Mortgage rates

[BMF]

smh.....

 

[GatorCatsi]

2 months later. Just bought a house in KC via video walk-through!
Heading up next Friday for inspections.
Grandkids, here we come!

Closing on the 16th, pending appraisal.

 

[alcoholica]

smh.....

either it's unconstitutional or not, fuchsing twats

 

[FireFoley]

Total A$$HATS. so it expires in a month? Well what happens if that gets extended? then what?

 

[no1g8r]

Total A$$HATS. so it expires in a month? Well what happens if that gets extended? then what?

More small time landlords go belly up

 

[BMF]

We close tomorrow on the Gulfport house.....moving the wife down on Friday (arriving Saturday). I have to come back to DC for another month or two (selling the house and getting set up for the remote work in Tampa situation).

Saw this article this morning on yahoo:

Pending home sales surprisingly rebounded in May

Housing activity bounced back in May, a sign that the hot market may not be cooling off any time soon.

The National Association of Realtors’ (NAR) Pending Home Sales Index, which tracks the number of homes that are under contract to be sold, rose 8% in May from the previous month. Contract signings rose in all regions of the U.S. from the prior month and the index hit its highest level for the month since 2005. In April pending home sales fell 4.4% from a month earlier.

The shocking results far outpaced the expected 1% decline, according to Bloomberg analysts’ consensus estimates. Pending home sales is a leading indicator of the health of the housing market.

“May’s strong increase in transactions — following April’s decline, as well as a sudden erosion in home affordability — was indeed a surprise,” said Lawrence Yun, NAR’s chief economist, in a press statement. “The housing market is attracting buyers due to the decline in mortgage rates, which fell below 3%, and from an uptick in listings.”

Most experts anticipated a dip in pending sales since mortgage applications had been down and sales lag mortgage activity. According to Pantheon Macroeconomics, there was a 26% plunge in applications between December 2020 and April 2021.



Meanwhile, home prices skyrocketed in April to a new record, at a pace not seen in more than 30 years, according to the latest S&P CoreLogic Case-Shiller national home price index released Tuesday. Historically low inventory is driving up home prices. Total housing inventory at the end of May amounted to 1.23 million units, up 7.0% from April’s inventory and down 20.6% from one year ago, according to the NAR.

Despite record-high home prices and a depressed number of homes for sale, homebuyers “are still lining up at a feverish pace,” said Yun. “The record-high aggregate wealth in the country from the elevated stock market and rising home prices are evidently providing funds for home purchases.”

"The jump in May pending home sales underscores the current real estate market, which is being propelled by strong buyer demand, favorable demographics and low interest rates. At the same time, the number of homes available for sale remains well below a year ago, even when compared to the quarantine lockdown period.”said Realtor.com Senior Economist George Ratiu in a press statement. "This signals a desperate need for additional sellers and more new construction. Although we are beginning to see an improvement in the supply of existing homes for sale and the cost of building materials, which should lead to more new construction, a larger increase in supply is key to rebalancing the real estate market."

 

[Concrete Helmet]

Seasonal peak....when do most people move? May through July....All the money is already in and all the transplants have moved...It's still coming and the government knows it or they wouldn't be extending stay of evictions and forebearance….they're just trying to spread the icing this time.

 

[Concrete Helmet]

Pending home sales surge higher, but economists warn that the housing market could ‘soon hit bottom’

 

[Bullag8r]

Pending home sales surge higher, but economists warn that the housing market could ‘soon hit bottom’

I have a question. When 'Economists' are cited, is that referring to all economists? Some economists? Republican or Democrat economists? Conservative or Progressive economists? Whenever I read such articles I always wonder what their collective track record is or what their political leanings are or what agenda they may be pushing. A first cousin of mine now deceased, had a phd in economics (from UF I think), was an economics professor in Atlanta and was on the Atlanta Fed. He firmly believed in achieving social equity with economic policy.

When I read the phrase 'economists warn' it reminds me of the supposed consensus among scientists regarding evolution, climate change, etc. By the way, according to a career Smithsonian entomologist, while there is evidence of evolution within species, there is no evidence of one species evolving into another species. I will leave it there.

 

[Concrete Helmet]

I have a question. When 'Economists' are cited, is that referring to all economists? Some economists? Republican or Democrat economists? Conservative or Progressive economists? Whenever I read such articles I always wonder what their collective track record is or what their political leanings are or what agenda they may be pushing. A first cousin of mine now deceased, had a phd in economics (from UF I think), was an economics professor in Atlanta and was on the Atlanta Fed. He firmly believed in achieving social equity with economic policy.

When I read the phrase 'economists warn' it reminds me of the supposed consensus among scientists regarding evolution, climate change, etc. By the way, according to a career Smithsonian entomologist, while there is evidence of evolution within species, there is no evidence of one species evolving into another species. I will leave it there.

Throw all that out the window and hear me when I talk..... I am in the business and talk to the 3 largest credit unions in the state almost everyday. We work with as many as 30 different lenders in a month and are the largest independent title insurance agency in the state of Florida for many years running(been in business for 30 years) We have come off of 5 consecutive record breaking years in volume. Over the last 2 months we have gone from closing 225-250 loans a month to around 150 and a lot of those are non title insurance products(HELOCS)...Purchases are still decent because we have a huge client base of investors(they're all selling off) instead of just relying of Realtors.....think about it, smart money always gets out first.....sh!t is going down....refi applications are down between 40-50%...same with purchase mortgage applications....

Trust me I'm no fan of Jerome Powell and the Fed but there is a reason they keep throwing out conflicting data... They learned from 2008 and this time are looking for a softer place for the crash landing....

 

[FireFoley]

@Bullag8r, you are overthinking it. There are two career occupations where you can be wrong 80+% of the time, never lose your job b/c you spend the next few years explaining to the masses why you were wrong. That would be Weatherman and Economist.

 

[Bullag8r]

Throw all that out the window and hear me when I talk..... I am in the business and talk to the 3 largest credit unions in the state almost everyday. We work with as many as 30 different lenders in a month and are the largest independent title insurance agency in the state of Florida for many years running(been in business for 30 years) We have come off of 5 consecutive record breaking years in volume. Over the last 2 months we have gone from closing 225-250 loans a month to around 150 and a lot of those are non title insurance products(HELOCS)...Purchases are still decent because we have a huge client base of investors(they're all selling off) instead of just relying of Realtors.....think about it, smart money always gets out first.....sh!t is going down....refi applications are down between 40-50%...same with purchase mortgage applications....

Trust me I'm no fan of Jerome Powell and the Fed but there is a reason they keep throwing out conflicting data... They learned from 2008 and this time are looking for a softer place for the crash landing....

I am on board with you there Conc. I have no problem with numbers as long as they are complete enough for an objective analysis from various perspectives. To simply state 'Economists say' has no objective meaning for me. Like @FireFoley said, most weather men / women, many economists and I would add woke 'scientists' owe their success to the lack of accountability.

 

[alcoholica]

I am on board with you there Conc. I have no problem with numbers as long as they are complete enough for an objective analysis from various perspectives. To simply state 'Economists say' has no objective meaning for me. Like @FireFoley said, most weather men / women, many economists and I would add woke 'scientists' owe their success to the lack of accountability.

Just curious if they sold your loan again?

 

[Bullag8r]

Just curious if they sold your loan again?

They are putting it on the dollar table at the flea market Saturday

 

[Concrete Helmet]

To simply state 'Economists say' has no objective meaning for me. Like @FireFoley said, most weather men / women, many economists and I would add woke 'scientists' owe their success to the lack of accountability.

I agree on that take too. I listen to dozens of so called experts and find that even among the best of them opinions vary greatly. One take that seems to be playing out more and more as we go through this recovery though is that we won't know with any certainty of the direction of the overall economy for at least the rest of the year in categories such as employment, retail sales, travel and the like...it's just too soon to know for certain.
The scarier part is that the indicators of old such as the stock market and interest rates are not very trustworthy gauges this time around. The S&P 500 is at all time highs YET something like 70% of the companies stocks are below the 50 day average...the 10yr rate mysteriously moves 8-10 points sometimes in the middle of the day....interest rates are at historical lows yet lending volume is at it's lowest levels since 1991(?) House prices are at all time highs but homebuyer sentiment is at it's lowest levels since 1982....….the country is mostly reopen but people are quitting their jobs at a record pace and there are 9 million job openings in the U.S. today...It's getting hard to plan out the path to retirement with so much conflicting data.

 

[Detroitgator]

I am on board with you there Conc. I have no problem with numbers as long as they are complete enough for an objective analysis from various perspectives. To simply state 'Economists say' has no objective meaning for me. Like @FireFoley said, most weather men / women, many economists and I would add woke 'scientists' owe their success to the lack of accountability.

 

[Bullag8r]

You can be proud! You get the prize for the worst insult I have received on this board.

 

[bradgator2]

My current mortgage servicer has been bugging me to check a refi rate. I refi’d with them 2 years ago so I have 13 years left on a 3.00% 15 year mortgage.

Anyway, buying some points…. I have a new 15 year at 1.85% locked in.

My old rate was already so low that’s it is not a huge savings. But money is money. If I keep my monthly payment the same as my current payment, then it will be paid off in 12 years.

 

[FireFoley]

My current mortgage servicer has been bugging me to check a refi rate. I refi’d with them 2 years ago so I have 13 years left on a 3.00% 15 year mortgage.

Anyway, buying some points…. I have a new 15 year at 1.85% locked in.

My old rate was already so low that’s it is not a huge savings. But money is money. If I keep my monthly payment the same as my current payment, then it will be paid off in 12 years.

Nice going. That is the way to do it. And you did it before the FED decides (IF) to stop purchasing MTGE. Backed Securities.

 

[BMF]

We closed yesterday on the Gulfport house. I'm sitting at Springhill Suites outside of Savanah. Absolutely brutal drive. The whole thing has been a sh*tshow. We reserved a U-haul truck in Alexandria, get there and they tell us they don't have a truck...so we had to drive into the city (just before rush hour started, then drove home in rush hour, about 45 minutes). The military is paying for the move, so I have to get the truck weighed empty and fully loaded - because those retards didn't have a truck ready in Alexandria and we had to drive into the city the place I was going to get it weighed empty closed (next closest place would have taken a few hours round trip)...so, now I have to unload it in Florida and find a weigh station to get it weighed empty before I drop it off. We loaded it up Wed night and all day Thursday. My wife had me at my wits end - for the last few weeks I've been asking her, "You do know we're moving in XX days, right?" She kept saying, "I got it", "It's taken care of". Well, moving day/days come and I load up all the boxes and furniture (w/ a couple of friends). I'm thinking we're all good....then she starts boxing up other sh*t....and more, and more, and more...it just kept coming. I said, "Where in the hell did you get all this stuff???" Anyhow, I had to pull a bunch of stuff out of the truck and reconfigure. We ended up pulling our dining room table out w/ 6 chairs and she gave it away on Craigslist. Today I got on the road t 555am. It took 11.5 hours to drive here (Richmond Hill area). I can usually do DC to Jax in 10.5 to 11 hours. Ooooof! It rained the entire drive. I got re-routed off the interstate 3 times to avoid crashes. GPS says it's 5 hours to Gulfport. I'll consider it a win if I make it there in less than 6....