Rate Drop! Does this help you?
Could this rate drop be a trend? Fed under pressure now after “no action” in last meeting! With the most recent rate drop, I went from quoting most conforming loans for purchase and refinance at just below 7% for a 30 year fixed at no points, to just above 6%! Lower than that for FHA…
Read the full articleThe Aftermath
Any effect on Markets in the Aftermath? The Aftermath of the assassination attempt on Former President Trump, as expected, has caused a plethora of emotions affecting both public and business responses. Before we go any further, just so you know, the Mitchell Mortgage response is, let’s all please lower the temperature on “did not, did…
Read the full articleHousing Shortage?
Maybe yes, maybe no! Most economic pundits are saying there is a housing shortage…but is there really? Yes and no! Florida and Texas have been building homes rapidly since the beginning of Covid. That was to accommodate all the transfers from mostly blue states, like California and New York. They might have overbuilt, as home…
Read the full articleWhat Mortgage is Best For You?
Fixed or Adjustable, Long Term or Short Term Mortgage Decisions Made Simple What mortgage is best for you? How do you get that Goldilocks feeling that you did it “Just right”? It is not as difficult as you might expect and is usually figured out with just a few questions. For instance, you call me…
Read the full articleLower Rates – Maybe – Again – We hope!
Fed to lower rates? We once again are hoping! Federal Reserve Chairman, Jerome Powell, announced today that if inflation will drop sharply, then he and the rest of the Federal Reserve will have no problem in lowering short term interest rates. This in turn will put pressure on long term (mortgage rates) to drop as…
Read the full articleHomebuyer and homeowner spring tips!
Homebuyer and homeowner spring tips are best gathered by using the “search” option on your phone or home computer. For homebuyers, you might be reminded that surface beauty does not necessarily mean a well constructed home! Make sure, if you represent yourself, that you order a home inspection and a pest report (they are not…
Read the full articleWill the Fed lower, or won’t they?
The Federal Reserve (the Fed), led by Jerome Powell will decide tomorrow (4/10/24) whether they will lower interest rates further to help boost the economy. Trouble for the Fed though, is the economy, at least with the numbers they are reporting, seems to be doing quite well for itself! You may not feel that way,…
Read the full articleConforming Loan Amounts Rise!
New conforming loan amounts rise and are live today! Conforming loan amounts rise for 2024 and they went up more than expected! Now, if necessary, a purchaser or refinancer, can borrow up to $766,550 on a single family residence and still remain below Jumbo loan status! 2-units have been raised to $981,500, 3-units $1,186,350 and…
Read the full articleFHA ADU helps borrowers qualify!
Now use 75% of rents on FHA ADU to help income! FHA ADU (Accessory Dwelling Unit) helps borrowers qualify now by letting them use 75% of rents on the unit. This is not possible with Fannie Mae or Freddie Mac conventional loans nor can you do this with VA. The FHA ADU updated guidelines will…
Read the full article2-4 Units LTV reach 95 percent
Help is on the way for 2-4 Unit buyers! 2-4 Units LTV reach 95 percent! Owner occupied 2-4 Unit residences have been stuck at lower LTV’s (loan to value) for as long as I can remember. That is changing as of November 18th of 2023. At that time, Fannie Mae will accept loans for primary…
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