HAPPY HOMEOWNERS

A whopping 83% of homeowners say they love their home according to the 2018 Consumer Housing Trends Report from the Zillow Group. Additionally, 64% describe their homes as a financial investment, while 36% say they “see their home more as a reflection of their identity.” This year’s survey was conducted among 3,116 homeowners between April 25 and June 10.

CONTINUING CLIMB

The rate for a 30-year fixed rate mortgage reached its highest point since April 2011 according to the Freddie Mac Primary Mortgage Market Survey. The survey began tracking rates in 1971, and notes that while rising prices and rates are quelling demand, “the monthly payment remains affordable due to the still low mortgage rate environment.”

VALID VALUES?

Miami is the most overvalued real estate market in the U.S. according to the latest CoreLogic HPI Forecast Validation Report. The Irvine, California-based property data provider lists Austin, TX in the number two spot and Fort Myers, FL came in third. On the other end of the scale, Connecticut has the top two most undervalued real estate markets nationwide – Bridgeport and Hartford, with Detroit, MI at number three.

RECESSION PREDICTIONS

Economist Elliot Eisenberg analyzed all recessions in the seven largest democracies since 1960 and found the following: Monetary policy was to blame 26% of the time, bursting of a credit bubble was the next largest cause at 17%, oil price shock or the bursting of a housing bubble were next at 12% each, and banking crises were the cause in 10%. Eisenberg predicts that monetary policy will bring on the next U.S. economic slowdown, but notes, “Good times lead to overly optimistic forecasts and loosening of credit standards, which leads to risk mispricing and increasingly risky financial behavior, which sets the stage for the next recession.”

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

Mortgage Rates continue in a sideways pattern, just above key technical levels while Stocks retreat after yesterday’s huge rally.

In housing news, both September Housing Starts and Building Permits declined from August while single-family starts also decreased.

The Mortgage Bankers Association reports that the 30-year fixed-rate mortgage rose to the highest level since February 2011. From a historical standpoint, rates are near the lower end of the spectrum.

I am recommending floating but be aware that the Fed minutes will be released this afternoon and could have an impact on the markets.

No matter how many mistakes you make or how slow you progress, you are still way ahead of everyone is isn’t trying. 

-Tony Robbins

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

 

Higher Stock prices are capping any gains in the market as prices as well as yields are near unchanged.

The Labor Department reported a record high number of job openings in August as the sector continues to strengthen.

I am recommending floating, but Mortgage Rates are on shaky ground after the labor market report.

Don’t watch the clock; Do what it does. Keep going. 

-Sam Levenson

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

Mortgage Rates begin the week modestly higher being supported by a weak Retail Sales report along with lower Stock prices.

In housing news, Trulia reports that price cuts for homes on the market in August hit their highest level since 2014.

With the Stock markets lower today, I am recommending floating.

If opportunity doesn’t knock, build a door.

-Milton Berle

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

After the recent steep plunge, Stocks are rebounding this morning and are weighing on Rates.

Stock investors are looking for bargains after the mini-correction, which is always healthy given prices recently hit all-time highs.

Today I will continue to recommend floating.

Life is very short and what we have to do must be done in the now. 

-Audre Lorde

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

Tame consumer prices in September are lifting rates while lowering yields this morning. Stocks have trimmed early morning losses on the lower inflation data.

Freddie Mac reports that mortgage rates rose this week and are now at seven-year highs, similar to what the Mortgage Bankers Association reported on Wednesday.

However, when looking at mortgage rates since 1971, they are on the low end of the spectrum.

I am recommending floating if rates can remain positive.

 

Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.

-Francis of Assisi

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

Mortgage Rates are drifting a little lower, giving up some of yesterday’s gains thanks to year over year gains in wholesale or “Producer” inflation.

The Mortgage Bankers Association reports that mortgage rates rose in the latest week to levels not seen since February 2011.

I am recommending floating to start the day but be on guard for any sudden reversal in sentiment.

The meaning of Karma is intention. The intention behind the action is what matters.

-Bhagavad Gita

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

Mortgage Rates begin the holiday shortened week near unchanged and off the worst levels as prices attempt to recuperate after last weeks plunge in prices and the rise in Mortgage Rates.

There were no economic reports due for release today.

To begin the week, I am recommending floating.

One customer well taken care of could be more valuable that $10,000 worth of advertising.

-Jim Rohn

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

 

The solid September Jobs Report pushed Mortgage Rates are a bit lower this morning, despite a decline in the Stock markets.

Job growth slowed in September due to Hurricane Florence, but July and August were revised higher while the Unemployment Rate fell to a 50-year low.

Heading into the weekend, I am recommending locking until I can see some stabilization for Rates.

I think everybody should get rich and famous and do everything they ever dreamed of so they can see that it’s not the answer.

-Jim Carey

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

 

 

Did you know that Tax Liens are no longer reported on credit reports? This means that, if you have a tax lien, your credit score could have increased dramatically

However, if you are looking to buy, the tax liens will likely be discovered in the loan underwriting process and/or through the Title Company’s search… Why is this important? Because if you still owe money on that tax lien, it will likely need to be paid and it could impact your cash reserve requirements, cash to close and could cause the loan not to close – ouch!

Let me know if you have any questions and if you want to learn more about how to potentially remove tax liens, click here: How to remove tax liens.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.