Melissa Davis Lending

09/18/2024

🎉🏡 Congratulations to my amazing client on closing on your new home! It’s been an honor helping you through this journey, especially knowing that as a healthcare professional, you’re always working hard to care for others. I’m thrilled you could take advantage of the Homes for Heroes program—it’s a small way to give back for all you do!

A huge thank you to Emma Romney for being a stellar realtor and guiding our buyers with care and expertise. You rocked this deal with getting our client not only $10,000 in seller concessions but also negotiating over $8,000 in updates and repairs! 🤩 Also, shoutout to US Title for doing an outstanding job and making the closing process smooth!

Wishing you all the best in your beautiful new home! 🏠✨

05/21/2024

This week is fairly quiet for rates! One of the Fed members came out today saying that it was a good sign to see inflation being affected by rate hikes, and that there likely won’t be any additional hikes. However, they want to see unemployment increase to really decide when to start cutting rates. This is tricky because the labor market has been fairly sticky. Employers are trying to avoid layoffs if possible.

This week, we have some jobless claims, PMI data (which is a purchasing managers index), more Fed speakers, and then the meeting minutes from the last Fed meeting. Seems like a lot, but really it isn’t anything that will move the needle!

Next week is Memorial Day (Monday), and then we get Housing Price index, consumer confidence, and GDP numbers. Consumer confidence a month or two ago threw the market off as investors felt consumers were overly confident in the economy. We aren’t expecting that this time around.

The market is currently expecting the Fed to hike rates at some point between September and November. The reason rates have bumped up from January is because originally the market was expecting May-June timeframe. We don’t see a huge risk to floating in the short term, but there’s also no reason rates will improve drastically over the next week.

05/09/2024

🥳 Congratulations to my borrower's on closing the deal on their very first home! 🎉🔑 What an incredible milestone! It's been such a pleasure guiding you through this journey towards homeownership.

🌟 As you settle into your beautiful new abode, remember that my door is always open for any questions or assistance you may need. And if any friends or family are also dreaming of finding their perfect home, I'd be honored to help them too!

🏠 If you've been considering the convenience and flexibility of a mobile home, I'm here to lend a helping hand with that too! Whether it's your first home or your next investment, a single family or mobile home, I'm committed to making your homeownership dreams a reality.

Once again, congratulations on this incredible achievement! Here's to many years of happiness and prosperity in your new home! 🥂🏡 Melissa E Davis

03/13/2024

Buying a home is no small undertaking. That’s why working with a mortgage broker is the smartest way to ensure you get the perfect mortgage. On average, brokers like me can save you $9,407* over the life of your loan. DM me today to find out more.

03/13/2024

Rates have improved over the last week! We were really watching the inflation data that came in this morning. One report came in at expectation, but the annual rate came in high. The other report came in just over expectation.

Later this week, we get Retail Sales data and weekly jobless claims. However, next week we have the Fed Meeting with their policy decision Wednesday! As it sits, the likelihood of rate improvement through next week is minimal. For loans closing in the next two weeks, we are locking.

03/12/2024

🌟 Ready to level up at UWM's Success Track! From sharpening skills to expanding horizons, the journey never stops. 📖 Let's embrace growth and celebrate every milestone along the way! "

03/06/2024

Good news for potential homebuyers! 📈 Rates have seen a slight improvement over the past week. If you've been considering taking the leap into homeownership, now might be the perfect time to explore your options. Don't hesitate to reach out to me if you're thinking about buying a home - I'm here to help guide you through the process every step of the way! 🏠✨

02/07/2024

Rates improved by quite a bit last week up until Friday! Friday and Monday lost all of the gains and then a little bit. Rates are still similar, but just slightly worse. The results of the Fed meeting were positive for mortgage rates. The Fed kept the same tune, but alluded to no rate cut in March. Investors didn’t believe him, and over 40% of investors were still expecting a rate cut even though the Fed chair said there would be none.

We feel market sentiment is the worst it can be for the short term. We will get inflation data next week, that we’re expecting to be beneficial for rates. At this point, we’re floating!

02/05/2024

🏡 Exciting News in West Valley! 🏡 This stunning home is BACK on the market and ready for its new owner! 🌟 Don't miss the chance to make this your dream home. Reach out to the amazing realtor Emma (tagged in the comments) to schedule a tour and explore the amazing features.

Curious about the monthly mortgage payment? 🤔💰 Reach out to me, and I'll help you crunch the numbers! 📲 Let's turn your homeownership dreams into reality. Act fast - this gem won't stay available for long! 🏠✨ 📞🔑

https://www.utahrealestate.com/1974689/direction/4383+S+4755+W/location/West+Valley+City+UT+84120

This 6 bedroom, 2.00 bathroom, 2394 square foot home is located at 4383 S 4755 W West Valley City UT 84120. The home was built in 1968 and is listed for sale at $480,000

01/30/2024

All eyes on the Fed tomorrow! The overwhelming expectation is that rates will stay flat. However, the market will be watching for the Fed’s tone on how soon they expect to start cutting rates. That’s really the only important thing for tomorrow!

Today, new job openings beat expectations, but the market quickly recovered. It seems like the market is going to be resilient to data so long as it decides the Fed won’t take action on that data. Job openings doesn’t matter as much as unemployment rates and inflation rates, though it is an indicator of the unemployment rate.

Right now, 42% of the market is expecting a cut in March, and 58% expect it to stay flat. However, 84% of the market is expecting a cut by May 1! As market expectations shift around, so will rates.

With unemployment, not a lot of economists have been talking about the labor participation rate. This is not factored into the unemployment rate. Essentially, if someone is laid off, and after 4 weeks they become unmotivated, the statistic actually pulls them out of the statistic for the unemployment rate. Some very advanced economists are suggesting the unemployment rate may be significantly higher than reports suggest, and it could actually be in line with the Fed’s target for unemployment.

We will see what the Fed says tomorrow! At this point, any possible negative reaction has been built into the market. We’re floating to see what tomorrow brings, unless it’s a client that has no wiggle room if rates get worse. We’re prepared to lock in during the press conference though, as that’s where the volatility will come from.

01/17/2024

Rates over the last week are essentially the same! Today, rates have moved worse by quite a bit though. Everything surrounding mortgage rates right now is based on what the market is expecting the Federal Reserve will do with the Federal Funds Rate.

Last week, 70% of the market expected a rate cut in March. Today, one of the voting Federal Reserve Members (Christopher Waller) spoke today, and the market reacted very negatively. He reiterated that the Fed will be watching new data to determine when to cut rates, but he added his opinion which spooked the market. He essentially said that the Fed should not rush into cutting rates, and that it needs to be carefully considered and calibrated. The market didn’t love this, and is now rethinking the confidence investors had last week in this first rate cut.

There was one other item that Waller said that I found interesting, but it doesn’t affect the market immediately. The reason rates were so low during COVID is because the Federal Reserve was actively purchasing mortgage-backed securities (effectively increasing demand and reducing supply – pushing rates lower). When rates spiked, the reason rates went up so quick is because the Fed stopped purchasing these securities which in turn lowered demand and increased supply.

Waller said that it is now reasonable to consider slowing the asset runoff this year, which means they are open to starting to buy mortgage backed securities again. This will end up helping rates once they start buying. For now, it’s just a piece of info that investors like to know, but won’t directly influence rates until they start.