Garrett Lowman - Loan Officer - NMLS #1880027

Garrett Lowman - Loan Officer - NMLS #1880027 Residential Mortgage Lender

06/28/2024

Our latest episode of Today in Mortgages is now live! Join us as we dive into all things home loans, interest rates, and expert tips for navigating the mortgage process. 🏡💸

06/28/2024

Core Personal Consumption Expenditure (Core PCE) is the Federal Reserve’s favorite inflation indicator and their goal is 2% annual inflation. Today, Core PCE came in at 2.573% annually, down from 2.783% last month. Monthly Core PCE came in at 0.083%, down from a slightly upwardly revised 0.259% last month.

Headline PCE also improved. -0.008% MoM vs 0.264% previous and 2.563% YoY vs 2.68% previous. Despite a better-than-expected inflation reading and weakening US Macro data, yields climbed this week on the back of a strengthening Dollar and closing the gap from last week’s move higher in oil.

Earlier in the week, home prices rose 7.2% annually according to the S&P/Case-Shiller Home Price index and 6.3% annually according to the FHFA Home Price Index. Mortgage applications were up 0.76% nationally week over week. New Home Sales unexpectedly dropped 11.318% month over month.

Initial jobless claims remain elevated at 233k, but have fallen two weeks in a row. Next week we will hear from Powell on Tuesday, receive the minutes from the previous FOMC meeting on Wednesday, and cap the week off with the latest jobs report on Friday.

06/26/2024

What's the real reason for the housing shortage? Tune in and listen to Rich explain why the housing market is in its current state and what needs to be done to fix the housing shortage problem.

Thanks to all our amazing customers. If you're looking for a lender for a purchase or refi, call us. One of our core val...
06/25/2024

Thanks to all our amazing customers. If you're looking for a lender for a purchase or refi, call us. One of our core values is reliability, and making sure we get the job done right and on time is our priority!*

This is a review submitted for Network Funding, LP. Original borrower review is published at https://www.facebook.com/networkfunding/reviews/. Some edits may be made to review posts for clarity or to correct errors.

06/21/2024

Rates remained relatively flat this week. After closing at 4.213% on Friday, the 10-Year Treasury opened at 4.244% Monday and currently sits at 4.255%, a 1.1 bps move for the week.

The MBA 30-Year Mortgage Rate fell to 6.94% from 7.02% the week previous and MBA Mortgage Applications increased 0.9% week over week.

Housing Starts fell 5.5% month over month to a 1.277MM annualized pace and Existing Home Sales fell 0.7% month over month to a 4.11MM annualized pace.

Crude oil is down today, but up 10% from it’s low close on 6/4/2024. The 10-Year and Crude have had a strong correlation over the last year.

While we have plenty of Economic Data coming out next week, the big news will be coming Thursday with Durable Goods Orders and GDP data followed up by Inflation Data (PCE) and Personal Income on Friday.

Today we celebrate Juneteenth, a day that commemorates the end of slavery in the United States. Let us reflect on our hi...
06/19/2024

Today we celebrate Juneteenth, a day that commemorates the end of slavery in the United States. Let us reflect on our history and continue to work towards equality and justice for all.

06/14/2024

This week’s rally kicked in to gear Tuesday afternoon after a stronger than anticipated 10-Year Note Auction that was followed up by a softer than forecasted inflation report.

Post-CPI, Fed Chair Powell took the podium after the Federal Open Market Committee (FOMC) Meeting decided to leave overnight rates unchanged at 5.25% - 5.50%. The new Dot Plot was deemed hawkish as forecasted rate cuts were eliminated and Powell was viewed as cautious – in wait and see mode – in his press conference.

The Market waited until 7:30 AM Central on Thursday and saw a soft PPI (-0.2% Monthly vs 0.5% Previous) and increasing Initial Jobless Claims (242k vs 229k previous) and immediately began to re-price in a September rate cut (70% chance of a cut right now according to Fed Funds Futures).
The 10-Year Treasury rallied to a low yield of 4.188 Friday and is firmly planted on the long-term trend line. Where we go from here will be largely dependent on next week’s economic data.

Happy National Flag Day! 🇺🇸 Today we celebrate the symbol of our country's unity and freedom. Let's show off our flags p...
06/14/2024

Happy National Flag Day! 🇺🇸 Today we celebrate the symbol of our country's unity and freedom. Let's show off our flags proudly and honor the sacrifices made for our nation.

06/12/2024

🏡 Did you know that townhomes are a popular choice for young adults when it comes to buying their first home? With their low maintenance and convenient locations, they're the perfect fit for those looking to enter the world of homeownership. 🏡

06/07/2024

The BLS Non-Farm Payrolls Establishment Survey reported 272,000 new jobs in May vs a downwardly revised 165,000 in April (175,000 initial release) and expectations of 185,000 new jobs. This shocking beat sent yields higher, immediately erasing nearly 2/3 of the improvement we had enjoyed this week and caused many economists/analysts to shift their forecast for the first rate cut to November from September.

ISM Manufacturing PMI revealed a deeper contraction in overall activity (48.7 vs 49.2 previous vs 49.6 expected) and easing price pressures (57 vs 60.9 previous vs 60 expected) along with slumping new orders (45.4 vs 49.1 previous vs 49.4 expected). As a reminder, >50 = expansion,

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10370 Richmond Avenue
Houston, TX
77042

Telephone

+18176145653

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