--  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.02 percent. “Mortgage rates decreased for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “Given the news that inflation eased slightly, the 10-year Treasury yield dipped, leading to lower mortgage rates. The decrease in rates, albeit small, may provide a bit more wiggle room in the budgets of prospective homebuyers.” News Facts The 30-year FRM averaged 7.02 percent as of May 16, 2024, down from last week when it averaged 7.09 percent. A year ago at this time, the 30-year FRM averaged 6.39 percent. The 15-year FRM averaged 6.28 percent, down from last week when it averaged 6.38 percent. A year ago at this time, the 15-year FRM averaged 5.75 percent. The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for…
Posted On Friday, 17 May 2024 06:49 Written by
Did you hear the one about the Mom who sent “LOL” regarding the passing of a loved one? In this case it was the older generation innocently texting & trying, thinking LOL stood for, “Lots of Love”, not the “Laughing Out Loud” that has become today’s version of the abbreviation. Texting & Trying is Drinking & Driving for old people: Generational Confusion.  This proves there is comedy in tragedy, as well as hilarity in definitions and communication. Sending LOL to someone regarding a death seems ridiculous, and yet, we need our sense of humor even when things are actually sad. Most funerals I have attended are pretty somber, although people do their best to put forth a smile.  Sometimes it’s accidental! When my wife’s grandma passed away in 2001 the family decided to hold the viewing in her living room. I was a newlywed and wondered if this was some kind of ruse…
Posted On Friday, 17 May 2024 00:00 Written by
Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers. rates down, which could bring back some homebuyers and sellers. SEATTLE--(BUSINESS WIRE)-- (NASDAQ: RDFN) —Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales also posted a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year. The housing market slumped because of…
Posted On Thursday, 16 May 2024 05:41 Written by
Bring it Home® Communities accelerated its national rollout with the introduction of a patent-pending mobile application for real estate brokers and agents. Called "Before They List®," this innovative app facilitates the collection of specific property information. It gauges interest in a given homeowner's property from other practitioners within an office and evaluates market viability. Practitioners may then report findings to the prospective homeowner, providing an efficient means of potentially generating a listing agreement. "Inventory levels are at an all-time low, and we aim to provide the latest technology to assist with new listing procurement," explains John Giaimo, President and CEO of Bring it Home® Communities. "Obtaining feedback benefits homeowners who are still deciding and helps ensure an informed choice," adds Giaimo. A recent homeowner survey found that 76% are considering placing their home on the market but are hesitant to do so. When asked, "What would motivate them to sell?"…
Posted On Thursday, 16 May 2024 03:27 Written by
Despite low buyer demand, home prices remain steep throughout the U.S. Owing to this, many homeowners have seen the amount of equity they’ve built into their houses increase. When a homeowner utilizes the LendingTree marketplace to shop around for a home equity loan lender, they select one of five reasons for why they’re seeking the money. By analyzing borrowers’ home equity loan requests in the first quarter of 2024, we determined why homeowners across the 50 states are thinking about tapping into their home equity. Here's what we found. Across the 50 states, 40.58% of those seeking a home equity loan cited paying for home improvements as their primary reason. 33.78% of homeowners considered tapping their home’s equity to help consolidate debt. This was the second most commonly cited reason among LendingTree users. However, in some states like Wyoming, Idaho and South Dakota, it was the most commonly cited.  Using a…
Posted On Wednesday, 15 May 2024 07:01 Written by
The median down payment in the U.S. last quarter was $26,000, an average of 13.6% down, according to a new down payment trends report from Realtor.com, published this morning.  The analysis of down payment trends at the national, state and top-100 metro levels found that while down payments fell from the all-time-high in Q3 2023, down payments climbed annually – up 3 percentage points and roughly $12,000 from Q1 2023 – as homeshoppers contended with higher mortgage rates and home prices and a restricted home supply. Despite the drop from the historical peak, down payments remain well above pre-pandemic levels –  larger percent down on today’s typically higher priced homes means buyers paid 87.8% more as a down payment in Q1 2024 ($26,400) compared to Q1 2020 ($14,000).  Here are the key takeaways:  In Q1 2024, down payments reached an average 13.6% down, or $26,000, the highest first quarter average…
Posted On Tuesday, 14 May 2024 06:21 Written by
In my Anticipatory Leader Program, I talk about being Anticipatory in how you approach your business future, identifying disruption before it has the opportunity to disrupt. However, an Anticipatory Mindset is a key strategic tool that can be applied to all areas of life, including the conversations we have both at work and in our personal lives. I recently had the benefit of speaking with Phil Jones, who is a leading expert on the power of language for influence and persuasion. We discussed the art of structuring conversations and word choices. This is to promote safe spaces where information can be shared with trust and, in turn, innovation can thrive. In fact, Phil and I had such a great conversation, I am able to write even more about what we discussed in yet another article! My first article was about eliminating friction and creating a gray space of curiosity to facilitate more…
Posted On Tuesday, 14 May 2024 00:00 Written by
The issue is REAL! The reality is becoming more and more apparent. Debt is a national problem, and it’s going to get far worse before it gets better! The main culprit is the federal government. NOBODY has more debt on the planet than the United States of America. That debt continues to pressure the markets as the ability to borrow larger and larger sums of money gets more and more expensive. Nobody wants to acknowledge it, but it does impact our everyday lives more than you think it does. The other issue we have is that consumers are piling up debt faster than ever! We are not only setting records for outstanding debt; but consumers are relying on more and more debt to simply cover what they feel are their basic costs of living. Especially young people, who seem to think $1,000+ cell phones and $500+ car payments, and $150…
Posted On Monday, 13 May 2024 00:00 Written by
Selling homes isn’t just about the property itself—it's also how you present it. Imagine equipping your arsenal with sales collateral that not only illuminates key features but clinches deals faster. What kind of materials are we talking about? We're talking about those dynamic, well-crafted sales collateral that engages potential buyers and sets the stage for a swift close. These aren't your standard brochures; think curated content that resonates with today’s market expectations.  Let’s unveil the various types of sales collateral that could transform your real estate hustle into a powerhouse of efficiency and allure.  1.  Virtual Tours  Imagine a tool that whisks buyers through homes without stepping foot inside. Virtual tours are precisely that—a digital passkey into your listings. They allow clients to explore every nook and corner at their own pace, evoking a sense of ownership before the actual viewings.  But it's more than just convenience; these tours can…
Posted On Saturday, 11 May 2024 07:43
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