Elite Home Loans: Harry Dennis, Mortgage Broker NMLS #46163

09/26/2022

Credit card interest rates, which move in tandem with Fed increases, will go up in 30 - 45 days. If you have high interest credit card debt it may be the time to consider a debt consolidation refi. Reach out to me so I can guide you.

Credit card interest rates, which move in tandem with Fed increases, will increase in 30 to 45 days.

07/13/2022

With increased pressure from the new inflation numbers, Fed will continue its course of increasing the interest rate. It may be time for you to lock your loan now!

US inflation roared again to a fresh four-decade high last month, likely strengthening the Federal Reserve’s resolve to aggressively raise interest rates that risks upending the economic expansion.

05/07/2022

Rates could go to 7%. If you have high debt and can barely make min payments, now might be the time to take a look at restructuring your debt to create cash flow.
Mortgage Rates Hit 5.27%, Highest Level Since 2009

The reading continued what has been a rapid surge in mortgage rates as the busy spring home-selling season takes hold.

04/15/2022

Mortgage Rates hit 5% for the FIRST TIME Since 2011 yet housing demand still continues to remain strong..

The monthly cost of buying a typical home has surged by more than a third over the past year by one estimate, yet demand remains robust.

03/22/2022

Mortgage Rates Stay Above 4.5% - March 22, 2022

Even with rates going back up towards pre-pandemic levels, debt consolidation, refinancing, or financing a new home can still be the right financial move for you. In terms of historically low interest rates, we are still much much closer to the bottom than we are to the top! Only just a few years ago rates were in the high 5s!

Interest rates have started going up in 2022 because the economy is riding a strong wave of financial recovery and inflation has reached a record high. The FED is raising rates to curb high inflationary pressure.

There is still time to take action and make smart moves for you. Once rates move up further they are unlikely to come back down significantly any time soon, and the Fed has plans to make several more interest rate hikes throughout 2022.

03/17/2021

"𝗜𝗳 𝘁𝗵𝗲 𝗙𝗲𝗱 𝗿𝗮𝘁𝗲 𝗶𝘀 𝗮𝘁 𝗭𝗘𝗥𝗢 𝘁𝗼𝗱𝗮𝘆, 𝘄𝗵𝘆 𝗮𝗿𝗲 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗿𝗶𝘀𝗶𝗻𝗴?" 🤔

👉 This is a great question, and here is the answer...

The Fed can only directly control the fed funds rate, which is the rate that banks lend each other money overnight to meet reserve requirements. They don't directly set any other rates such as car loan rates, bank account or CD rates, or mortgage rates.

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗮𝗿𝗲 𝗯𝗮𝘀𝗲𝗱 𝗼𝗻 𝘁𝗵𝗲 𝗽𝗿𝗶𝗰𝗲 𝗼𝗳 𝗮 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗼𝗻𝗱, 𝗰𝗮𝗹𝗹𝗲𝗱 𝗮 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗯𝗮𝗰𝗸𝗲𝗱 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆. 𝗧𝗵𝗲𝘀𝗲 𝗯𝗼𝗻𝗱𝘀 𝗮𝗿𝗲 𝘂𝘀𝗲𝗱 𝘁𝗼 𝗸𝗲𝗲𝗽 𝗺𝗼𝗻𝗲𝘆 𝗳𝗹𝗼𝘄𝗶𝗻𝗴 𝗯𝗮𝗰𝗸 𝘁𝗼 𝗹𝗲𝗻𝗱𝗲𝗿𝘀 𝘀𝗼 𝗻𝗲𝘄 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗹𝗼𝗮𝗻𝘀 𝗰𝗮𝗻 𝗰𝗼𝗻𝘀𝘁𝗮𝗻𝘁𝗹𝘆 𝗯𝗲 𝗼𝗿𝗶𝗴𝗶𝗻𝗮𝘁𝗲𝗱.

When the Fed kept rates at zero today, they kept the fed funds rate at zero. However, the bonds that mortgage rates are based on are increasing in yield just like similar bonds such as the 10yr Treasury. As mortgage bond yields rise, so do mortgage rates. Right now mortgage bond yields are rising over concerns about inflation and the heating up of the economy through 2021.

𝗦𝗼, 𝘄𝗵𝗶𝗹𝗲 𝘁𝗵𝗲 𝗙𝗲𝗱 𝗰𝗮𝗻 𝗸𝗲𝗲𝗽 𝗿𝗮𝘁𝗲𝘀 𝗮𝘁 𝘇𝗲𝗿𝗼, 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗮𝗿𝗲 𝗹𝗶𝗸𝗲𝗹𝘆 𝘁𝗼 𝗿𝗶𝘀𝗲 𝘂𝗽 𝗮 𝗯𝗶𝘁 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 𝗶𝗻 𝘁𝗵𝗲 𝗳𝘂𝘁𝘂𝗿𝗲, 𝗯𝘂𝘁 𝗻𝗼𝘁 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝗵𝗼𝗹𝗱 𝗼𝗳𝗳 𝗼𝗻 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗶𝗻𝗴 𝘁𝗼 𝗿𝗲𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗼𝗿 𝗯𝘂𝘆 𝗮 𝗵𝗼𝗺𝗲. 🏡

𝗜𝗳 𝘆𝗼𝘂 𝘄𝗼𝘂𝗹𝗱 𝗹𝗶𝗸𝗲 𝘁𝗼 𝗱𝗶𝘀𝗰𝘂𝘀𝘀 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝘄𝗵𝗲𝗿𝗲 𝗺𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗿𝗮𝘁𝗲𝘀 𝗮𝗿𝗲 𝗵𝗲𝗮𝗱𝗲𝗱, 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁 𝗸𝗶𝗻𝗱 𝗼𝗳 𝗿𝗮𝘁𝗲𝘀 𝘆𝗼𝘂 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿, 𝗜'𝗺 𝗵𝗲𝗿𝗲 𝗮𝗻𝘆𝘁𝗶𝗺𝗲 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝗺𝗲.

03/15/2021

🗓️ 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗠𝗮𝗿𝗰𝗵 𝟭𝟱, 𝟮𝟬𝟮𝟭

𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝘄𝗲𝗿𝗲 𝘀𝗹𝗶𝗴𝗵𝘁𝗹𝘆 𝘄𝗼𝗿𝘀𝗲 👎
Average mortgage rates ended last week slightly worse as traders and markets reacted to the passing of the American Rescue Plan stimulus bill with concerns of increasing inflation and a possibly overheating economy.

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗹𝗶𝗸𝗲𝗹𝘆 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 𝗮𝗻𝗱 𝗰𝗼𝘂𝗹𝗱 𝗴𝗲𝘁 𝘄𝗼𝗿𝘀𝗲 👎
The big event this week will be the 2-day Fed meeting that concludes on Wednesday with a policy statement and press conference. Markets are likely to have a strong reaction to this month's meeting, as the Fed tries to defend its ultra-easy monetary policy outlook amid a quickening economic recovery and fears of inflation. Odds are high that we could see average mortgage rates continue the rising rate trend we've seen over recent weeks.

🏡 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Fed meeting: The Fed will release its policy statement followed by a press conference this week, as traders look for signals of when the Fed will raise the fed funds rate or taper back bond purchases.
- Economic data: Most of this week's economic data isn't likely to cause any movements in rates.
- Bond yields: If bond yields continue to rise this week, it could be the precursor to increasing mortgage rates.

03/11/2021

𝗛𝗲𝗿𝗲'𝘀 𝗮 𝘄𝗮𝗿𝗻𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗼𝘀𝗲 𝗼𝗻𝗹𝗶𝗻𝗲 𝗹𝗲𝗻𝗱𝗲𝗿𝘀... 𝘁𝗵𝗲𝘆 𝗮𝗿𝗲𝗻'𝘁 𝗮𝗹𝘄𝗮𝘆𝘀 𝗮𝘀 𝗴𝗼𝗼𝗱 𝗮𝘀 𝗮𝗱𝘃𝗲𝗿𝘁𝗶𝘀𝗲𝗱.

Who's going to answer your questions... help you get a low rate... make sure you've taken advantage of any special programs available to you?

As a local mortgage professional, I'm available to talk when it is convenient for you and not just during "business" hours. You won't get a different person every time you call, instead I'll know your unique situation and how to help you get the most house for your money. You'll be able to text me like we're besties, email me if that's what you prefer, call me to talk payment, or even to meet face-to-face if you like.

Don't worry, I have lots of technology at my fingertips to make the process convenient, but I'll still give you the personal attention that will let you sleep at night knowing someone is looking out for you and making sure everything goes according to plan.

𝗧𝗵𝗲 𝗯𝗲𝘀𝘁 𝗽𝗮𝗿𝘁 𝗶𝘀 𝗺𝘆 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝘂𝘀𝘂𝗮𝗹𝗹𝘆 𝗴𝗲𝘁 𝗮 𝗯𝗲𝘁𝘁𝗲𝗿 𝗿𝗮𝘁𝗲 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗺𝗲 𝘁𝗵𝗮𝗻 𝘁𝗵𝗲𝘆 𝘄𝗼𝘂𝗹𝗱 𝗵𝗮𝘃𝗲 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗯𝗶𝗴 𝗯𝗮𝗻𝗸𝘀 𝗼𝗿 "𝗷𝘂𝘀𝘁 𝗮 𝗻𝘂𝗺𝗯𝗲𝗿" 𝗼𝗻𝗹𝗶𝗻𝗲 𝗹𝗲𝗻𝗱𝗲𝗿𝘀.

Give me a call, text, or email today so we can find out what mortgage works best for you.I look forward to talking soon!