cnbc.com/2022/03/25/mortgage-rate-soars-closer-to-5percent-in-its-second-huge-jump-this-week.html

Mortgage rate soars closer to 5% in its second huge jump this week The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily.

First time teaching since the lock downs. It sure feels good to be in person again. Today's class was on Reverse Mortgages and how your home equity can monetize your retirement. I am available to present if any other groups would like this information. Just private message me.

Paying your bills on time and managing your debt are ways to maintain your good credit rating.

Mortgage rates jump again, causing headaches for homebuyers

https://www.cnbc.com/2022/01/18/mortgage-rates-jump-again-causing-headaches-for-homebuyers.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail

Mortgage rates jump again, causing headaches for homebuyers Mortgage rates just hit the highest level since April 2020 and seem to have nowhere to go but up.

News Release

FHFA Announces Conforming Loan Limits for 2022

Baseline Conforming Loan Limit Will Increase to $647,200

FOR IMMEDIATE RELEASE

11/30/2021

​Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced the conforming loan limits (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2022. In most of the U.S., the 2022 CLL for one-unit properties will be $647,200, an increase of $98,950 from $548,250 in 2021.

National Baseline

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. Earlier today, FHFA published its third quarter 2021 FHFA House Price Index® (FHFA HPI®) report, which includes statistics for the increase in the average U.S. home value over the last four quarters. According to the nominal, seasonally adjusted, expanded-data FHFA HPI, house prices increased 18.05 percent, on average, between the third quarters of 2020 and 2021. Therefore, the baseline CLL in 2022 will increase by the same percentage. ​

High-Cost Area Limits

For areas in which 115 percent of the local median home value exceeds the baseline conforming loan limit, the applicable loan limit will be higher than the baseline loan limit. HERA establishes the high-cost area limit in those areas as a multiple of the area median home value, while setting a "ceiling" at 150 percent of the baseline limit. Median home values generally increased in high-cost areas in 2021, which increased their CLL. The new ceiling loan limit for one-unit properties will be $970,800, which is 150 percent of $647,200.

Wells Fargo announced today that it is "shuttering" its personal lines of credit. This is a significant move that could affect home equity lines also. Wells is not the only bank tightening their lending portfolios and this is not the first time we have seen this happen. Might be time to look at other lending options. Rates are still very low and equity in homes has never been higher.
https://www.cnbc.com/2021/07/08/wells-fargo-is-shutting-down-all-personal-line-of-credit-accounts-.html

Wells Fargo tells customers it’s shuttering all personal lines of credit Wells Fargo CEO Charles Scharf has been forced to make hard decisions during the pandemic, offloading assets and deposits and stepping back from some products.

The enclosed two charts show the movement of the 10 year bond. Long term rates are at historic lows, but watch the last six months. According to Barry Habib, our interest rate guru, - rates are going higher. If you are looking to refinance your home loan, now is the time.

For 40 years I have had the pleasure of serving wonderful people who I now consider friends.

There has never been a better time to look at refinancing your home. Values are up and rates are down. I can also help with buying or selling your home.