Increases to the area median income which helps more borrowers

Having to send out a rate sheet that had a big fat 7% on it was not how I wanted to go into the holiday weekend. What was the cause? Yesterday the first quarter GDP was revised from 1.3% to 2%. GDP (Gross Domestic Product) being an indicator of how strong the economy is. Why […]

Fed Fund Rate

It’s nice to finally write an update that doesn’t start with ‘the Fed decided to raise interest rates once again.’ The Fed decided to not hike interest rates this month with the caveat that they are planning on raising rates at least twice more this year. Not to disparage the Fed but any predictions they […]

Mortgage rates go out of the frying pan and into the fire

The debt ceiling is behind us so rates must be dropping like a rock right? Not so fast! We were getting a little bit of a rally before we got the jobs report today. May’s job report came in at plus 339,000 which was a lot better than the 190,000 that was estimated. That’s great, […]

Debt ceiling putting pressure on mortgage rates

Well rates broke out of their slumber these last couple of weeks. As you can see from the chart we are pushing back to the 7% level again. I don’t think it’s a coincidence that rates started to rise when talk of the debt ceiling started to make headlines. So briefly, for those that don’t […]

Is the government punishing people with good credit?

That is the headline that has been grabbing people’s attention this past week from various news outlets. So lets get down to brass tacks to use an old timey expression, are rates going up for people with good credit? The answer to that question is…mostly yes but with big caveats. The reason this change was […]