P. Thomas Fenelle Mortgage Lender NMLS #2006879

08/02/2022

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝘂𝗴𝘂𝘀𝘁 𝟬𝟭, 𝟮𝟬𝟮𝟮

𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗱 👍
Average mortgage rates improved once again last week despite a strong inflation reading on Friday, as fears of recession outweighed fears of inflation. The Fed raised the fed funds rate .75%, but that doesn't raise mortgage rates. Mortgage rates actually improved on the news, because of the Fed's strong moves to fight inflation.

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗰𝗼𝘂𝗹𝗱 𝗶𝗺𝗽𝗿𝗼𝘃𝗲 𝗳𝘂𝗿𝘁𝗵𝗲𝗿 👍
As the week starts, it looks like mortgage rates are poised to improve further as recent economic data shows that the aggressive Fed rate hikes have started to slow the economy, which should help curb inflation. There is speculation that runaway inflation has now peaked, and we could be seeing a tipping point where rates may move lower in August than what we averaged in July.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: A quiet week for data that will have a strong impact on mortgage rates, other than Friday's jobs data. If the jobs data shows the labor market is softening, it could help rates improve. A strong showing though could be bad for mortgage rates in the short term.
- Fed speakers: As different Fed members speak this week, we could see rates react to speculation of future Fed actions.

07/23/2022

https://fb.watch/es8ZENhVHY/

07/23/2022

Mortgage applications has decreased 1.7% on a seasonally adjusted basis from one week earlier, according to Market Composite Index data from the Mortgage Bankers Association’s…

07/23/2022

"𝗪𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝘁𝗵𝗲 𝗔𝗣𝗥 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲?" 🤔

👉 Answer: One of the most confusing aspects of a mortgage is trying to compare interest rates and APRs. Here is a simple explanation to make it easy for you to get a low rate mortgage without the hassle.

The interest rate is only the interest that you will pay on the mortgage. Mortgage interest rates are often quoted in .125% increments.

The APR is a calculation designed to more easily compare mortgage offers. It includes the interest rate above, PLUS other fees and costs such as: lender fees, origination fees, discount points, and some closing costs. Some banks and lenders will change what they call certain fees to avoid having to include them in the APR calculation, making it even harder to compare. An APR is required anytime a bank or lender advertises an interest rate, to help get a more accurate comparison. The interest rate and the APR should never be exactly the same unless there are no fees on the loan.

🏡 𝗜𝗳 𝘆𝗼𝘂'𝗿𝗲 𝗹𝗼𝗼𝗸𝗶𝗻𝗴 𝘁𝗼 𝗴𝗲𝘁 𝗮 𝗹𝗼𝘄 𝗿𝗮𝘁𝗲 𝗮𝗻𝗱 𝘁𝗮𝗸𝗲 𝘁𝗵𝗲 𝗵𝗮𝘀𝘀𝗹𝗲 𝗼𝘂𝘁 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗿𝗼𝗰𝗲𝘀𝘀, 𝗜 𝗰𝗮𝗻 𝗵𝗲𝗹𝗽. A quick and easy conversation can help make sense of it all, and I can show you how to make sure you're getting a good mortgage offer.

Getting a mortgage doesn't have to be a hassle. Let me make it easy.

07/23/2022

https://www.inman.com/2022/07/22/sellers-market-buyers-market-the-pendulum-is-swinging/

Homes are still selling, but the ongoing market shift is giving homebuyers more and more leverage everyday, agents and economists told Inman.

07/23/2022

https://patch.com/pennsylvania/across-pa/pennsylvania-ranks-17-among-america-s-top-states-business-cnbc

The Keystone State received top ranking in the education and technology & innovation categories.

06/30/2022

https://www.businessinsider.com/next-housing-market-price-crash-too-many-homes-real-estate-2022-6

Slowing population growth and a surge in new construction will eventually cause a big, new problem for America's housing market: too many homes.

06/15/2022

🏡 Majority of Top Economists Do Not Believe We’re in a Housing Bubble!!



🏡 Zillow and Pulsenomics released their Home Price Expectations Survey for the second quarter. This survey, which is released each quarter, asks a distinguished panel of over 100 economists, investment strategists and housing market analysts about their 5-year expectations for future home prices in the United States.

🏡 Of the 114 economists surveyed this time, participants said they expect home prices to appreciate 4.8% on average per year over the next 5 years. Cumulatively, they expect over 26% appreciation through 2026.

🏡 What’s the bottom line? Respondents were also asked, “Do you believe the U.S. housing market is currently in a bubble?” Of the 98 respondents with an opinion on the question, 65% answered “No.” Some of the reasons provided for this belief included continued low housing inventory, recent price growth caused by fundamentals like demographics and shifting housing preferences, rising rents, the work-from-home revolution and high homeowner equity. So while it may not be easy to buy a home right now, it should still be a smart financial decision.

06/08/2022

https://crosscountrymortgage.com/Navigating-Hot-Homebuying-Market/

Want to learn how to navigate through the hot homebuying market this summer? We've created a list of things you should consider beforehand based on recent trends.

06/08/2022

https://www.forbes.com/sites/petertaylor/2022/05/24/the-cost-of-purchasing-a-home-in-the-us-increased-55-last-year-but-its-still-a-great-time-to-buy-a-house-for-these-five-reasons/

U.S. home values in 2021 increased faster than any time in history due to COVID and a generational housing supply shortage. But it's still a great time to invest in the American Dream of homeownership. Here are 5 reasons why

06/08/2022

https://fortune.com/2022/06/07/housing-market-inventory-levels-are-rising-again-breakdown-in-americas-400-largest-markets/

As mortgage rates approached 5% this spring, inventory levels began to rise.

04/29/2022

🏡 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗼𝗳 𝗔𝗽𝗿𝗶𝗹 𝟮𝟱, 𝟮𝟬𝟮𝟮

𝗥𝗲𝗰𝗮𝗽 𝗼𝗳 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸: 𝗥𝗮𝘁𝗲𝘀 𝗮 𝗹𝗶𝘁𝘁𝗹𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 👎
Although mortgage rates did end the week slightly higher, we're seeing signs that rates are stabilizing. Last week's moves were mainly due to markets reacting to the idea that the Fed would need to raise policy rates higher and sooner to get inflation under control.

𝗠𝗼𝗿𝘁𝗴𝗮𝗴𝗲 𝗥𝗮𝘁𝗲 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗥𝗮𝘁𝗲𝘀 𝗺𝗮𝘆 𝘀𝘁𝗶𝗹𝗹 𝗰𝗿𝗲𝗲𝗽 𝗵𝗶𝗴𝗵𝗲𝗿 👎
It is looking like mortgage rates could improve a bit to begin the week, as the underlying market that rates are based on starts the week with some gains. However, it is important to realize that any improvements will be small and likely short lived, as rates are still trending higher. Although we could see rates creep up in smaller increments, we are still likely to see at least slightly higher rates as we head into May.

🗓️ 𝗪𝗵𝗮𝘁'𝘀 𝗮𝗳𝗳𝗲𝗰𝘁𝗶𝗻𝗴 𝗿𝗮𝘁𝗲𝘀 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸:
- Economic data: A full slate of data, including some housing data and a few Treasury auctions, but not likely much to pressure rates this week.
- Supply chain concerns: China has locked down over 25 million people due to a coronavirus outbreak, some for 3 weeks already, sparking fears of a supply chain crisis since products cannot be manufactured or shipped. This would add to current inflation problems, and pressure mortgage rates higher.