Pacific West Lending

07/17/2024

07/16/2024

Closed today! Congrats to all parties 🥂

Buyers agent/photo credit: Jeff Puliz S&S Realty

Chris Bang
NMLS #171732

06/28/2024

https://www.experience.com/reviews/michael-aldridge-206998/75b6fadf-b48d-4cbb-8abc-704943815ca0

Click to see all 194 reviews of Michael A Aldridge, Mortgage Banker & Principal

04/18/2024

Lots of talk about the Fannie Mae update this week regarding seller concessions and realtor commissions..

The bottom line: There are NO CHANGES to what was already in place.

Fannie Mae simply reiterated that if the seller pays the buyer’s agent commission then it is NOT counted in the interest party contributions (IPC’s or “concessions”) which is nothing new.

In other words, concessions for buyer’s agent commissions remains separate from any other concessions.

Please contact me if I can be of assistance!

Chris Bang
NMLS #171732

03/25/2024

The Federal Reserve met this past week and reaffirmed rate cuts are coming but, how many and why?

Mixed Fed Messages

On Wednesday, the Federal Reserve decided to once again pause and not cut rates. This was widely expected, as inflation has been reported higher than expected of late. It wasn't the lack of action which moved the markets, but the forecast The Fed provided in their statement which helped both stocks and rates improve.

Fed's Forecast

Every three months, the Federal Reserve issues their economic forecasts. This is where they adjust their outlook on the economy, unemployment, inflation, and the path for interest rates. So, what is the Fed thinking?

The Fed now sees economic growth stronger than expected, which is a good thing, and it removes the near-term threat of a recession. They also believe unemployment will come in lower than previously forecasted and inflation will also come in higher than forecasted.

The head scratcher in all of this is that despite the Fed seeing stronger growth, less unemployment, and more inflation, they held their forecast to cut rates three times this year.

With just 6 Fed meetings remaining in 2024, it means rate cuts are coming soon. How soon? The financial markets are pricing the first rate cut in June with a current probability of near 75%. This will of course change as economic readings are reported.

Slowing the QT

In a measure that may help interest rates improve down the road, the Federal Reserve said they are going to start slowing their balance sheet reduction, quantitative tightening (QT), very soon. Part of the upward pressure on long-term interest rates the past couple of years has been QT. So, less QT, could be a good thing.

The Market Reaction

Interest rates improved modestly this past week, and stocks hit all-time highs once again. As of today rates continue steady and are at the best levels in the last two weeks.

As always please contact me if I can be of assistance!

Chris Bang NMLS #171732

06/22/2023

**Mortgage Rate Update - Thursday 6/22/23**

Ebbs and Flows

The past two days have seen rates move higher, and we are now closer to the highest rates of the month after seeing the lowest rates of the month just a week ago. Keep in mind it's been a very narrow range as overall for the last month rates have been relatively flat.

The 10-year yield was up 2.04% today

Please contact me for details!

06/22/2023

Isn’t it ironic that as soon as you complete a loan application your phone starts to ring and emails begin to arrive from telemarketers representing a variety of 3rd parties? Clients often ask me if their information will be kept private. We will not sell your information, EVER, but most people ar...