Christine Ramsey, Mortgage Lender

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Christine Ramsey, Mortgage Lender

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07/27/2023

😳 "The Fed just hiked mortgage rates!!!"

❌ (Don't panic, this isn't true!)

Many people confuse rate increases made by the Fed (to the fed funds rate) with an increase in mortgage rates. However, that's not the case.

Why is that? 🤷‍♂️

✅ The simple answer is that the Fed rate hikes are intended to slow down the economy and hopefully curb inflation. The Fed does not set mortgage rates or any other consumer rates, but all of those rates are affected by the Fed's rate hikes. When markets anticipate the Fed will raise rates, mortgage rates do move higher, but months in advance of actual rate hikes. Remember when rates moved higher in June? That was when markets anticipated that a July Fed rate hike was likely, and reacted. Once the Fed actually raised rates yesterday, markets had already anticipated the hike and it had been factored into current mortgage rates.

Although it is a bit more complex than that, the main takeaway here is that 👉 MORTGAGE RATES DID NOT GET WORSE! 👈

In fact, the rates you have access to may even have improved.

If you'd like me to take a look at your situation and see what rates are available to you, reach out anytime. I'd love to help you.

07/24/2023

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟮𝟰, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲 👎
Mortgage rates moved slightly higher last week, but not by much.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
This week brings the Fed meeting that markets have been waiting for where the Fed is expected to raise its policy rate by .25%, although mortgage rates won't be affected because markets are already pricing in the expected increase. However, markets will be listening to the Fed statement and Fed Chair Powell's press conference for clues on future Fed moves. Stay in touch with you mortgage professional this week.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Although this week does bring some economic data, we aren't likely to see mortgage rates react much unless mortgage rates improve after the Fed meeting and Friday's PCE inflation data points to cooling inflation. That could help rates continue to improve, if we do get a positive reaction after the Fed meeting.
- The Fed: Markets already expect the Fed to raise its policy rate at this Wednesday's meeting conclusion, but will be looking for signs of Fed rate hikes to come later this year. The Fed has already signaled most members want a second hike this year, if that is reinforced we could see mortgage rates suffer.

07/21/2023

⚠️ Whether you're getting a mortgage to buy a home or to refinance, these are 4 things you should NOT do...

❌ Make any large purchases like a new car or furniture for your new home
Even if you don't have to pay any interest or make any payments for awhile, new purchases come with new debt that will have to be factored in and can affect qualifying for your loan.

❌ Deposit cash into your bank account
All money into and out of your accounts has be be accounted for during the mortgage process, even if not being used for the mortgage or a down payment. Talk with me about how to document unexpected or large deposits, especially cash deposits.

❌ Quit or change jobs.
Now isn't the time to make a move, even for a better opportunity... at least not without talking to me first about how it can impact your loan.

❌ Open (or even close) credit accounts
Don't take that new store card to save 10% on your purchase, don't pay off old debts or collections, and don't close or pay off any other accounts. Some of these actions can have unexpected consequences to your credit score, so be sure to talk with me first.

✅ Remember, I'm always here to help. If any of these situations comes up and you're thinking of buying or refinancing soon, be sure to reach out to me for guidance.

07/17/2023

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟭𝟳, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱 👍🏻
Mortgage rates improved last week as both wholesale and consumer inflation came in better than expected, causing markets to bet that the Fed will not need to raise rates a second time before the end of the year.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝘀𝘁𝗲𝗮𝗱𝘆 👍🏻
Mortgage rates are not likely to move much this week, other than some normal small day-to-day movement. We aren't likely to see any big moves in rates ahead of the Fed meeting next week, with little in the way of economic data and the Fed speakers all on a blackout ahead of the meeting. There is a fairly good chance we could see rates improve a bit further with next week's Fed meeting, for those that have the time to wait and see.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Tuesday brings a retail sales report that traders will look at for signs of how consumers are spending, but other than that there is no data this week that is likely to affect mortgage rates.
- The Fed: Although the Fed has made it clear that members expect a second rate hike this year, markets believe that inflation is coming down fast enough that a second hike won't be warranted. Next week's meeting could cement those beliefs or turn them around.

07/10/2023

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗝𝘂𝗹𝘆 𝟭𝟬, 𝟮𝟬𝟮𝟯

𝗟𝗮𝘀𝘁 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗥𝗲𝗰𝗮𝗽: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗼𝘃𝗲𝗱 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Mortgage rates continued marching higher last week as markets started pricing in a July Fed policy rate hike. Although the Fed doesn't set mortgage rates, rates react to Fed rate movement, often long before the Fed actually makes the moves. Last week's jobs data pointed to a still strong labor market, which supports a strong economy and makes it hard to bring down inflation.

𝗧𝗵𝗶𝘀 𝗪𝗲𝗲𝗸'𝘀 𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 ⚠️
For a second week we could possibly see rates make big moves, this week because of the consumer inflation data coming out on Wednesday and to a lesser extent the wholesale inflation data on Thursday. If the data points to a bigger drop in inflation than expected, rates may benefit. However, a stubborn inflation reading could pressure rates higher.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: Inflation data this week will take center stage, but we will also see consumer sentiment data on Friday that could influence rates.
- Fed rate hikes: Markets are currently pricing in a rate hike at the July Fed meeting. The Fed has signaled more hikes are likely after that, but markets are not yet pricing them in. This week that could change, pushing rates higher.

07/07/2023

Mortgage rates have risen to levels we haven't seen in while...

𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝗲𝗱?
Rates have been pushed higher by recent economic data, including reports this week showing the labor market is strong and the economy isn't cooling off yet despite the Fed raising policy rates ten times over the last fifteen months. Markets are now preparing for the Fed to raise rates even higher through the end of the year in order to quash inflation. Mortgage rates have already started to move higher the last few weeks on the expectations.

𝗦𝗼, 𝗵𝗼𝘄 𝗵𝗶𝗴𝗵 𝘄𝗶𝗹𝗹 𝗿𝗮𝘁𝗲𝘀 𝗴𝗼 𝗮𝗻𝗱 𝘄𝗶𝗹𝗹 𝘁𝗵𝗲𝘆 𝗰𝗼𝗺𝗲 𝗯𝗮𝗰𝗸 𝗱𝗼𝘄𝗻 𝘀𝗼𝗼𝗻?
Although it is possible rates could improve, the current forecast is that rates are going to move even higher. We will eventually see rates come down again, but that is only likely when the economy slows down and we could see a recession.

𝗜𝘀 𝘁𝗵𝗲𝗿𝗲 𝗮 𝘀𝗶𝗹𝘃𝗲𝗿 𝗹𝗶𝗻𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲𝘀𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 𝗿𝗮𝘁𝗲𝘀?
Higher rates are no fun - period. Paying more each month for a home than you thought you would pay is a downer.

HOWEVER...
Higher rates are opening the door to more homes, and it is helping restore balance to the housing market. You can now find homes to purchase that aren't in a bidding frenzy, and borrowers getting a mortgage are not finding as much competition from cash buyers. Less demand means you have a better shot of landing your dream home!

I have some ideas on how to help make your payments more affordable while rates are higher. Contact me today and I'll tell you why now is still a great time to buy a home, and how I can help!

07/05/2023

New 5.0-star Review: "Christine is extremely knowledgeable and comes with my highest recommendation! Would have it any other way! "

Address

9048 Holly Road
Grand Blanc, MI
48439

Website

http://dortonline.org/

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