MegaStar Financial Corp.

We believe the lending journey should be smooth and hassle-free, benefiting our clients and our team. That's why, at MegaStar, we harness the power of convergent technology to simplify our operations. Equipped with state-of-the-art tools, our clients can dedicate more time to discovering their dream home while our team expedites the financing process. #megastarfinancial #megastarmortgage #take3tech

Your weekly economic update is here! Here's what you need to know: Mortgage rates increased another six basis points according to the Freddie Mac Primary Mortgage Market Survey released January 2, 2025. As the 30 Year Fixed Rate Mortgage once again nears seven percent, this marks the third straight week of increases, and it is at its highest point in nearly six months. Compared to this time last year, rates are elevated, and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise. Mortgage applications decreased 21.9 percent from two weeks earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 27, 2024. The results include an adjustment to account for the Christmas holiday. “Mortgage rates moved higher through the last full week of 2024, reaching almost 7 percent for 30-year fixed-rate loans,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Not surprisingly, the increase in rates, at a time when housing activity typically grinds to a halt, resulted in declines in both refinance and purchase applications.” Pending home sales gained 2.2% in November, the fourth consecutive month of increases and the highest level since February 2023, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, advanced 2.2% to 79.0 in November. Year-over-year, pending transactions improved 6.9%. “Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” U.S. home prices increased 0.3% on an adjusted basis in October compared with September and were up 3.6% compared with October 2023, according to the S&P CoreLogic Case-Shiller home price index. The report shows that home price growth is slowing. Month-over-month, the index’s 20-city composite and 10-city composites – measuring home prices in the top 20 largest U.S. metros – each decreased -0.3%, on an adjusted basis, indicating that home prices may have plateaued. In addition, October’s annual gain of 3.6% was a significant slowdown from September’s annual gain of 3.9%. “New York once again reigns supreme as the fastest-growing housing market with annual returns over double the national average,” says Brian D. Luke, CFA, head of commodities, real and digital assets, S&P Global, in a release. Stay ahead with the latest insights! hashtag #EconomicUpdate #HousingMarket #StayInformed

🎉 In 2025, we're thrilled to continue serving you and communities across the country! Whether you're embarking on the journey of homeownership, expanding your real estate portfolio, or staying informed about your home and equity, we're here for you every step of the way. Wishing you prosperity, joy, and success in the year ahead. Happy New Year from all of us at MegaStar Financial! 🏡✨ #MegaStarFinancialCorp #MegaStarMortgage #HappyNewYear

Your weekly economic update is here! Here's what you need to know: Mortgage rates increased thirteen basis points according to the Freddie Mac Primary Mortgage Market Survey released December 26. This is on top of last week’s 12 basis point increase. While a slight improvement in new and existing home sales is encouraging, the market remains plagued by an overwhelming undersupply of homes. A strong economy can help build momentum heading into the new year and potentially boost purchase activity. MBA Mortgage Applications Index - MBA Offices will be closed beginning on Wednesday, December 25, 2024, and will reopen on Thursday, January 2, 2025.  Due to the office closing and holidays, the results for weeks ending December 20, 2024, and December 27, 2024, will both be released on Thursday, January 2, 2025. U.S. consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy's resilience, which saw the Federal Reserve this week projecting fewer interest rate cuts in 2025 than it had in September. The Core PCE report from the Commerce Department on Friday showed moderate monthly rises in prices, with a measure of underlying inflation posting its smallest gain in six months. Nonetheless, the annual increase in core inflation, excluding food and energy, remained stubbornly well above the U.S. central bank's 2% target. "The economy continues to grow from strong consumer demand as income growth and the wealth effect from higher portfolio values give consumers capacity to spend," said Jeffrey Roach, chief economist at LPL Financial. "Inflation was more benign than expected but the stickiness of some categories supports the Fed's hesitancy to materially lower rates next year." Sales of new U.S. single-family homes rebounded in November after being depressed by hurricanes in the prior month, but rising mortgage rates could hamper sales next year. New home sales jumped 5.9% to a seasonally adjusted annual rate of 664,000 units last month, the Commerce Department's Census Bureau said on Monday. The sales pace for October was revised higher to a rate of 627,000 units from the previously reported 610,000 units. Economists polled by Reuters had forecast that new home sales, which account for about 15% of U.S. home sales, would rebound to a rate of 660,000 units. New home sales are counted at the signing of a contract and can be volatile on a month-to-month basis. They increased 8.7% year on year in November. Stay ahead with the latest insights! #EconomicUpdate #HousingMarket #StayInformed

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✨ Wishing you and your loved ones a season filled with joy, warmth, and wonderful moments! At MegaStar, we’re grateful for the opportunity to help build brighter tomorrows for our clients, partners, and team. #HappyHolidays #MegaStarMoments #HomeForTheHolidays

Your weekly economic report is here! Here's what you need to know: Mortgage rates increased this week, reaching a similar average as this time in 2023, according to the latest data. Over the past 12 months, rates have fluctuated between 6 and 7 percent. Despite the rise in rates, homebuyers are gradually adjusting to the higher borrowing costs and are increasingly willing to move forward with purchasing a home. This willingness has supported a steady increase in purchase activity in recent weeks. While the housing market continues to face affordability challenges, the gradual normalization of higher rates among buyers may provide a more stable outlook for 2025. Mortgage applications decreased 0.7 percent on a seasonally adjusted basis for the week ending December 13, 2024, according to the Mortgage Bankers Association. The Refinance Index dropped 3 percent but remained 41 percent higher than a year ago, while the seasonally adjusted Purchase Index increased 1 percent. “Higher mortgage rates led to the first decline in application activity in five weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Conventional and VA purchase applications drove the gains in purchase activity, supported by improving inventory and a stronger economic outlook. However, refinance applications fell, driven by a 17 percent decline in VA refinances.” The Federal Reserve reduced its key interest rate by 25 basis points this week, lowering it to a target range of 4.25% to 4.5%. This marks the third consecutive rate cut aimed at supporting economic growth. However, the Fed signaled a cautious outlook for 2025, projecting only two additional cuts instead of the four previously expected. Fed Chair Jerome Powell emphasized that future decisions would depend on economic data, particularly inflation, which remains above the 2% target. These changes will influence borrowing costs, potentially impacting prospective homebuyers and those looking to refinance. In November 2024, existing home sales climbed 4.8% from the previous month, reaching an annualized rate of 4.15 million homes, the highest since March. This growth reflects buyer confidence as mortgage rates stabilize between 6% and 7%. However, 2024 may still see the fewest total home sales since 1995 without a significant surge in December. Affordability challenges remain a major obstacle, particularly for first-time buyers, despite steady job growth and improving inventory. Stabilizing mortgage rates and home prices could create more opportunities for buyers and sellers in the months ahead.

Whether you’re seeking expert advice from our seasoned loan officers or looking to join a team, we’re here for you. Connect with us to discover the Megastar difference.

This holiday season, start a journey that gives back for generations to come. Homeownership isn’t just a dream—it’s the foundation for building generational wealth and creating lasting memories. 🏡💝 With tailored mortgage solutions for individuals with an ITIN number, we’re here to help you take the first step toward a brighter future. Let’s make it happen together! 🌟 #GenerationalWealth #HomeForTheHolidays #ITINHomeLoans #MegaStarMortgage #BuildingDreams

Your Weekly Economic Report is here! Here's what you need to know: Mortgage rates decreased for the third straight week, declining another nine basis points according to the Freddie Mac Primary Mortgage Market Survey released December 12th. This is a cumulative decline of twenty-four basis points over the past four weeks. The combination of mortgage rate declines, firm consumer income growth and a bullish stock market have increased homebuyer demand in recent weeks. While the outlook for the housing market is improving, the improvement is limited given that homebuyers continue to face stiff affordability headwinds. Mortgage applications increased 5.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending December 6th. “Mortgage rates decreased again for the third consecutive week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. He added “Purchase applications remained relatively strong and have shown annual gains in all but one week over the past three months. In addition to lower rates, purchase activity continues to be supported by sustained housing demand and inventory that continues to grow gradually in many markets.” U.S. job growth likely surged in November after being severely constrained by hurricanes and strikes, but this probably does not signal a material shift in easing labor market conditions that should allow the Federal Reserve to cut interest rates again this month. Job growth almost stalled in October as the labor market reeled from Hurricanes Helene and Milton as well as a big strike at Boeing. "We do not think that a surge in November job gains implies a sudden resurgence in hiring, but only the normalization from temporary shocks in the data," said Oscar Munoz, chief U.S. macro strategist at TD Securities. "It would be more unbiased to analyze the recent payrolls performance by looking at the October-November data together." Consumer prices rose at a faster annual pace in November, a reminder that inflation remains an issue both for households and policymakers. The consumer price index showed a 12-month inflation rate of 2.7% after increasing 0.3% on the month, the Bureau of Labor Statistics reported Wednesday. The annual rate was 0.1 percentage point higher than October. Excluding food and energy costs, the core CPI was at 3.3% on an annual basis and 0.3% monthly. The 12-month core reading was unchanged from a month ago. “In-line core inflation clears the way for a rate cut at next week’s Federal Open Market Committee meeting,” said Whitney Watson, global co-head and co-CIO for fixed income at Goldman Sachs Asset Management. Stay ahead with the latest insights! #EconomicUpdate #HousingMarket #StayInformed