Eric Sayer, Mortgage Loan Originator NMLSR 95366

04/25/2024

An overwhelming majority of Renters want to buy a house of their own...some interesting data on why they haven't.

Click on the image to read the full article!

04/24/2024

Hey…

04/22/2024

It was a rough week for would-be buyers, as two of the most important economic datapoints (BLS jobs report & CPI inflation) both came in hotter than expected, helping to propel mortgage rates back near 7.4%. There was some good news however: the number of homes for sale nationwide is up 24%! Hope you enjoy my latest national and local real estate update!

04/19/2024

Don't let old information stand in the way of your home dreams. Down payments can vary, let's discuss what you'll need.

04/15/2024

This may not be breaking news or news at all to many in the Real Estate industry, but I found interesting is the sheer % of current Mortgage holders who have rates 3% below the current average (arounds 7.3% per Mortgage News Daily). Let's also not forget all the homeowners who have NO MORTGAGE (Own Free & Clear) and one could understand why prices have remained so high.

This is also a big contributor to the spending and economic strength we are seeing in the US economy which is helping keep rates elevated. Homeowners with very low Mortgage rates/payments have plenty of disposable income to spend.

The charts near the bottom of the article showing the distribution of rates among outstanding mortgages is quite insightful.

On a scale not seen in decades, many Americans are stuck in homes they would rather leave.

04/12/2024

Weekly Mortgage Market Newsletter

If there was only one thing to know about the mortgage market this week, it would be that Wednesday's inflation data prompted one of biggest single day increases in mortgage rates in decades. If there...

04/09/2024

Finding the perfect home isn't a sprint; it's a marathon that often involves viewing multiple houses to discover the one that feels just right. 🏠💭 Remember, patience pays off in the search for your dream home. As your loan officer, I'm here to support you every step of the way, ensuring you're ready to make an offer when that perfect place comes along!

04/08/2024

Will stubbornly high mortgage rates hurt the spring selling season for the second-straight year? The latest new and existing home sales data suggest that buyers are taking advantage of increased inventory - and in some markets, lower prices - to act on purchases that they may have deferred for several years. I'd love to update you on the supply & demand situation locally. Let's talk!

04/08/2024

What will be driving Mortgage Rates this week.....

Monday and Tuesday will be very slow days, trading only on geopolitical headlines that might pop up. Wednesday is the real day of consequence with the March CPI Report. If the Fed is truly data dependnent, this report will likely determine if the first rate cut for 2024 could be in June or sometime later. Currently there is only a 52% chance of a cut in June and a 70% chance of a cut in July.

Treasury auctions on Wednesday and Thursday will give us an idea of what investors think of longer term US Govt debt as an investment. U Mich Consumer Sentiment surveys can provide some volatility but they don't have the same impact as CPI. Of course, CPI could have an impact of the magnitude of impact these later economic events and reports have on Mortgage/Interest Rates.

Don't expect much change until Wednesday in Mortgage Rates as we will hover around the 7% range until then.

04/05/2024

Very good article in TBJ today about the Wake County housing market. The Baby Boomer generation will be the key to the housing market as many don't have a an economic incentive to sell their house (nationally 54% have no Mortgage) so they will only add inventory due to other reasons mentioned in the article or worse reasons.

Migration patterns also play a big part and I expect that trend to continue as well as there have been a lot of job announcements over the years that have just not materialized yet.

I have options to help you be more competitive as a Buyer if you have not had success and are feeling frustrated. Reach out and I will explain them to you.

The supply of homes in Wake County is running near record lows despite new developments. That means buyers are stuck in a tough spot with little relief in sight.

04/05/2024

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