The Madrid Lending Team - CapRock Home Loans - NMLS: 621454

11/04/2024

Happy Monday!

QUOTE OF THE WEEK:

“When we ask for advice, we are usually looking for an accomplice.”—Saul Bellow, American novelist

10/28/2024

QUOTE OF THE WEEK:
“All I ask is the chance to prove that money can’t make me happy.”—Spike Milligan, Irish comedian, writer, musician, and actor

10/18/2024

DID YOU KNOW… Here’s an early sign the housing market is shifting. Fannie Mae’s Home Purchase Sentiment Index (HPSI) rose in September by 9.4 points from a year ago, reaching its highest level in more than two years.

10/07/2024

DID YOU KNOW… Freddie Mac’s Chief Economist notes, “home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.”

10/07/2024

QUOTE OF THE WEEK:

“I hate housework. You make the beds, you do the dishes, and six months later, you have to start all over again.”—Joan Rivers, American comedian, writer, and television host

09/30/2024

Happy Monday!

QUOTE OF THE WEEK:
“I’d like mornings better if they started later.”—Garfield, comic strip cat created by Jim Davis

09/23/2024

NATIONAL MARKET UPDATE:

Housing starts rose 9.6% in August, all due to single-family starts, which are up 5.2% the past year. Plus, the number of new homes completed jumped 9.2%, while building permits came in almost 5% higher.

An influx of buyers pushed purchase mortgage applications up for the third week in a row. The Mortgage Bankers Association noted, “Homebuyers are seeing improving affordability conditions…and slower home price growth.”

Existing home sales slipped 2.5% in August. But there were signs of progress. The past year, existing home inventories are up almost 23%, with 4.2 months of supply, approaching the 5.0 months of a normal market.

09/18/2024

50bps cut!!

09/17/2024

PSA: The Fed is set to decrease the federal funds rate this week, most likely by 0.25%. Although this reduction has already been factored into the market, it's worth noting that a larger-than-expected decrease of 0.50% could have a significant impact on the markets!

09/16/2024

‼️NATIONAL MARKET UPDATE:‼️

🏡Buyer activity is picking up, as applications for purchase mortgages keep trending higher, coming in 2% above the week before. Refinance applications rose too, and are now 106% higher than a year ago.↗️

🏡Meanwhile, year-over-year home price growth is trending downward—below 5% for the third month in a row, according to CoreLogic. Month-over-month prices are starting to slip, though only 0.01% down in July versus June.

🎢Realtor.com saw active listings up nearly 36% year-over-year in August. That was the tenth straight month of annualized growth, sending for-sale inventory up to its highest level in more than four years.🏘️

Search homes for sale, new construction homes, apartments, and houses for rent. See property values. Shop mortgages.

09/03/2024

‼️NATIONAL MARKET UPDATE:‼️

🏡After a June gain, the Pending Home Sales Index of signed contracts on existing homes slipped in July. But first-time buyers are returning to the market, as pending sales of starter homes rose 10.2% over last year.🏠

↗️Case-Shiller national home prices edged up in June but slowed to a 5.4% yearly gain. The FHFA index of prices for homes with conventional mortgages ticked down in June and saw its third straight slowdown in quarterly growth.

↗️The Mortgage Bankers Association noted weekly “mortgage applications were slightly higher, driven by marginally stronger purchase activity. Refinance applications were essentially unchanged but are still 85% higher than last year.”