We see on every listing how the estimated values jump all over the place. On my Aviara listing, the initial estimate was $2,247,615, but once the home hit the open market, the red team lowered their estimate by $313,637 to $1,933,978. A few days later, they have...
After the TV show, Derrick and I were discussing the good old days when homes were cheap and everyone moved often. He is a mortgage originator, so I asked him how many adjustable loans he has done this year. His answer? None. Back in the day, adjustable-rate...
Thanks to just some guy' for sending in this article comparing prices, rates, and inflation: https://awealthofcommonsense.com/2021/03/what-if-housing-prices-arent-as-high-as-they-appear/ It's a feel-good idea that inflation and lower rates can ease the pain of...
There was a mistake in the rate-check I posted on Monday (above). The jumbo rate quoted should have been 3.37%, not 2.37%. This article discusses the spread between the conforming and jumbo rates, which has been closer until recently. It mostly comes down to lenders...
We know that the ultra-low mortgage rates and tight inventory have been driving the market wild. But here's an extra boost - the strict mortgage underwriting that began in April is being relaxed: Credit Loosening: According to the NFCI credit index, a composite...
Today we should see another all-time-low record in mortgage rates! What is the impact? Here's how it pencils: If we just go back to the 52-week high of 4.75%, you could borrow $808,000 and pay $4,215/mo. If you shopped around to get a 3.0% jumbo rate today, you'd pay...
More purchase apps reported today: Buyers are rushing back into the housing market, enticed by record low mortgage rates and a pandemic-induced need to nest like never before. Mortgage applications to purchase a home rose 4% last week from the previous week and were a...
Just like the price of gasoline, mortgage rates are very slow to come down, but they tend go up like a rocket - and with the surprising employment news today, we'll probably get back into the mid-3s by Monday. We'll see if the lowest rates in history were the sole...
The coronavirus caused banks to pull back on lending, and one niche that was severely impacted was jumbo loans with less than 20% down payment. In early March, you could have borrowed $2,500,000 with 10% down, and by the end of March the max was down to $850,000. We...
The thoughts of Fannie/Freddie were on my list of indicators, and it's good to see them touting lower rates in the future. But 3% rates are either here now (if you pay points) or should be here shortly at no points. The opinion from MDN: Let's get caveats out of the...
