VIDEO UPDATE:

It’s Election Day in America. Here is Your Weekly Mortgage Rate Update!

TODAY’S RATES & HOUSING NEWS:

It’s Election Day in America!
Interest rates have stayed relatively
the same as traders and the
general public anxiously wait for
the results of the Presidential Election.

From a mortgage standpoint, it will
be nice to get some clarity in the
markets as there has been a lot of
movement in interest rates without
much explanation other than volatility
and speculation ahead of the election.

Interest rates have stayed relatively the
same this week. The MBS market
traded up + 1 bps over the past
7 days. The 10 Year US Treasury
currently sits at 4.32%.

The big news last week was the
PCE Inflation Report and the BLS
Jobs Report. When the dust settled –
the market remained almost unchanged.

Year over Year Inflation dropped from
2.3% to 2.1%. Core Inflation (strips
out food and energy) stayed at 2.7%.

The FED’s preferred metric is core
inflation which is moving towards it’s
target of 2%, but not quite there yet.

The BLS Jobs Report came in well
below expectations with only
12,000 jobs created in October,
and a 112,000 negative job
revision from the previous 2
months. This data would normally
cause interest rates to greatly
improve and they actually went up on
the day of the release. Strange times.

The FED is also meeting this week
on November 7^th, and we expect
another FED cut to the Federal
Funds Rate of 25 bps.

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!

THANK YOU VETERANS

Happy Veterans Day and Thank
You for your Service!

VA Loans are the best home
loans on the market! The VA
Home loan was established in
1944 as part of the GI Bill.

The VA Loan Program offers unique
benefits and advantages that make
it the top home loan option on the
market for qualified Veterans.

1. No Down Payment Requirement
One of the biggest barriers to
homeownership is the hefty down
payment. Most conventional loans
require a down payment of 5% to
20%, which can amount to tens
of thousands of dollars. VA loans,
however, allow eligible veterans to
purchase a home with no money
down. This enables veterans to buy
a home sooner and use their savings
for other important needs.

2. Lower Interest Rates
VA loans often come with lower
interest rates than conventional
loans, making monthly payments more
affordable. These rates are made
possible by the government backing
that VA loans receive, which reduces
the lender’s risk. Lower interest rates
can save veterans thousands of dollars
over the life of their loan, helping them
build wealth faster.

3. No Private Mortgage Insurance (PMI)
With conventional loans, if a buyer puts
down less than 20%, they’re required
to pay for private mortgage insurance
(PMI), which adds extra costs to the
monthly payment. VA loans do not
require PMI, regardless of the down
payment amount. This is a significant
savings for veterans, allowing them to
focus their financial resources on their
new home and family.

4. Flexible Credit Standards
VA loans have more lenient credit
requirements compared to other types
of loans, which makes homeownership
attainable for veterans who may have
had financial challenges in the past.
This flexibility is especially beneficial
for veterans adjusting to civilian life
and those working to improve their credit.

5. Assistance in Tough Times
One unique feature of the VA loan
program is its support system for
veterans experiencing financial hardship.
If a borrower is struggling to make
payments, the VA can offer counseling
and intervene with the lender to help
avoid foreclosure, providing peace of
mind and a safety net for veterans.

6. Limited Closing Costs
The VA has put caps on certain fees,
meaning that closing costs are
often lower than those of conventional
loans. Some fees can even be paid
by the seller, making VA loans an even
more affordable option for veterans.

Have a great week!