Good news on the National Mortgage Market, locally we continue to have a healthy demand for Existing Homes and New Construction Homes as well. Delinquencies on mortgage loans (30 days or more past due but not in foreclosure) on one-to-four-unit residential properties were at a rate of about 4.66% as of the end of the…
Rents are rising at a faster pace than home prices, especially in central and coastal Florida. Mortgage rates are still favorable. In most of Florida, it is still cheaper to buy than to rent a home. We’re nearing the end of the era of low mortgage rates and moderate prices. Personal income is starting to…
For the Week Ending October 21, 2016 This week in the housing and financial markets. Minutes from last month’s FOMC meeting showed several members in favor of raising policy rates, making a rate hike before the end of the year more likely. Supporting the Fed’s view of an improving economy, jobless claims once again hit…
For the Week Ending October 14, 2016 Please enjoy this quick update on what happened this week in the housing and financial markets. Recently released data shows U.S. manufacturing is up, with increased orders and production. Signaling economic improvement, this could pressure rates. The labor market shows no signs…
Wednesday bond prices opened with small positives and rallied nicely after the Fed’s no-hike meeting; Thursday morning prices opened with postivie+5s, so our historically low rates are holding steady! The Fed meeting passed without any rate hike announcement, but the Fed is clearly leaving the option on the table, say that the case for increase…
About $518 billion in first-lien product was originated in the second quarter – the highest volume in a single quarter since the second quarter of 2013. Purchase volume reached $297 billion, an increase of 52%, or $102 billion, compared with the first quarter. It was the highest level since 2007. Still, with mortgage rates near…
A recent USA Today article highlighted… “New-home sales surged in July to the highest level in almost nine years as strong demand amid low interest rates and low existing inventory helped boost the housing market. Sales of new single-family houses jumped 12.4% from June to a seasonally adjusted annual rate of 654,000, the highest level…
Mortgage rates have been consistently below 4% since New Year’s Eve, and there’s no reason to think they will suddenly soar. If anything, the market forces behind the lending process are pointing down in a way that may be historic. Money, Money Everywhere Second, although the Fed may be able to move bank rates, its…
What specifically fueled Florida’s latest 2.1 percent GDP? Growth in real estate and construction industry output made up half of its gains in the quarter. Those two sectors were followed by retail, health care and financial services! Economic momentum suggests Florida may continue to grow faster than the nation as a whole for the foreseeable…
Fannie Mae’s Home Purchase Sentiment Index zoomed to an all-time high in May as consumers get more upbeat about their paychecks and home selling. In May, the index reached a reading of 85.3, which follows an 18-month low reached in March. It’s Been Building Fannie: ‘Things Are Looking Up for Housing’ Consumers Show Shift in…