While the stock market had a sell-off after the Federal Open Market Committee (FOMC) meeting yesterday, the mortgage bond market did not react to the Fed's leaving the overnight rate alone. Bond traders have already factored in the Fed's position on inflation and their predicted rate increases for the year and this month's FOMC meeting did not challenge that at all. While some key economic data hit the Fed's 2% target inflation rate, these are one-time markers, and the Fed is looking for a trend that encompasses a broader span of time to…
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30 Year Fixed Mortgage Rates Quickly Heading Towards 5%
Mortgage Rates Recap and Outlook For the Week Ending April 27, 2018 30 Year Fixed Mortgage rates for Conforming Loans (Loan Amount $453,100 and below) climbed to the highest levels since September 2013. 30 Year Fixed Mortgage rates for Jumbo Loans (Loan Amount >$453,100) climbed to the highest levels since January 2014. The 15 Year Fixed mortgage rates climbed to the highest level in 7 years (Since April 2011). The 5/1 ARM rate didn't fare any better- rising to the highest level since February 2011. Because of the rapidly rising rate, the refinance share…
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Mortgage Rate Recap and Outlook For Week Ending April 20, 2018
Mortgage-backed securities have languished in the same trading 'rut' for the last ten weeks. What's important about that is the top of the 'rut,' and the bottom of that 'rut,' and here's why. As the markets react to the release of economic indicators, national, and global news, bonds, and mortgage-backed securities have been rising and falling within the same tight range (i.e., the 'rut'). If they were to break out above the top of the range - mortgage rates would fall, and if they were to fall below the bottom of the range…
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What Exactly Do You Get Pre-Approved For?
You're finally ready to become a homeowner, and you want to do everything right in the process. According to your research, realtor, family, and friends - the first step is getting pre-approved by a mortgage lender. The problem is, no one can explain what exactly 'pre-approved' means. A mortgage pre-approval approves you for only one number and that is NOT the purchase price. A loan pre-approval is not a loan officer doing a quick review of your information and generating a maximum purchase price that you can afford. In reality, a pre-approval is…
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My Offer for a Home Purchase Is Accepted! Now What?
You finally get the call from your Realtor and hear the words “They accepted your offer!” It’s been a long, hard road to find a home you love, and harder still for a seller to agree to let YOU be their buyer. Now you’ve crossed this hurdle, but you’re not sure what happens next. Does your Realtor take it from here or your loan officer? Are you supposed to do anything? The answer is - it’s a team effort -- the team of professionals you assembled before making offers, and that includes you.…
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Mortgage Rate Recap and Outlook For Week Ending April 6, 2018
The markets continue to be impacted primarily by trade war fears, as China fires back this week with a list of trade tariffs against US goods after the US announced new tariffs on Tuesday. Both countries have not immediately implemented the tariffs, setting the stage for talks that will likely produce new formal trade agreements. This is the likely eventual outcome of the trade war drama that's impacted the markets in the last few weeks. The other significant market news this week was the reported increase in trade deficits, now at -$56.7 billion,…
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California Median Home Price by County
The median home price in California has reached its highest level since 2007, coming in at $522,440 for February 2018 (data compiled by the California Association of Realtors - CAR.) That's an 8.8% increase, year to year, from February 2017, when the median home price in the state was $480,270. The peak of the market for California came in May of 2007 when the median home price was $594,530. According to CAR "year-over-year price gain has been growing at or above 7 percent for eight of the past nine months." Get Pre-Approved for…
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Mortgage Rate Recap and Outlook For Week Ending March 29, 2018
The markets will close ahead of the long weekend at 2 pm EST on March 29th, and traders began 'parking" money in the bond market late Wednesday, the 28th. That means the market will react to the economic data released this week until Monday, April 2nd. We'll see traders moving money out of bonds and putting it to work, based on the data showing inflation increasing slightly. Top of the economic indicators released this week was the Feds key measure of inflation - Personal Consumption Expenditures (PCE) with a year-over-year (YOY) reading of…
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Mortgage Rate Recap and Outlook For Week Ending March 23, 2018
This week's news focused on the Federal Reserve Bank's Open Market Committee meeting on March 21st, with minimal speculation about the outcome of the meeting -- an increase in the Federal Funds overnight rate. There was a surprisingly mild reaction in the bond and stock market after the Fed hiked the rate from 1.5 to 1.75%, and increased their economic projections. But -- when the Fed meets, the real impact on the market is in the minutes of the meeting and commentary by individual Fed officials. Mortgage Backed Securities (MBS) moved to their…
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Understand Capital Gains When Selling Your Home
Understanding how capital gains tax affects your profit when you sell your home can be challenging. According to IRS guidelines, it depends on time and money, and it's not that simple. Capital gains tax is a fee you pay when you sell your home for more than you paid for it. But when you sell, the IRS Sec 121: Exclusion of gain from the sale of the principal residence (Sec 121) allows you to make a certain amount of tax-free profit before the capital gains tax calculation. Up to $250,000 in profit if…
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