Just a quick general market update...

[El_flasko]

The market still remains in turmoil with rates being all over the place (up in general) and purchased inventory being down. There is a lot of speculation rates will level out then (eventually) pull back a bit as they should imho. I think the days of 2/3% rates are definitely in the rearview, but hopefully some sense of normalcy will be coming soon. With CC debt at an all time high it gives me great pause, but I have seen a lot on my 26yrs at this, so I remain hopeful for brighter times.

So, all that said, I am starting to see purchase loans moving and well qualified buyers remain the bars of gold in my world. There are other creative lending solutions out there for sure, but I'm really conservative and walk everyone through everything before it's go time as many of you know. Please reach out if your curious about the market or have specific questions or scenarios you would like to discuss.

Talk soon everyone and be well!

 

[joppaj]

Thank you as always.

 

[El_flasko]

Thank you as always.

Of course my man! Hope you and yours are well.

 

[trailtoy]

Creative lending solutions... hopefully not the same ones that gave us 2008.

 

[El_flasko]

Just a quick update...

As I'm sure everyone here already knows, rates are still all over the place and the recent conflicts in the world are increasing the market volatility. No need for more than that right now given world events that are obviously much more important. Prayers to those families impacted by the horrific terrorist attacks overseas.

 

[28Shooter]

You youngsters should have been in the market back in the early 1980s when a 30 year fixed with good credit was at 12-15%.

 

[El_flasko]

You youngsters should have been in the market back in the early 1980s when a 30 year fixed with good credit was at 12-15%.

At 50yrs young, I'll take that youngster tag happily these days! I remember my parents getting 14% back then and being happy about it.

 

[budman93]

You youngsters should have been in the market back in the early 1980s when a 30 year fixed with good credit was at 12-15%.

I would gladly take 15% interest rates in exchange for the lower rates and insane run up in the ratio between home prices and incomes that we have today. Despite rates not being as high as they once were things are much harder today. Incomes have not kept up with the increase in home prices.

 

[DanGuy48]

We’re right in the middle of this mess. We put a down payment for a place to be built in a 55+ community and I think we are going to lose it all. House “hunters“ right now seem to be tourists, window shopping for something they like but no need and no sense of urgency. Our price is “just right” house “shows beautifully” but…

not the right fit
kitchen is too small
need a more usable back yard
don’t like the layout
blah, blah, woof, woof.

We are above average square footage with next to the lowest price in our immediate neighborhood. This is going to turn out to be the worst decision of my life. We’re already making plans about what to do to try to deal with losing our down payment. That is something we really could ill afford to do at this point in our lives. I am so pissed…

 

[28Shooter]

I would gladly take 15% interest rates in exchange for the lower rates and insane run up in the ratio between home prices and incomes that we have today. Despite rates not being as high as they once were things are much harder today. Incomes have not kept up with the increase in home prices.

View attachment 435039

Agree 100%! Bought my first house in 1987 for $84K with $20K down - Single family, 4 bedrooms, finished basement, quite neighborhood.

 

[Alea Jacta Est]

I would gladly take 15% interest rates in exchange for the lower rates and insane run up in the ratio between home prices and incomes that we have today. Despite rates not being as high as they once were things are much harder today. Incomes have not kept up with the increase in home prices.

View attachment 435039

…and the folks f ing with the policies that drive these curves are less and less effected by the crap they force on the working man. They remain detached and unconcerned because it doesn’t affect them. Gone too are the days when voters made them pay for that type of behavior.

 

[budman93]

Agree 100%! Bought my first house in 1987 for $84K with $20K down - Single family, 4 bedrooms, finished basement, quite neighborhood.

Sounds like a dream. I dont know what I was thinking being born so late. lol

 

[El_flasko]

The Cooling Economy May Reshape Future Fed Action | Movement Mortgage | Movement Mortgage Blog

It was a busy week as we saw an FOMC meeting, as well as economic data, send yields tumbling. Wednesday was the day markets had their eyes on as it marked the beginning of impactful economic data releases along with the FOMC meeting. The main...

movement.com

 

[El_flasko]

Just a FYI for 2024…

 

[El_flasko]

Rates are down a bit over the last month or so. Nothing super sexy, but there often in the 6's vs. the 7's before buydown options nowadays for those that are curious. Just an honest update

 

[Boxcab]

Thanks for the update.


.

 

[El_flasko]

Thanks for the update.


.

My pleasure. When they were in the 8’s, then dropped into the 7’s, the 6’s seem worth laying out there lol.

 

[Bertfish]

I heard on the radio the Fed may start to cut the baseline rate in Q3 2024. How long do those cuts typically take to reflect in the market?

I am a finance dullard

 

[El_flasko]

The market typically works it in quickly, but these aren’t typical times.