Happy Father’s Day! Don’t forget that you can buy a home for your Dad to live in, and get the same rate and terms as if you were purchasing a primary for yourself!
Mortgage Rates – improved this week as the price of Mortgaged Backed securities almost hit 30-day highs in response to favorable inflation reports. Rates are down about 0.25% from this time last year.
Inflation – The Producer Price Index, which measures wholesale inflation, rose 0.1% in May and is up 2.6% year over year. The core rate is up 3% year over year. The Consumer Price Index also rose 0.1% in May and is up 2.4% year over year (a slight increase from last report). Overall inflation continues to remain mild.
Creative Solutions the theme for loans I have been doing recently is creative solutions! I love helping solve problems and it is particularly exciting for me when I can find a solution for someone when they weren’t able to find a solution with a different bank/lender. Many lenders and banks have overlays or limited product selection and that’s where a broker can be helpful! I also don’t have every solution, and am excited when I can pass a deal on to partners who I know who will take great care of a client.
Mortgage Applications to purchase homes increased 10% and refinance applications increased 16% last week. The Memorial Day holiday could be influencing some of this data.