The National Association of Home Builders reported a one-point gain in home builder confidence with an index reading of 56 for July. Analysts predicted a reading of 57 and June's reading was 55. Readings over 50 indicate that most home builders are confident about current U.S. housing market conditions. Overall homebuilder confidence rose for the seventh consecutive month in July.
The Consumer Price Index for June rose 0.20 percent in June as compared to May's reading of 0.10 percent growth and expectations of 0.30 percent month-to-month growth. The core CPI reading, which excludes volatile food and fuel sectors, fell to 0.20 percent growth in June as compared to May's month-to-month reading of 0.40 percent growth.
Last week's scheduled economic reporting included readings on construction spending, June's FOMC meeting minutes, and reports on jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.
Freddie Mac reported higher average mortgage rates last week. The average rate for 30-year fixed-rate mortgages rose by four basis points to 6.71 percent; the average rate for 15-year fixed-rate mortgages rose by three basis points to 6.06 percent.
Last week's scheduled economic reports included readings on housing starts, existing home sales, and Federal Reserve Chair Jerome Powell's congressional testimony. Weekly readings on mortgage rates and jobless claims were also released.
There are two types of mortgage points: discount points and origination points. Discount points are used to buy down the interest rate on the loan, while origination points are used to cover the lender's administrative costs.
Homeowners weren't in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates.
Last week's economic reporting included readings on U.S. housing markets, sales of previously-owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
The U.S. Labor Department reported the month-to-month pace of inflation rose by 0.40 percent in April and matched analysts' expectations. April's reading surpassed the March reading of 0.10 percent month-to-month inflationary growth. Inflation rose by 4.90 percent year-over-year in April. Analysts expect inflationary growth to continue, but at a slower pace through 2023.
Last week's economic news included reporting on construction spending, the Federal Reserve's decision to raise its benchmark interest rate, and weekly readings on mortgage rates and jobless claims.
For the investor who owns an investment property free-and-clear and desires to leverage that property for any reason. Term Length: 13 months
For the investor who owns an investment property and is in need capital for construction. Term Length: 13 months
Single-Close construction to permanent financing. Term Length: 13-19 months Fixed Interest, Balloon Note.
Fix-and-flip loans can fund the purchase and renovation of residential investment properties. They are typically short-term and offer quick closing on non-owner-occupied properties in any condition. Term Length: 13 months
A new construction hard money loan can be used to finance the acquisition and construction of real estate properties. Term Length 6-12 months with Extension Options.
Loans offer a diverse of commercial real estate loans to meet your individual needs and investment objectives. Apartments, Office, Retail, Medical, Warehouses and industrial facilities, Hotels and resorts, and Land development.
Loans allow your clients to buy a home in a qualifying rural or suburban area for 0% down if they meet income guidelines.
Our high-balance loan offers easier qualifications than a jumbo loan, a FICO® Score as low as 620 and a loan-to-value ratio (LTV) of up to 80% on cash-out properties.
Interest Rate Reduction Refinance Loan (IRRRL): Our VA Streamline provides clients who have an existing VA loan the financial flexibility to lower their interest rate or change their term.
VA Streamline: Advantages
This no down payment loan option was created especially for your clients who are qualified veterans, service members and spouses.
This refinance option lets your clients lower their monthly payment on the FHA loan they already have without an appraisal.
Key Benefits of An FHA Streamline
This product is a great option for clients with credit scores of 580 and higher who pay a 3.5% down payment.