Dave Tierney at Proactive Lenders, LLC

Dave Tierney at Proactive Lenders, LLC David has over 20+ years’ experience in residential real estate and finance.

Are you interested to know what single-family homes are selling for in Maryland and in your specific county? I have att...
10/24/2023

Are you interested to know what single-family homes are selling for in Maryland and in your specific county?

I have attached the Housing statistics from Maryland Realtors for September 2023. The data compares September 2023 vs. September 2022 for Maryland and specific counties.

In Anne Arundel County average sale price increased by $60,196 versus 2022. Median sales price in Anne Arundel County increased by $34,000 vs. 2022.
In Howard County average sale price increased by $9,588 versus 2022. Median sales price in Howard County increased by $4,940 vs. 2022.

Median days on market for Maryland in September of 2020 it was 8 days, in September of 2021 it was 8 days, in September of 2022 it was 11 days in September of 2023 it was 8 days.

Bottom line, if you are buying, you need to have your financing ready to go and be ready to make an offer because home sales are going quickly. If you are considering selling, this might be the time to act. If you are interested in discussing how to finance your new home, please give me a call.

If you would like to learn more about the mortgage process, get a rate quote, get a pre-approval letter, or discuss your situation, please give me a call.

Source: September 2023 Maryland Housing Statistics – Maryland Realtors
To visit my Website: https://davetierney.floify.com



http://www.mdrealtor.org/Resources/Publications/Monthly-Housing-Statistics

There is a lot of talk about inflation and how it effects mortgage interest rates. On this post I dive in and look at C...
10/18/2023

There is a lot of talk about inflation and how it effects mortgage interest rates. On this post I dive in and look at Consumer Price Index data and how that influences the Fed’s decisions on if they should raise or lower the Federal Discount Rate. Which in turn influences mortgage interest rates.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in September on a seasonally adjusted basis, after increasing 0.6 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the ‘all items’ index increased 3.7 percent before seasonal adjustment.
The index for shelter was the largest contributor to the monthly ‘all items’ increase, accounting for over half of the increase. An increase in the gasoline index was also a major contributor to the all
items monthly rise. While the major energy component indexes were mixed in September, the energy index rose 1.5 percent over the month. The food index increased 0.2 percent in September, as it did in the previous two months. The index for food at home increased 0.1 percent over the month while the index for food away from home rose 0.4 percent.

To see the entire News Release: https://www.bls.gov/news.release/cpi.nr0.htm

If you would like to learn more about the mortgage process, get a rate quote, get a pre-approval letter, or discuss your situation, please give me a call.

To visit my Website: https://davetierney.floify.com

Are you interested to know what single-family homes are selling for in Maryland and in your specific county? I have att...
09/29/2023

Are you interested to know what single-family homes are selling for in Maryland and in your specific county?

I have attached the Housing statistics from Maryland Realtors for August 2023. The data compares August 2023 vs. August 2022 for Maryland and specific counties.

In Anne Arundel County average sale price increased by $32,661 versus 2022. Median sales price in Anne Arundel County increased by $30,000 vs. 2022.

In Howard County average sale price increased by $18,250 versus 2022. Median sales price in Howard County increased by $24,900 vs. 2022.

Median days on market for Maryland in 2019 was 41 days, in August of 2020 it was 9 days, in August of 2021 it was 7 days, in August of 2022 it was 9 days in August of 2023 it was 9 days.

Bottom line, if you are buying, you need to have your financing ready to go and be ready to make an offer because home sales are going quickly. If you are considering selling, this might be the time to act. If you are interested in discussing how to finance your new home, please give me a call.

Source: August 2023 Maryland Housing Statistics – Maryland Realtors

http://www.mdrealtor.org/Resources/Publications/Monthly-Housing-Statistics

If you would like to learn more about the mortgage process, get a rate quote, get a pre-approval letter, or discuss your situation, please give me a call.

To visit my Website: https://davetierney.floify.com

The Federal Open Market Committee met on 9/20/2023 and FOMC Chairman Jerome Powell provided his views on the economy and...
09/21/2023

The Federal Open Market Committee met on 9/20/2023 and FOMC Chairman Jerome Powell provided his views on the economy and what Fed monetary policy will look like moving forward. Here is an excerpt from his statement:

FOMC Press Conference September 20, 2023 - Introductory Statement
“In light of how far we have come in tightening policy, the Committee decided at today’s meeting to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent and to continue the process of significantly reducing our securities holdings.”

Link to the Transcript: https://youtu.be/rqlVjLpYNMA?si=jHAHuBbXFa3l8cgZ
Link to the Press Conference: https://youtu.be/rqlVjLpYNMA?si=jHAHuBbXFa3l8cgZ

How do federal interest rates affect mortgage rates?
Rates on 30-year fixed-rate mortgages do not move in tandem with the Fed's benchmark rate, but instead generally track the yield on 10-year Treasury bonds, which are influenced by a variety of factors, including expectations around inflation, the Fed's actions and how investors react to all of it.

10 Year Treasury Rate is at 4.37%, compared to 4.32% the previous market day and 3.49% last year. This is higher than the long-term average of 4.25%. The 10 Year Treasury Rate is the yield received for investing in a US government issued treasury security that has a maturity of 10 year.

Source: https://ycharts.com/indicators/10_year_treasury_rate #:~:text=10%20Year%20Treasury%20Rate%20is,a%20maturity%20of%2010%20year.

What is the Fed dot plot?
The Fed dot plot is a chart that shows you where each FOMC member thinks interest rates will be by the end of the current year, two consecutive years after, and the more ambiguous “longer run.” Each “dot” represents a member’s individual view. As many as 19 monetary policymakers — the seven governors on the Fed Board in Washington and the presidents of the 12 regional banks — can contribute a dot.

09-20-2023 30 Year Fixed Mortgage Rate National Average 7.33%
Source: https://www.mortgagenewsdaily.com/mortgage-rates

If you would like to learn more about the mortgage process, get a rate quote, get a pre-approval letter, or discuss your situation, please give me a call.

To visit my Website: https://davetierney.floify.com

07/08/2023

The U.S. Bureau of Labor and Statistics released their Jobs Report on Friday, July 7th. Here is a summary of the statistics they provided.

Total nonfarm payroll employment rose by 209,000 in June, and the unemployment rate
changed little at 3.6 percent, the U.S. Bureau of Labor Statistics reported today.

Employment continued to trend up in government, health care, social assistance, and construction.

June 2020
Unemployment Rate 11.1 %
Unemployed Persons 17.8 million

June 2023
Unemployment Rate 3.6%
Unemployed Persons 6.0 million

I have provided a Regional Economic Summary to provide you with some perspective on how the Baltimore Area is performing relative to the National statistics.

If you would like to learn more about the mortgage process, get a rate quote, get a pre-approval letter, or discuss your situation, please give me a call.

To visit my Website: https://davetierney.floify.com

Welcome to my Business page, Dave Tierney at Proactive Lenders, LLC. My goal is to provide outstanding service...
07/08/2023

Welcome to my Business page, Dave Tierney at Proactive Lenders, LLC. My goal is to provide outstanding service to all of my mortgage clients. I want you to be thrilled about how smoothly the process of financing your new home was from start to finish. I want you to be focused on enjoying the excitement of owning a new home, not on the home financing process. At the end of the day I want you to be so thrilled that you recommend my services to your friends and family.

On this page I will provide insights into the mortgage process and how economic factors, Federal Reserve Board decisions, etc., effect mortgage rates.

I would love to get your feedback on what I post and get your thoughts on what topics you would like me to cover in future posts.

If you have any questions about financing a new home or refinancing your existing home to lower your rate or get equity out of your home, please give me a call.

Address

11806 Kemp Mill Road
Silver Spring, MD
20902

Opening Hours

Monday 9am - 9pm
Tuesday 9am - 9pm
Wednesday 9am - 9pm
Thursday 9am - 9pm
Friday 9am - 5pm
Saturday 9am - 5pm
Sunday 9am - 5pm

Telephone

+14438224939

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