The Mortgage Minute, 10/30/23
Gregory Williams
Publisher of "The Mortgage Minute" newsletter assisting Doctors, CPAs, Lawyers, First Time Home Buyers, High Net Worth Clients and a myriad of other professions. We offer CONV/FHA/VA/USDA/JUMBO/CTP across the Southeast.
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Happy tidings Realtors, Brokers, Bankers, and Agents and welcome to the Mortgage Minute!
What are clients saying about us?
“Greg is awesome :)”
Emily B., closed October 2023
Weekly Mortgage Market Updates
I wish we had good news but…
Mortgage rates are nearing 8%, keeping buyers sidelined and bringing purchase activity to a near stall, according to Freddie Mac.
The average 30-year fixed-rate mortgage increased to 7.79% for the week ending Oct. 26, according to Freddie Mac's latest Primary Mortgage Market Survey. That's an increase from the previous week when it averaged 7.63%. A year ago, the 30-year fixed-rate mortgage averaged 7.08%.
The average rate for a 15-year mortgage was 7.03%, up from 6.92% last week and up from 6.36% last year. Mortgage rates are influenced by movements in interest rates and the 10-year Treasury, which climbed above 5% this week.
"For the seventh week in a row, mortgage rates continued to climb toward 8%, resulting in the longest consecutive rise since the Spring of 2022," Freddie Mac Chief Economist Sam Khater said. "Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers.
"Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory."
Down Payment the only thing holding you back? We got ya!
Our exclusive Home Possible program helps with below market average rates and “in house” down payment assistance for prospective homebuyers, let’s get some preapprovals going today!
Average Mortgage Rates remain near highest level in two decades
The average 30 year fixed rate closed at 7.88 this week, remaining at 22 year highs for the metric. Persistent inflation and an oversupply of bonds (due to government spending obligations) has kept upward pressure on interest rates and the Fitch credit rating agency downgraded their rating on debt issued by the United States. This current information is provided by the weekly rate survey from Mortgage News Daily.
Use our grants to market to prospects
Sample social media post:
"Teacher friends, one of my favorite local lenders is offering $6k grants to eligible educators and other employees of the school system! You can use this for down payment and closing costs. I'd be happy to get your home search process going today and connect you with the lending team!"
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You can use our unique products and ENHANCED grants to market to market your listings. If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $5k in grant funds which can be used to pay closing costs. First Responders, including teachers and other employees in the education system can obtain a $6k grant. Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI! We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process 😊
We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.
Let’s sell some homes!
Have a great week!
Greg Williams
AVP/Senior Mortgage Banker
404-457-4143 cell |
2987 Clairmont Road, Ste 150
Atlanta, GA 30329
NMLS# 151412
Equal Housing Lender
We do Business in Accordance with Federal Fair Lending Laws
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or
Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.