Andrew Hannah - Broker/Owner - NMLS # 1431898

10/08/2021

Rates are on the rise! Check out where they ended this week with us.

06/16/2021

For probably the past four years I have been hearing from potential buyers, "I am going to wait until housing prices go down to buy" or, " I am going to wait until the market crashes." Those buyers that said that four years ago are surely kicking themselves. Timing a housing market, especially when purchasing a primary residence, makes about us much sense as the fact the Kardashians have been on air for 20 seasons (how is this possible).

Below is a great article to read that provides some insights and stats of how this market compares to the market in '06-'07. A few bullet points for those of you that don't like to read too much ;).

- Mortgage loans are much harder to get. An index of mortgage credit availability reached almost 870 in June 2006. This March it was just 125. (On a scale of 0 to 1,000 with 0 being hard to get a mortgage and 1,000 being very easy)

- Right now, the biggest threat to the housing market is a sharp increase in the current ultralow mortgage rates. The Mortgage Bankers Association predicts the rate on the average 30-year fixed-rate mortgage will rise from 3.1% this quarter to 3.5% at the end of 2021 and 4.2% at the end of 2022.

-Only about 0.1% of mortgage loans issued this year carry adjustable rates, compared with about 60% in the bubble years. So homeowners today won’t be shaken out of their homes by rising rates.

- CoreLogic Inc. estimates that homeowners’ equity in mortgaged homes increased 16%, or $1.5 trillion, last year alone. It says only 2.8% of people owed more on their mortgages than the homes were worth at yearend, down from 26% who had negative equity in late 2009. Most people who can’t make payments—say, because of a job loss—can sell at a profit and avoid foreclosure.

- Having overbuilt in the 2000s, chastened homebuilders underbuilt in the 2010s, and now millennials, the largest generation, are reaching their peak homebuying years at a time when starter homes are in the shortest supply. On June 7, Bank of America Merrill Lynch estimated that only 65,000 starter homes were completed in 2020, less than a fifth the number built annually in the late 1970s and early ’80s.

Stricter lending standards have reduced risk in the market.

04/08/2021

Having trouble getting an offer accepted, let us help your offer stand out. Fully underwritten pre-approvals within days of submission, fast turn times to cut down contingency periods, and much more. Call me to find out how we can help.

07/16/2020

With rates at all time lows, there has never been a better time to buy or refinance. Making sure you are getting a great loan with unbeatable service is what we are known for. Don't take my word for it though, see what others are saying: https://www.zillow.com/lender-profile/Andrew%20Hannah/

06/27/2020

Never thought I would be able to refinance my current VA loan my rate at 2.75% was the lowest available in the history of VA for the longest time, but yesterday I pulled the trigger! We have never seen VA rates this low, and I am so fortunate to have access to these rates and being able to help my fellow vets in accessing the lowest interest rates ever available to them! If you know a vet in CA that hasn't bought or refinanced in the past 6 months, pass this along to them, this is an incredible opportunity!

03/06/2020

Victory lap time. Being coming for the number 1 spot in Folsom since Day 1, and finally got there today! I'm now the #1 lender in Folsom and Rancho Cordova on Zillow. Next stop #1 in the world! Oh and if you haven't heard, rates are pretty good right now too, tell your friends :)

02/29/2020

Mortgage rates hit the lowest levels in 8 years this week. There are multiple caveats, however. First off, lenders are responding to recent market movements in different ways. Some lenders move down faster and then remain flat even as the bond market (which dictates rates) improves. Other lenders have been slow to react, but have since moved down more steadily. Still others are somewhere between those extremes.

Perhaps the most important thing to note about mortgage rates this week is that, while they are certainly at long-term lows, they are absolutely NOT moving lower as fast or as much as US Treasury yields. One of the great benefits about working with a mortgage broker is our ability to shop multiple lenders to find who is pricing most aggressively with the recent drop in rates.

02/21/2020

Mortgage rates haven't been this low for this long in years--3.5 years to be exact. In 2012 it was the European crisis and massive central bank bond buying. In 2016 it was Brexit and massive foreign central bank bond buying. In 2019/2020, it's been the trade war and coronavirus with the latter getting the nod for 2020's lowest rates.