VIDEO UPDATE:

Mortgage Interest Rates Rise to Highest Levels Since July. Here is Your Mortgage Rate Update

TODAY’S RATES & HOUSING NEWS

Interest rates have moved up over .2%
over the past 7 days with the Mortgage
Backed Security (MBS) market trading
down -69 bps. The 10 Year US Treasury
is trading at 4.175%.

The biggest jump came on Monday with
the MBS Market trading down -53 bps.

October 2024, just like October 2023
has been scary for mortgage interest
rates. Here is where interest rates
have moved since the beginning of
October (the blue line is most
accurate).

In October 2023, Mortgage Interest Rates
also made a large jump and tumbled down
in November and December 2023.
Let’s hope for the same action again.

One thing about the rate environment
is that rates typically move in a
direction over time, but there are a lot
of bumps and valleys on the way.
Mortgage interest rates were at 7.79%
in October of 2023. Even with the
recent rise in rates, we are still well
below that figure.

The BLS Jobs Reports on November
1^st, and the FED Meeting on
November 7^th will be important events
that effect where interest rates go
for the rest of 2024.

Below are Mortgage News Daily’s
average interest rates across the
country. There are a lot of characteristics
that go into a mortgage rate – credit
score, investor, loan to value, loan
amount, costs, etc.

Please call me to go over your
specific scenario so we can
price your loan out accurately.

OR reply to this email with the answers
to the questions below for Mortgage
Options for your scenario.

REFINANCE QUOTE:

Goal of Refinance – Lower Payment, Cash Out, Etc:
Address of Home:
Estimated Value Of Home:
Current Loan Amount:
Loan Amount You Would Like to Finance:
Current Rate:
Do you know what type of Loan you are Currently in – FHA, VA, etc:
Estimated Credit Score:
Are You a Veteran or Active Member of the US Military: 
If you are a Veteran, do you get VA Disability:

HOME PURCHASE QUOTE:

What City and State Are You Looking to Buy In: 
Estimated Purchase Price:
Loan Amount You Would Like to Finance:
Will Property be a Primary Residence, Investment Property, or Vacation Home:
Estimated Credit Score:
Are You a Veteran or Active Member of the US Military: 
If you are a Veteran, do you get VA Disability:

Thank you!

FINDING OPPORTUNITIES
DURING DIFFICULTY

If you talk to most consumers and
professionals in mortgage or real estate,
there is frustration at mortgage interest
rates going up after the FED lowered the
Federal Funds Rate.

One thing I always look for is where is
the opportunity in the current challenging
environment. There are always opportunities.

If I look at the current housing
environment here is what I see:

-Interest Rates have went up significantly
which will cause less demand to
purchase homes.

-There is less demand to purchase
homes during the Holiday Season. 

-Supply has risen in most areas of
the country – more supply causes
lower prices.

Both demand and supply metrics are
moving in the direction where consumers
can get better deals both in price and
terms on their purchase.

And the terms are just as important
if not more important than price.
If the current market allows my
realtor to negotiate 1% more seller
concessions to purchase a home,
I’m able to buy down my rate .5%
with the seller paying for it.

If you talk to almost any seasoned real
estate investor, they will tell you that
money in real estate is made on the
buy. When all market conditions give
a buyer higher negotiating power, there
will be some outstanding opportunities
to purchase Real Estate at a below
market price.

Robert Kiyosaki – “Profits are made in
the buying, not the selling. Real estate is
an investment that takes time to pay off.”

Have a great week!