Stephen Prescott - RVP- Mortgage Loan Officer NMLS 1451147

Stephen Prescott - RVP- Mortgage Loan Officer NMLS 1451147 Stephen is our dedicated and determined RVP- Loan officer. He has the expertise and experience to truly provide you with all of the options available.

He has spent over 25 years in the mortgage industry in various roles, from sales, origination processing, and servicing.

Wanna see why the BOND market and Mortgage Rates keep going up. You see a lot of posts that talk about rates and their ...
10/30/2024

Wanna see why the BOND market and Mortgage Rates keep going up. You see a lot of posts that talk about rates and their movement but not a ton into the "WHY". First the FEDS do not control Mortgage rates at all. INFLATION is what moves mortgage rates. But I did some deep dive and research into recent trending and somethings not adding up.

This is today's ADP Employment report and it appears as if there's an increase in jobs and seasonal employment. But notice a pattern within the last 2 years vs since 2016. This makes the stocks rally selling off BONDS which makes our BOND pool of money smaller and Mortgage rates go UP.

For the first time in 8 years there has been a positive number for seasonal employment. The NSA = Non Seasonal Employment & SA = seasonal employment. Instead of subtracting the seasonal workers from the workforce (shown- do the math) normally, they've added them together to make it look stronger, seems. Devise your own opinion but the numbers provide a telling tale.

10/15/2024

Ghosting needs to stop. I see this more and more in the work place, it's cruel and unprofessional. Have the courage & decency to let others know you've moved on.

What if you never sold a home and kept every home you've ever owned?Chew on that.....
10/11/2024

What if you never sold a home and kept every home you've ever owned?

Chew on that.....

Mortgage rates as expected have been bobbing. Feds lowering and jobs report improving (I do not believe that) didn't he...
10/09/2024

Mortgage rates as expected have been bobbing. Feds lowering and jobs report improving (I do not believe that) didn't help. But this is usual after the initial adjustment. We did not plan on the bond selling off as much but there's a ton on-going that is driving this. You can see the graph where we were and trending and lost some ground. Seems to be holding. Green is good, red not so much.

More to come... that's for sure.

Please follow me and Mortgage Church to learn more of the market, trending and things your mortgage peep probably ain't telling you!

Ummmm.... really. So in the jobs report we see a trend that 16-19 yr. olds had an increase of +231k for jobs. Aren't k...
10/04/2024

Ummmm.... really. So in the jobs report we see a trend that 16-19 yr. olds had an increase of +231k for jobs.

Aren't kids in school or is there some other planet where they're getting FTE for jobs. That will be an interesting twist.

We're coming around... Market has rebounded a tad as expected. But check out this 2/1 BUYDOWN, one of my awesome Agent...
09/23/2024

We're coming around... Market has rebounded a tad as expected. But check out this 2/1 BUYDOWN, one of my awesome Agents is offering. Wanna drop your price but not sure how to incentivize? Here's a great way. The seller offers a $13k (they're paying the $12,154 dollar fee below) credit in this case and covers the buydown. The buyer now gets a start rate of; 3.625/4.625/5.625 (yr. 1/yr. 2/yr. 3) permanent fixed 30 yr. loan. Look how much they save. I'm going to guess the buyer would much rather save, $668 a month yr 1., $344 a month year 2. Huge! They debated lowering the price $20k, saves them a whooping $115 a month, not much.

Reach out so I can not only save your seller the price reduction but we can create a better way to win buyers!

It's here... it's here.... it's here... the big FED day. As anticipated the market is already selling off and mortgage ...
09/17/2024

It's here... it's here.... it's here... the big FED day. As anticipated the market is already selling off and mortgage rates are up a tad, expected. But here's some great insight into the workings of mortgage and how the Feds while do NOT control mortgage rates they do control some rates and what we pay in other areas (Mortgage is blue/red, Feds are the gray dudes).

Inflation after about 3.6 yrs is finally cooling and hopefully we can get some relief across the board with COLA (costs of living). You can see in the graph we started to increase so much we were hitting the late 80's/90's range and that is not good. We are in the worst housing market in over 30 years and I think we've all had enough. Onto better times!

https://www.nar.realtor/blogs/economists-outlook/the-upcoming-rate-cut-5-things-homebuyers-should-consider

Who wants fire? You do!!! Rates are on fire. Just quoted this offer for a 2.1 buydown purchase. Rates, subject to qu...
09/13/2024

Who wants fire? You do!!! Rates are on fire. Just quoted this offer for a 2.1 buydown purchase. Rates, subject to qualifying; credit, income, down payment, etc. and lending parameters. We have all loans, for the most part in the 5's.

Yep... 3.6/4.6/5.6 Let's go AMERICA!!! I am over this!

For those waiting for the big RATE showdown here's more proof. If the Feds (which will probably happen) lower rates nex...
09/11/2024

For those waiting for the big RATE showdown here's more proof. If the Feds (which will probably happen) lower rates next week, the inverse will more than likely make mortgage rates unaffected. Remember, mortgage rates do NOT run off the Feds slate.

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7950 Legacy Drive #400
Plano, TX
75024

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+12144923502

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