loanDepot acquires Closing USA and American Coast Title

loanDepot announced two major acquisitions on Thursday, adding Closing USA, a national title, escrow and settlement company, and its affiliate, American Coast Title, to the company. The news expands loanDepot’s national licensing footprint for title, escrow and settlement services to more than 30 states and Washington, D.C. http://www.housingwire.com/articles/38642-loandepot-acquires-closing-usa-and-american-coast-title ❤️ #share #mortgage

2016 HW Vanguard Award winners

Amid the potential new direction from the president, congress and regulators, leadership in our industry is more important than ever. Which is why HousingWire is proud to present the 40 winners of our 2016 Vanguard award. These leaders from all segments of the #mortgage ecosphere demonstrate that our industry is more than capable of meeting the challenges that lie ahead. http://www.housingwire.com/articles/38630-hw-vanguard-award-winners ❤️ #share #mortgage

A check on the CFPB's unprecedented power

Since the election of Donald Trump, the legitimacy and very survival of the Consumer Financial Protection Bureau is now front and center. The agency is in peril after an Oct. 11 decision by the U.S. Court of Appeals for the District of Columbia Circuit that ruled, for the first time, that an independent agency established by the legislative branch of government is unconstitutional.  http://www.housingwire.com/articles/38627-a-check-on-the-cfpbs-unprecedented-power ❤️ #share #mortgage

What will the #mortgage industry look like with a new sheriff in town?

While other state and federal regulatory bodies overlap in their regulation of the #mortgage industry, the very particular consumer focus of the CFPB is not duplicated by any other body. Will deregulation mean a return to the Wild West lending atmosphere that led to the financial crisis? What happens next? We asked John Socknat, partner at Ballard Spahr, to weigh in on what #mortgage #lenders and servicers can expect from a Trump administration. http://www.housingwire.com/articles/38623-what-will-the-mortgage-industry-look-like-with-a-new-sheriff-in-town ❤️ #share #mortgage

Hot Seat: Ralph Armenta of Alight

#mortgage banking is not the sleepy cottage industry of yesterday. #mortgage banks have evolved into highly competitive, real-time, geographically dispersed businesses that require firm owners, CEOs, CFOs and sales leadership to keep a finger on the pulse of the enterprise 24/7 to capitalize on opportunities and mitigate losses. http://www.housingwire.com/articles/38620-hot-seat-ralph-armenta-of-alight ❤️ #share #mortgage

Superior Home Services tackles damaged FHA properties in default

Superior has been managing hazard claims for #mortgage servicers for more than 30 years, with the ultimate goal of maximizing those funds to remediate the damage at the subject property, and then executing those repairs with the insurance funds available. By offering a hazard claim management solution, Superior can now manage a #mortgage servicer’s entire damaged property portfolio: government loans, conforming loans, private investor and bank-owned inventory.  http://www.housingwire.com/articles/38649-superior-home-services-tackles-damaged-fha-properties-in-default ❤️ #share #mortgage

Ellie Mae's next-gen Encompass Lending Platform accelerates time to market

“With a platform approach to lending, the opportunities and ideas are endless. The Ellie Mae Encompass Lending Platform puts more power into the hands of our customers, partners and developers, enabling them to rapidly extend, integrate, and build new capabilities with Encompass that serve to differentiate and grow their businesses,” said Jonathan Corr, president and CEO, Ellie Mae. http://www.housingwire.com/articles/38643-ellie-maes-next-gen-encompass-lending-platform-accelerates-time-to-market ❤️ #share #mortgage

#mortgage Connect to launch eClosing solution for enhanced consumer experience

Today, the #mortgage industry is ripe for innovation and poised for tremendous growth. There is a strong demand to create products, processes and technologies to help attract future #homebuyers, as well as improve the consumer experience in the #mortgage loan transaction life cycle. #lenders and third-party vendors need to be prepared to offer new products and create or adopt new technologies to drive efficiencies to workflows to stay competitive and provide faster results for their consumers.  http://www.housingwire.com/articles/38648-mortgage-connect-to-launch-eclosing-solution-for-enhanced-consumer-experience ❤️ #share #mortgage

Chronos Solutions helps #lenders manage costs amid rising interest rates

The company’s acquisitions in 2016 give it the capability to deliver end-to-end solutions for the #mortgage loan lifecycle, including credit data/reporting, 4506-Ts, property valuation services, title, HOA and condo retrieval, tax lien, escrow services, and everything required to settle a #mortgage asset default. Most importantly, Chronos Solutions’ array of services means the company can create bundled solutions tailored to #lenders’ specific needs, providing efficiency while maintaining quality. http://www.housingwire.com/articles/38644-chronos-solutions-helps-lenders-manage-costs-amid-rising-interest-rates ❤️ #share #mortgage

LoanLogics synchronizes manufacturing and quality-control process for #lenders

The impact of in-line, automated quality management and loan manufacturing goes beyond cost reduction and extends to significantly improving customer service and increasing investor confidence. #lenders can improve borrower satisfaction by reducing delays, closing loans faster and providing more competitive pricing, all the while assuring investors of the quality of the assets that are produced. http://www.housingwire.com/articles/38647-loanlogics-synchronizes-manufacturing-and-quality-control-process-for-lenders ❤️ #share #mortgage

First American #mortgage Solutions utilizes a broad growth strategy

While many vendors have retreated from certain markets, First American #mortgage Solutions has poured capital into its business lines across the #mortgage continuum, from origination to post-closing to servicing. This gives the company the ability to provide data solutions, fraud risk detection and verification, regulatory compliance, valuation and collateral risk assessment, title and settlement for purchase and home equity transactions, document services, fulfillment services and default services.  http://www.housingwire.com/articles/38645-first-american-mortgage-solutions-utilizes-a-broad-growth-strategy ❤️ #share #mortgage

Americans rush to refinance as #mortgage rates keep rising

While Americans rushed to refinance their home in the third quarter, the same can’t be said for purchase originations. While refinances shot up, purchase originations took a tumble during the third quarter. http://www.housingwire.com/articles/38637-americans-rush-to-refinance-as-mortgage-rates-keep-rising ❤️ #share #mortgage

[video] Treasury secretary nominee Steve Mnuchin: Undoing Dodd-Frank "top priority"

The news of President-elect Donald Trump selecting Steve Mnuchin as Treasury secretary is barely a day old but that isn’t stopping Mnuchin from making a lot of significant public statements on housing. On top dropping a bombshell about the future of Fannie Mae and Freddie Mac, he also discussed his thought on Dodd-Frank in an interview with CNBC. http://www.housingwire.com/articles/38641-video-treasury-secretary-nominee-steve-mnuchin-the-no1-problem-with-dodd-frank ❤️ #share #mortgage

Trump chooses Wilbur Ross as Commerce secretary

Steve Mnuchin, President-elect Donald Trump’s choice to lead the Department of the Treasury, has a long history in the housing business, but Mnuchin isn’t the only one of Trump’s latest appointments to boast such a history. Trump also announced that he chose Wilbur Ross to serve lead the Department of Commerce. Here’s a look at Ross’ history in housing. http://www.housingwire.com/articles/38639-trump-chooses-wilbur-ross-as-commerce-secretary ❤️ #share #mortgage

Fed survey shows presidential election yet to effect economy

The beige book released Wednesday showed that market trends are continuing as usual, despite recent stirs caused by the election. New residential construction increased in several metros, however the nation continues to struggle with low housing inventory. http://www.housingwire.com/articles/38640-fed-survey-shows-presidential-election-yet-to-effect-economy ❤️ #share #mortgage

Privatization talk sends Fannie Mae, Freddie Mac stocks soaring to 2-year high

With just a few words uttered Wednesday during an interview on Fox Business, Steve Mnuchin, President-elect Donald Trump’s choice to lead the Department of the Treasury, sent the stocks of Fannie Mae and Freddie Mac soaring to heights not seen since June 2014. http://www.housingwire.com/articles/38638-privatization-talk-sends-fannie-mae-freddie-mac-stocks-soaring-to-2-year-high ❤️ #share #mortgage

Survey says! The biggest threats to housing: compliance burdens, access to credit

The industry is making progress when it comes to access to credit and compliance, but the same headwinds that burdened the industry over the past year aren’t easing anytime soon, at least that’s what people inside the industry believe. Genworth #mortgage Insurance released the latest results on a survey of #mortgage professionals at the 2016 #mortgage Bankers Association Annual Convention and Expo that gauge the state of the industry. http://www.housingwire.com/articles/38636-survey-says-the-biggest-threats-to-housing-compliance-burdens-access-to-credit ❤️ #share #mortgage

Consumer confidence now back to pre-recession levels

The elections and even the time leading up to the presidential elections brought a new wave of consumer confidence. In fact, consumers are now back at pre-recession levels when it comes to their confidence in the economy – both their present situation and future expectations. http://www.housingwire.com/articles/38634-consumer-confidence-now-back-to-pre-recession-levels ❤️ #share #mortgage

Trump Treasury pick: Fannie Mae and Freddie Mac will be privatized

Making the media rounds after being selected to serve as Treasury secretary by President-elect Donald Trump, Steve Mnuchin dropped a bombshell about the future of Fannie Mae and Freddie Mac. Rather than be wound down, as some advocate for, Mnuchin said the government-sponsored enterprises will be taken out of “government ownership,” restructured, and privatized. Click the headline to read more. http://www.housingwire.com/articles/38635-trump-treasury-pick-fannie-mae-and-freddie-mac-will-be-privatized ❤️ #share #mortgage

ADP predicts solid employment growth in November

ADP predicts strong job growth during the month of November, with increases centered in the service-providing sector. Construction showed a slight increase over the month. Over the past three months, ADP’s prediction fell short of the job report’s numbers, however this time one expert thinks the company over-shot. http://www.housingwire.com/articles/38633-adp-predicts-solid-employment-growth-in-november ❤️ #share #mortgage

Trump picks former Goldman Sachs exec, OneWest chairman Steve Mnuchin to lead Treasury

Steve Mnuchin, a former executive at Goldman Sachs and former chairman of OneWest Bank, is President-elect Donald Trump’s choice to lead the Department of the Treasury during his administration, Trump’s transition team announced Wednesday morning. Here’s more information on Mnuchin’s long history in finance and #mortgages and a look at the varied reactions to his appointment. http://www.housingwire.com/articles/38632-trump-picks-former-goldman-sachs-exec-onewest-chairman-steve-mnuchin-to-lead-treasury ❤️ #share #mortgage

Pending home sales hit highest level since July

Pending home sales increased slightly in October, buy enough to hit the highest level since July. In fact, the National Association of Realtors chief economist believes that, at this pace, this year could close out with the highest pace in existing home sales since 2006. http://www.housingwire.com/articles/38631-pending-home-sales-hit-highest-level-since-july ❤️ #share #mortgage

MBA: 30-year #mortgage rate moves higher, at highest level since July 2015

The significant uptick #mortgage rates witnessed last week isn’t over. According to the latest Weekly #mortgage Applications Survey, the average contract interest rate for 30-year fixed-rate #mortgages continued to rise from the previous #mortgage application report, which set the record high for the year. http://www.housingwire.com/articles/38629-mba-30-year-mortgage-rate-moves-higher-at-highest-level-since-july-2015 ❤️ #share #mortgage

Is Getting a Home #mortgage Still Too Difficult?

There is no doubt that #mortgage credit availability is expanding, meaning it is easier to finance a home today than it was last year. However, the #mortgage market is still much tighter than it was prior to the housing boom and bust experienced between 2003 - 2006.

The Housing Financing Policy Center at the Urban Institute just released data revealing two reasons for the current exceptionally high credit standards:

* Additional restrictions #lenders put on borrowing because of concerns that they will be forced to repurchase failed loans from the government-sponsored enterprises or Federal Housing Administration (FHA).
* The concern about potential litigation for imperfect loans.

What has been the result of these concerns?

6.3 Million Less #mortgages

The Policy Center report went on to say:

“It was so hard to get a #mortgage in 2015 that #lenders failed to make about 1.1 million #mortgages that they would have made if reasonable lending standards had been in place. From 2009 to 2014, #lenders failed to make about 5.2 million #mortgages thanks to overly tight credit. In total, #lenders would have issued 6.3 million additional #mortgages between 2009 and 2015 if lending standards had been more reasonable.”

In an interview with DSNews, Laurie Goodman and Alanna McCargo of the Policy Center further explained:

“Our Housing Credit Availability Index (HCAI)* measures the probability that #mortgage borrowers will become delinquent on that #mortgage for 90 or more days, which we refer to as the default risk. This measure indicates that the probability of default rose from 12 percent in 2001 to a peak of 16.5 percent at the end of 2005/beginning of 2006, before declining to the current level of 5 percent. Stated differently, #lenders are currently taking less than half the credit risk they were taking in 2001, a period of reasonable credit standards.”

The cost to the economy if we’re writing fewer loans…

Goodman and McCargo put it best:

“…fewer households will become homeowners at exactly the point in the economic cycle when it is most advantageous to do so… [They] will continue to miss this wealth-building opportunity. The median family wealth for homeowners is $195,400, with their home the most valuable asset for most; the median family wealth for renters is $5,400… Fewer potential #homebuyers means the housing market will continue to recover more slowly. At the same time, fewer buyers create a strain on other benefits to the economy which homebuying brings such as spending on home goods and an increase in construction jobs.”

Bottom Line

The housing market boom and bust caused many #mortgage providers and #lenders to tighten their lending standards in an effort not to repeat the recent past. This paired with many #homebuyers disqualifying themselves before they even apply for a loan, due to the fear of rejection, has led to many households not yet becoming homeowners.

*The HCAI measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that #lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that #lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan. http://www.simplifyingthemarket.com/en/2016/11/30/is-getting-a-home-mortgage-still-too-difficult/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Will interest rates price Millennials out of the housing market before they can even jump in?

Millennials, which usually fall into the first-time #homebuyer pool, are predicted to start moving into the housing market soon as they opt out of renting. Unfortunately, this new forecast report explained that the election changed a lot of the rosy picture original predicted for first-time #homebuyers in 2017. http://www.housingwire.com/articles/38624-will-interest-rates-price-millennials-out-of-the-market-before-they-can-even-jump-in ❤️ #share #mortgage

Realtor.com predicts these 5 housing trends for 2017

The housing market is on the edge of 2017. A quick look back on 2016 shows a year filled with thoughts on Millennial homeownership, low interest rates and drastically low inventory. What changes do you think next year will bring for housing? http://www.housingwire.com/articles/38625-realtorcom-predicts-these-5-housing-trends-for-2017 ❤️ #share #mortgage

United Wholesale #mortgage eliminates escrow waiver fees

In a move that the company is calling a first of its kind, United Wholesale #mortgage announced Tuesday that it is eliminating the 0.25% escrow waiver fee nationwide for all conforming conventional loans. http://www.housingwire.com/articles/38628-united-wholesale-mortgage-eliminates-escrow-waiver-fees ❤️ #share #mortgage

KBRA: #mortgage lending will peak in 2016, fall off in 2017 and beyond

To borrow a phrase from Game of Thrones, winter is coming in more ways than just on the calendar. Winter is coming from #mortgage lending too, according to a new report from Kroll Bond Rating Agency. KBRA’s new report states that 2016 will likely be the peak year for #mortgage originations for “years to come,” as a fall in origination volume will occur in 2017 and beyond. http://www.housingwire.com/articles/38626-kbra-mortgage-lending-will-peak-in-2016-fall-off-in-2017-and-beyond ❤️ #share #mortgage

CFPB warns companies about engaging in Wells Fargo-like sales incentives

The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo. http://www.housingwire.com/articles/38619-cfpb-warns-companies-about-engaging-in-wells-fargo-like-sales-incentives ❤️ #share #mortgage

Financial markets remain unimpressed by strong GDP report

The strong GDP is based on strong corporate profits, though this did not translate into a rally in the bond markets, as some would expect, especially considering that federal spending is also up. So why the bearish bond activity? http://www.housingwire.com/articles/38617-financial-markets-remain-unimpressed-by-strong-gdp-report ❤️ #share #mortgage

Incenter expands into title services with latest acquisition

Incenter, which recently expanded by launching a #mortgage-focused broker-dealer called Incenter Securities Group, is expanding again – into title and settlement services. Incenter, a Blackstone portfolio company, announced Monday that it acquired Boston National, a provider of title and settlement services headquartered in Charlotte, North Carolina. http://www.housingwire.com/articles/38618-incenter-expands-into-title-services-with-latest-acquisition ❤️ #share #mortgage

Freddie Mac's officially gives approval to four e#mortgage vendors

The industry is quickly evolving to go to more digital, and Freddie Mac is right there with it to assist in the change. The GSE published an official list of approved e#mortgage vendors to better streamline the #mortgage process and to help encourage the use of digital #mortgages. For anyone looking to go digital, check out this latest list. http://www.housingwire.com/articles/38616-freddie-macs-officially-gives-approval-to-four-emortgage-vendors ❤️ #share #mortgage

Case-Shiller: Home prices finally surpass record highs set a decade ago

Home prices finally surpassed their all-time highs set in July 2006 as the housing boom topped out. But despite the steady build up to this the past few months, the new highs aren’t necessarily a win after digging deeper into the data. http://www.housingwire.com/articles/38615-case-shiller-home-prices-finally-surpass-record-highs-set-a-decade-ago ❤️ #share #mortgage

#mortgage Interest Rates Just Went Up… Should I Wait to Buy?

#mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie Mac, Fannie Mae, the #mortgage Bankers Association and the National Association of Realtors are all calling for #mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average #mortgage interest rate over the last several decades.

Bottom Line

Though you may have missed getting the lowest #mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago. http://www.simplifyingthemarket.com/en/2016/11/29/mortgage-interest-rates-just-went-up-should-i-wait-to-buy/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

As expected, appraisal volume plummets after Thanksgiving holiday

Appraisal volume, to no surprise, tumbled in the latest report due to the Thanksgiving holiday. However, a la mode explains how this drop compares to the past. http://www.housingwire.com/articles/38614-as-expected-appraisal-volume-plummets-after-thanksgiving-holiday ❤️ #share #mortgage

PHH handed next move in battle with CFPB

There’s not exact date on when the battle between PHH and the CFPB will be over. But here’s what we do know: the next move belongs to PHH. A 15-day countdown for PHH to file a response to the CFPB appealing the U.S. Court of Appeals for the District of Columbia Circuit ruling officially started Monday. http://www.housingwire.com/articles/38613-phh-handed-next-move-in-battle-with-cfpb ❤️ #share #mortgage

Fannie Mae names technology entrepreneur to Board of Directors

Fannie Mae announced industry veteran George Haywood to its Board of Directors as part of the strategic initiatives and technology committee. This is why the company says Haywood will bring valuable and actionable insights to Fannie Mae. http://www.housingwire.com/articles/38610-fannie-mae-names-technology-entrepreneur-to-board-of-directors ❤️ #share #mortgage

Zillow agrees to $6 million settlement for alleged labor violations

Zillow Group will pay as much as $6 million to settle a class action lawsuit that accused the company of violating federal labor laws, the online real estate giant announced Monday. The lawsuit accused the company of allegedly failing to provide meal and rest breaks, failing to pay overtime, and failing to keep accurate records of employee’s hours worked for “certain inside sales consultants.” Click the headline to read more. http://www.housingwire.com/articles/38611-zillow-agrees-to-6-million-settlement-for-alleged-labor-violations ❤️ #share #mortgage

Economist: Housing affordability hits quarter-century best in September

Home prices keep increasing, however affordability is still improving, according to one economist. When accounting for wage growth and inflation, buying power in September was better than it has been in about 25 years. http://www.housingwire.com/articles/38609-economist-housing-affordability-hits-quarter-century-best-in-september ❤️ #share #mortgage

Is your company one of housing’s top tech innovators? Hurry up and prove it!

As the calendar ticks ever so much closer to 2017, the housing industry pushes ever so much further into the technological revolution, one that promises to reshape how the entire industry operates. We here at HousingWire, your loyal companions on this journey into the future, know that there are hundreds (if not thousands) of companies in the industry that are on the cutting edge of these exciting technological developments. We think everyone else should know that, too. http://www.housingwire.com/blogs/1-rewired/post/38608-is-your-company-one-of-housings-top-tech-innovators-hurry-up-and-prove-it ❤️ #share #mortgage

Questioning Ben Carson as HUD secretary? Here’s the silver lining for housing

I’m guessing Ben Carson as HUD secretary is a title you didn’t expect to hear connected to the former GOP presidential candidate and retired neurosurgeon. Although it sounds like an outlandish idea to most Americans, there’s a silver lining. In fact, the positive side is something we people in housing actually asked for. http://www.housingwire.com/blogs/1-rewired/post/38607-questioning-ben-carson-as-hud-secretary-heres-the-silver-lining-for-housing ❤️ #share #mortgage

Time to say goodbye to the Federal Funds rate?

The Fed minutes from Wednesday’s meeting reinforce the possibility of a rate hike in December, however it also shows talk of a change that could be on the way. Federal Open Market Committee members talked in November about the possibility of doing away with the federal-funds rate. Here’s what they suggest could replace it. http://www.housingwire.com/articles/38605-time-to-say-goodbye-to-the-federal-funds-rate ❤️ #share #mortgage

EXCLUSIVE: Ben Carson will accept HUD secretary role

The speculation is finally over. Former GOP presidential candidate and retired neurosurgeon Ben Carson will soon make his final announcement accepting the role of HUD secretary, sources close to the situation confirm. The build up from the week brought much speculation as rumors swirled and Carson hinted at an upcoming announcement. Click the headline to read more. http://www.housingwire.com/articles/38604-exclusive-ben-carson-will-accept-hud-secretary-role ❤️ #share #mortgage

5 Reasons to Hire a Real Estate Professional When Buying & Selling!

Whether you are buying or selling a home, it can be quite an adventurous journey; you need an experienced Real Estate Professional to lead you to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 Reasons You NEED a Real Estate Professional in your corner haven’t changed, but rather have been strengthened, due to the projections of higher #mortgage interest rates & home prices as the market continues to pick up steam. 

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true Real Estate Professional is an expert in their market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to make sure that you acquire your dream? 

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. However, after looking at the list of parties that you need to be prepared to negotiate with, you’ll realize the value in selecting a Real Estate Professional. From the buyer (who wants the best deal possible), to the home inspection companies, to the appraiser, there are at least 11 different people that you will have to be knowledgeable with and answer to, during the process. 

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to the National Association of REALTORS, “the typical FSBO home sold for $185,000 compared to $245,000 among agent-assisted home sales.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and the internet about home sales, prices, and #mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively price your home correctly at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

You wouldn’t replace the engine in your car without a trusted mechanic. Why would you make one of the most important financial decisions of your life without hiring a Real Estate Professional? http://www.simplifyingthemarket.com/en/2016/11/28/5-reasons-to-hire-a-real-estate-professional-when-buying-selling/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Monday Morning Cup of Coffee: Trump's potential power play at the Fed

Cabinet positions aren’t the only areas of uncertainty under a Trump administration. With the next FOMC meeting set for Dec. 13-14, Fed watchers are speculating on what he plans to do with the Fed once in office. In an article on Sunday, The Hill outlined several Republican priorities that might now see daylight, including subjecting the Fed’s monetary policy decisions to outside review and requiring the central bank to adhere to rules in setting policy. http://www.housingwire.com/blogs/1-rewired/post/38603-monday-morning-cup-of-coffee-trumps-potential-power-play-at-the-fed ❤️ #share #mortgage

Vote for Your Favorite Homes of the Year (So Far)

Each week we shine a spotlight on a home with unusual features, outstanding architecture or a spectacular locale. We look back quarterly at the homes we’ve shared over the past few months, and you can cast your vote for the best House of the Week from each month.

With 35 percent of the vote, January’s top home was a villa on the Sunset Strip. February’s winner got 41 percent of the vote, thanks to the glass stargazer’s stunning floor-to-ceiling windows, while March saw a landslide 54 percent vote for a swim-up oasis that would help beat any case of the winter blues.

In April, a stunning Spanish Revival took first place with 34 percent of the vote. This seaside mansion’s sweeping views and sprawling grounds captivated 38 percent of voters for the win in May. And June’s winner (with 35 percent of the vote) ushered in summertime daydreams with its Tuscan-style architecture and graceful lap pool.

Take a look at the featured homes from the past few months and pick your favorites.

July

From a Mediterranean-style party palace in Miami to a floating home in Seattle, July was packed with amazing homes.

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.

Learn more: Party Palace, Floating Home, Vibrant Colonial, Bel-Air Mansion, Converted Fire Station

August

With homes featuring a one-of-a-kind design, a celebrity past, a lazy river, and a former tavern, August’s offerings were all about fun.

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.

Learn more: Fishing Reel House, Groucho Marx Home, Lazy River Mansion, Colonial Tavern

September

Innovative design was the name of the game for September’s homes, which included a mid-century comprised of three pavilions connected by a lap pool, a wildly different modern masterpiece, and a castle constructed of glimmering stone.

Note: There is a poll embedded within this post, please visit the site to participate in this post’s poll.

Learn more: Three-Pavilion Mid-Century, Wavy Home, Glimmering Castle, NOLA Art House, Tiny Beach House

Related:

• Home Design Quiz: Would You Rather … ?
• Essential Kitchen Updates Before Selling Your Home
• Here’s the Wackiest Tiny Home You’ve Ever Seen

Originally published October 12, 2016.

from Zillow Porchlight http://www.zillow.com/blog/favorite-homes-2016-196143/

Existing Home Sales Surge Forward Through Fall [INFOGRAPHIC]

Some Highlights:

* The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report.
* First-time #homebuyers made up 33% of all sales in October.
* Homes are selling quickly with 43% of homes on the market for less than a month.
* A limited supply continues to drive up prices for the 56th consecutive month. http://www.simplifyingthemarket.com/en/2016/11/25/existing-home-sales-surge-forward-through-fall-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Black Friday special: The top 5 things you need to read right now

Waiting in line trying to catch the greatest deals on Black Friday? Us too. But while you’re waiting, why not use the time to catch up on what’s been going on in housing since Donald Trump got elected? Here are the top five articles you should read right now, courtesy of HousingWire. http://www.housingwire.com/blogs/1-rewired/post/38600-black-friday-special-the-top-5-things-you-need-to-read-right-now ❤️ #share #mortgage

Thank You for Your Support!

Have a Great Holiday! http://www.simplifyingthemarket.com/en/2016/11/24/thank-you-for-your-support-3/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Rufus Wainwright Buys an Enchanted Cottage in the Hollywood Hills

When Rufus Wainwright goes home at the end of a long day in the Southern California sun, a cozy, Hobbit-like world of cubbyholes and window nooks awaits.

The crooner recently bought a home in the Hollywood Hills that matches his creative soul, with a storybook footbridge and window seats with sylvan views. He paid $1.45 million for this 3-bedroom, 3-bath warren of enchanted spaces, which starts with a long stucco staircase leading to a half-oval front door.

A foyer with dark, exposed ceiling beams leads in four directions: To a sunny dining room, a tiled powder room, up winding stairs to the second story, or down winding stairs to a sunken living room. Topped by the same Tudor-like beams, the living space also features a fireplace, French doors and floor-to-ceiling built-in bookcases.

Wainwright’s new kitchen is updated with a double-wide oven, a vast refrigerator and a farmhouse sink. It adjoins a breakfast nook with built-in seating, and the entire room is paved, like an outdoor garden, with gorgeous, slate paving stones.

Most rooms in the 2,100-square-foot home look out onto a forested landscape, and some offer doors that will take you there. There’s also a large outdoor deck for dining alfresco or taking in music.

The listing agent was Anita Rich of Keller Williams Realty. Hat tip to the Los Angeles Times for finding the transaction.

Related:

• Goldie Hawn & Kurt Russell List Their Longtime LA Mansion
• Tina and Ike Turner’s Former Home on the Market
• We Belong in Pat Benatar’s Home on Maui

from Zillow Porchlight http://www.zillow.com/blog/rufus-wainwright-hollywood-hills-208518/

[Video] To the future HUD Secretary, here’s a piece of advice from a former HUD Secretary

Regardless of who is selected to be the future secretary of the Department of Housing and Urban Development, Former HUD Secretary Henry Cisneros has one key piece of advice that he would give to the next person that sits in the seat. As a hint, he touches something a lot of people are asking for. http://www.housingwire.com/articles/38602-video-to-the-future-hud-secretary-heres-a-piece-of-advice-from-a-former-hud-secretary ❤️ #share #mortgage

DOJ gives up in fight over massive Bank of America, Countrywide 'Hustle' fine

The fight between Bank of America and the federal government over the $1.27 billion penalty levied against Bank of America in a fraud case over defective #mortgages sold by Countrywide in the run-up to the housing crisis is now officially over. And the victor is Bank of America. http://www.housingwire.com/articles/38601-doj-gives-up-in-fight-over-massive-bank-of-america-countrywide-hustle-fine ❤️ #share #mortgage

Here are 5 bold predictions for housing in 2017

Next year is less than two months away, and the holidays are likely to fly by. Giving his predictions for next year, Joe Melendez is CEO of ValueInsured, forecasts that 2017 could be a wild ride. “One thing I do feel certain about is that those who are most adaptive to change and innovation – those wanting to move beyond points, rates and the typical upgrade offers – will succeed in 2017.” http://www.housingwire.com/blogs/1-rewired/post/38599-here-are-6-predictions-for-housing-will-perform-in-2017 ❤️ #share #mortgage

Mortgage Rates Spike to End 2016

Mortgage rates have spiked 0.5 percent since the U.S. presidential election earlier this month. On a 30-year fixed loan of $300,000, this increases your monthly payment by $85.

If you were waiting to refinance, this is a wake up call, and if you plan to buy a home, it’s time to reevaluate your budget - because rates are unlikely to drop.

Let’s review what happened, and where we go from here.

Why rates are rising

Rates rose after Donald Trump became president-elect because market participants believe his proposed policies - infrastructure spending, tax cuts, and trade tariffs - will be inflationary if enacted.

Rates are tied to bonds, because bonds pay a rate of return to investors each year. If policymaking fuels inflation, a bond investor’s rate of return will be worth less in the future. Investors sell bonds on inflation fears, and rates rise when bond prices drop in a selloff.

This is exactly what has happened. Since the election, bond selling has led to the biggest bond losses in 26 years.

Thirty-year mortgages have jumped into the low 4-percent range from the mid 3-percent range at record speed.

This dramatic rate spike might level off near-term, but don’t count on a reversal back to record lows.

Where we might go from here

Jeffrey Gundlach, one of the world’s most respected bond investors, thinks we’ve seen about 80 percent of a post election rate spike ahead of the Federal Reserve meeting on December 14.

This means rates could rise a bit more in the coming weeks, then the next catalyst will be Fed policy. The Fed has two main policy influences on rates.

First, they control an overnight bank-to-bank lending rate that serves as a benchmark for overall rate levels in the economy. In December 2015, they hiked this rate 0.25 percent after keeping it near zero since December 2008, when the financial crisis was at its worst.

There’s almost 100% probability of a rate hike at the Fed’s December 14 policy meeting. If the Fed does hike, this will reinforce inflationary expectations, driving higher rates. It will also increase rates on home equity line of credit (HELOC) second mortgages.

Second, the Fed has helped to keep rates low since January 2009 by buying bonds that directly impact mortgage rates - rates have dropped (or stayed low) on this Fed buying. Rising rates will hurt the Fed’s ability to buy enough bonds to continue holding rates down.

All of this means the Fed won’t be as rate-friendly as we’ve become accustomed to since 2008. This is why it’s very unlikely rates will drop from here, and may rise instead.

Nobody knows how much more until we get policy clarity from the first 100 days of a Trump administration, and the corresponding Fed reactions February 1, March 15, and May 3.

Implications for home buyers and owners

Below are some things you should be aware of as you evaluate your options in a rising rate environment. These predictions incorporate the latest available economic estimates (from November 16) from the Mortgage Bankers Association.

• Last call to refinance. Rates are still low historically, but if you’ve been waiting to refinance - for a lower rate/payment or to take cash out of your home - look at your options immediately, before rates rise further.
• HELOC rates will spike next. If you have a HELOC second mortgage, it’s tied to the Prime rate, which will rise in lock step with the Fed rate noted above. The Prime rate is expected to rise .25 percent in December, then rise steadily to be a full 1 percent higher than today by late 2017. Talk to your loan adviser about refinancing your HELOC into a fixed rate second mortgage so your rate can’t rise.
• Homeowners, re-calculate your budget. If you’ve been pre-approved to buy a home, that pre-approval was done using a debt-to-income ratio, which will increase with rising rates. Ask your lender to refresh your pre-approval with current rates to see what your budget looks like, and to ensure you still qualify for your target home price.
• Home prices shouldn’t spike. Rising rates may help keep home prices from rising too quickly. Median existing home prices are expected to go from $233,300 in 2016 to $244,100 in 2017, and median new home prices are expected to go from $305,900 to $311,500 in the same period.

• Healthy home-buying market in 2017. Total home purchase loans made will increase from $990 billion in 2016 to $1.1 trillion in 2017, while refinances will plummet from $901 billion in 2016 to $484 billion in 2017. Existing home sales will increase from 5.4 million in 2016 to 5.7 million in 2017, and new home sales will increase from 575,000 in 2016 to 649,000 in 2017.

Related:

• Mortgage Rates: You’d Better Shop Around
• The 4 Most Important Mortgage Documents You’ll Sign
• 5 Mistakes That Delay Mortgage Approvals (& How to Avoid Them)

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

from Zillow Porchlight http://www.zillow.com/blog/rates-spike-to-end-2016-208506/

Now Half Off: Bob Hope's Mid-Century Mansion in Hollywoodland

“Bob Hope partied here” makes a great selling point, but it hasn’t been enough to reel in a buyer for the entertainer’s celebrated home outside Los Angeles.

Hope’s nearly 15,000-square-foot mid-century modern mansion, where stars from Frank Sinatra to Bing Crosby hung out, has been on the market for more than three years. It’s taken a couple price cuts, and is now down 56 percent from its initial asking price of $27.5 million — to $12 million. That’s just a million shy of the price the Hopes’ estate in Palm Springs fetched this fall.

Walled and gated, the 5-acre estate includes a 2-bedroom guesthouse and staff quarters. It’s located near a golf course in Toluca Lake, which over the years has been home to Jennie Garth, Jennifer Love Hewitt and Miley Cyrus.

Walls of glass in the living room bring the outdoors in, with views of the gardens, a putting green and pool. Looking in from the outside, peeping neighbors back in the day might have seen Old Blue Eyes tossing back a whiskey and water with his buddy, Bob, by the stone fireplace or at the mirrored bar.

Hope and his wife, Dolores, designed their Hollywoodland home in 1939 and renovated it in the 1950s. Bob died in 2003 and Dolores in 2011.

The listing agent is Craig Strong of the John Aaroe Group.

Check out the surroundings:

Don’t miss out on the next Zillow video! Subscribe today to see the latest. 

Photos by Erik Grammer & EGP Imaging.

Originally published July 20, 2015.

Related:

• Leonardo DiCaprio Charges by the Night for Mid-Century Modern Compound
• Miley Cyrus’ Childhood Home in Toluca Lake: $5.995M
• Mid-Century Modern Mania in the California Desert

from Zillow Porchlight http://www.zillow.com/blog/bob-hope-toluca-lake-mansion-180082/

Get a Black Friday Deal on a Home in These 10 Metros

‘Tis the season to be shopping, and if you’re in the market for a home, you may have less competition for listings while everyone else is in a post-Thanksgiving stupor — or at the mall.

That doesn’t mean you have to forego Black Friday-style discounts.

Below are the 10 metros where you’ll find the greatest share of listings with a recent price cut, as of September 2016.

Topping the list is Albuquerque, beloved to sun worshippers and fans of “Breaking Bad.” Next comes Boise, gateway to some of the country’s best rafting and mountain biking. And in third is Chicago, home to the unparalleled comedy club “Second City” and the world’s deepest dish pizza.

Ready to shop? See some of the homes that have dropped in price.

Related:

• 10 Discounted Homes for Black Friday
• Portrait of a Long-Term Renter: Crossing Generational Divides
• Black, Hispanic Mortgage Applicants Denied at Twice the Rate of Whites, Asians

from Zillow Porchlight http://www.zillow.com/blog/black-friday-deals-on-homes-208356/

Stocks mixed: S&P down but Dow hits new record high

Stocks are mixed today after hitting all-time highs Tuesday night. While Dow continues to see new highs, the rest of the market is beginning to inch down. One expert explains that worries about a Trump presidency seem to be subsiding. http://www.housingwire.com/articles/38598-stocks-mixed-sp-down-but-dow-hits-new-record-high ❤️ #share #mortgage

Controversial overtime labor law stopped short of the starting line

Barely making the cut before the rule took effect, a federal judge blocked the new overtime labor law that would have significantly changed overtime pay. Since the rule never took effect, it’s hard to say the exact impact it would’ve had on the housing industry. However, it had the potential to create drastic change, especially for small business. http://www.housingwire.com/articles/38597-controversial-overtime-labor-law-stopped-short-of-the-starting-line ❤️ #share #mortgage

Ben Carson as HUD Secretary? All signs point that way

After President-elect Donald Trump tweeted Tuesday that he was “seriously considering” offering the job of Secretary of Housing and Urban Development to Ben Carson, all signs appear to show that Carson will indeed be the next HUD secretary. Carson himself took to Twitter and Facebook Wednesday to discuss the HUD offer and strongly intimated that he plans to accept the job. http://www.housingwire.com/articles/38596-ben-carson-as-hud-secretary-all-signs-point-that-way ❤️ #share #mortgage

Presidential honeymoon increases consumer sentiment

Consumers are more optimistic about the economy after the presidential elections. This soaring new confidence, or what one expert calls the presidential honeymoon, can end quickly if the president-elect fails to follow through on his promises after taking office. http://www.housingwire.com/articles/38595-presidential-honeymoon-increases-consumer-sentiment ❤️ #share #mortgage

Freddie Mac: 30-year fixed-rate #mortgage now tops 4%

The 30-year fixed-rate #mortgage finally moved above the 4% threshold as #mortgage rates keep increasing alongside treasury yields. This is a big deal given that it’s the first time the average 30-year fixed-rate #mortgage has topped 4% since 2015. http://www.housingwire.com/articles/38594-freddie-mac-30-year-fixed-rate-mortgage-now-tops-4 ❤️ #share #mortgage

New home sales increase almost 20% annually in October

New home sales increased annually, but still showed a slight decrease from last month. What might seem more surprising, however, is the drop in home prices from last month. One expert explains why new home sales saw home prices decrease. http://www.housingwire.com/articles/38592-new-home-sales-increase-almost-20-annually-in-october ❤️ #share #mortgage

FHFA increases conforming loan limits for first time since 2006

For the first time since the housing crisis, the Federal Housing Finance Agency is increasing the maximum conforming loan limits for #mortgages to be acquired by Fannie Mae and Freddie Mac in 2017. Click the headline for the full details on how much loan limits are increasing across the country. http://www.housingwire.com/articles/38593-fhfa-increases-conforming-loan-limits-for-first-time-since-2006 ❤️ #share #mortgage

FHFA: Deceleration in home prices short-lived

Home prices picked up speed in the third quarter, showing that the slow-down seen earlier this year was temporary. Home prices increased even as much as 10% in several states. An economist from the Federal Housing Finance Agency explains the significant home price increase. http://www.housingwire.com/articles/38591-fhfa-deceleration-in-home-prices-short-lived ❤️ #share #mortgage

MBA: 30-year #mortgage rate now at highest level since start of 2016

The impact of the election is even more apparent in this week’s #mortgage application report. The previous report quickly brought an end to weeks of lackluster #mortgage application reports, and this week’s report only further cements that. In light of this, the 30-year #mortgage rate now sits at its highest weekly average since the beginning of 2016. http://www.housingwire.com/articles/38590-mba-30-year-mortgage-rate-now-at-highest-level-since-start-of-2016 ❤️ #share #mortgage

Thinking of Selling? Don’t Overlook an Outdated Kitchen, Buyers Won’t

If you are planning on listing your home for sale, make sure that you don’t overlook the condition of your kitchen. A recent article on realtor.com listed “7 Signs Your Kitchen Is Way Overdue for a Renovation,” in which they warned:

“Dated kitchens—just like bathrooms—are a major barrier for resale. Buyers want modern amenities and styling, and most aren’t interested in renovating post-purchase.”

Kitchen remodels can be pricey, with many complete remodels costing $20,000 or more. But not every kitchen needs a full remodel. There are many smaller projects that will help buyers see themselves trying their favorite Pinterest recipe in your home!

Here are a couple of project ideas that, if you’re handy or know someone who is, could end up boosting your home’s value without breaking the bank:

* Are the cabinets in good shape but need an update? A new coat of paint and some updated hardware will instantly freshen up the space and drastically change the feel of the room all for under $300.
* A new backsplash to match the freshly painted cabinets updates the space and adds some style while staying under $200, depending on the size of the room.
* If the kitchen seems dark, consider adding LED under cabinet lighting for around $40.
* If replacing the countertops in the kitchen isn’t within your budget, consider using a top coat to cover the current countertops.

If you decide to complete a full remodel of your outdated kitchen, you can expect a 67% return on a $30,000 upgrade (the national median cost). The benefits of a kitchen remodel aren’t purely financial, according to Houselogic:

“Eighty-two percent of homeowners said their updated kitchen gave them a greater desire to be at home, and 95% were happy or satisfied with the result.”

Bottom Line

Kitchens and bathrooms are often make or break for buyers when touring a home or searching through photo galleries online. Let’s get together to identify which small projects could pay off big! http://www.simplifyingthemarket.com/en/2016/11/23/thinking-of-selling-dont-overlook-an-outdated-kitchen-buyers-wont/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Former SEC commissioner named to CFPB landing team by Trump transition team

Every day more details are coming out on what the Trump administration will look like. Tuesday the president-elect’s team announced it selected a former Republican member of the Securities and Exchange Commission to be on the landing team for the Consumer Financial Protection Bureau. These teams are being created to work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. Why is this one a big deal? The future of the CFPB is currently in question. http://www.housingwire.com/articles/38589-former-sec-commissioner-named-to-cfpb-landing-team-by-trump-transition-team ❤️ #share #mortgage

New American promotes VP to create builder certification training program

New American Funding named Chris MacNaughton as its new vice president of builder and business development. Here is what he will be responsible for in this new position, and why the company is glad to have him as part of the team. http://www.housingwire.com/articles/38588-new-american-promotes-vp-to-create-builder-certification-training-program ❤️ #share #mortgage

Higher #mortgage rates make waves in housing market

Interest rates increased significantly the first week after President-elect Donald Trump won the presidential election. Now, that increase is affecting the housing market and it has become a deal-breaker for some #homebuyers. http://www.housingwire.com/articles/38587-higher-mortgage-rates-make-waves-in-housing-market ❤️ #share #mortgage

Trump: I am "seriously considering" Ben Carson for HUD secretary

Well, it turns out that there are more than two names being considered by President-elect Donald Trump and his team to serve as the secretary of the Department of Housing and Urban Development in the Trump Administration. Trump himself just threw another hat into the HUD ring — Ben Carson. http://www.housingwire.com/articles/38586-trump-i-am-seriously-considering-ben-carson-for-hud-secretary ❤️ #share #mortgage

Chance of a Fed rate hike in December? 100%

With less than a month left before the final Federal Reserve meeting of the year, Bloomberg rates the chances of a Fed interest rate hike at 100%, according to calculations based on futures. Will the Fed finally decide to raise rates again for the first time since last December? http://www.housingwire.com/articles/38585-chance-of-a-fed-rate-hike-in-december-100 ❤️ #share #mortgage

Cash sales increase for second consecutive month in August

Cash sales increased for the second month in a row in August, increasing above the 30% mark once again. The good news, however, is that cash sales are still down from last year, and distressed sales remain at their lowest level since 2007. http://www.housingwire.com/articles/38584-cash-sales-increase-for-second-consecutive-month-in-august ❤️ #share #mortgage

Ellie Mae chief financial officer Edgar Luce resigns

Ellie Mae, which has been on quite the roll from a revenue standpoint, will soon have a new chief financial officer, as the company’s current CFO, Edgar Luce, announced plans to resign. The announcement, which came via a filing with the Securities and Exchange Commission, doesn’t provide much detail on why Luce is stepping down, other than to say that his resignation takes effect on April 1, 2017. http://www.housingwire.com/articles/38582-ellie-mae-chief-financial-officer-edgar-luce-resigns ❤️ #share #mortgage

Existing home sales increased to highest pace in nearly 10 years

Existing home sales increased to a surprising degree in October, rising to the fastest pace of sales for the month since 2005. One expert points out that this shows the strength of buyer demand amid rising home prices and inventory shortages. http://www.housingwire.com/articles/38581-existing-home-sales-increased-to-highest-pace-in-nearly-10-years ❤️ #share #mortgage

RE/MAX: Chicago's lack of inventory drives down days on market

Chicago is seeing its fastest pace of home sales for October since 2005. The rising demand for housing is not only decreasing the number of days homes are on the market, but also increasing home prices by almost 10% from last year. http://www.housingwire.com/articles/38580-remax-chicagos-lack-of-inventory-drives-down-days-on-market ❤️ #share #mortgage

Why Are #mortgage Interest Rates Increasing?

According to Freddie Mac’s latest Primary #mortgage Market Survey, the 30-year fixed rate #mortgage interest rate jumped up to 3.94% last week. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly. 

Why did rates go up?

Whenever there is a presidential election, there is uncertainty in the markets as to who will win. One way that this is noticeable is through the actions of investors. As we get closer to the first Tuesday of November, many investors pull their funds from the more volatile and less predictive stock market and instead, choose to invest in Treasury Bonds.

When this happens, the interest rate on Treasury Bonds does not have to be as high to entice investors to buy them, so interest rates go down.  Once the elections are over and a President has been elected, investors return to the stock market and other investments, leaving the Treasury to raise rates to make bonds more attractive again.

Simply put, the better the economy, the higher interest rates will go. For a more detailed explanation of the many factors that contribute to whether interest rates go up or down, you can follow this link to Investopedia.

The Good News

Even though rates are closer to 4% than they have been in nearly 6 months, they are still slightly below where we started 2016, at 3.97%.

The great news is that even at 4%, rates are still significantly lower than they have been over the last 4 decades, as you can see in the chart below.

Any increase in interest rate will impact your monthly housing costs when you secure a #mortgage to buy your home. A recent Wall Street Journal article points out that, “While still only roughly half the average over the past 45 years, according to Freddie Mac, the quick rise has #lenders worried that home loans could become more expensive far sooner than anticipated.”

Tom Simons, a Senior Economist at Jefferies LLC, touched on another possible outcome for higher rates:

“First-time buyers look at the monthly total, at what they can afford, so if the #mortgage is eaten up by a higher interest expense then there’s less left over for price, for the principal. Buyers will be shopping in a lower price bracket; thus demand could shift a bit.”

Bottom Line

Interest rates are impacted by many factors, and even though they have increased recently, rates would have to reach 9.1% for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac. http://www.simplifyingthemarket.com/en/2016/11/22/why-are-mortgage-interest-rates-increasing/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Dave Stevens: The MBA's role in the Trump Administration

Sitting down with one of its own to get a better understanding of what exactly this election means for housing finance, the #mortgage Bankers Association interviewed its President and CEO Dave Stevens to get his thoughts on the election. One thing became clear, regardless of which side of the aisle people are on, housing finance is a big deal. http://www.housingwire.com/articles/38579-dave-stevens-the-mbas-role-in-the-trump-administration ❤️ #share #mortgage

Ally Financial to pay $52 million in ResCap toxic #mortgage bond settlement

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed #mortgage bonds despite the fact that the underlying #mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct. http://www.housingwire.com/articles/38578-ally-financial-to-pay-52-million-in-rescap-toxic-mortgage-bond-settlement ❤️ #share #mortgage

What happens now that the CFPB appealed its "unconstitutional" ruling?

As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. So what happens now? First, the wait begins for the court to determine whether it wants to hear the case en banc or not. But just how long is that wait going to be? And what does it mean in the interim? http://www.housingwire.com/articles/38577-what-happens-now-that-the-cfpb-appealed-its-unconstitutional-ruling ❤️ #share #mortgage

New York City to receive $300 million for affordable housing

New York City will receive $300 million from the state for affordable housing. With this bond, the state raised the total tax exempt bond capacity to its highest point for New York City in the past decade. http://www.housingwire.com/articles/38576-new-york-city-to-receive-300-million-for-affordable-housing ❤️ #share #mortgage

loanDepot partners with Aflac to insure new borrowers at no extra cost

loanDepot began a new partnership that showcases an unusual product offering. Here, loanDepot explains why it will start providing critical illness insurance with its #mortgages — at no extra cost to the borrower. http://www.housingwire.com/articles/38575-loandepot-partners-with-aflac-to-insure-new-borrowers-at-no-extra-cost ❤️ #share #mortgage

Jeb Hensarling: “Dodd-Frank was a grave mistake”

Attendees at the Housing America’s Families Forum in Dallas at the George W. Bush Presidential Library gathered for a light lunch on Friday to listen to one of the most eagerly anticipated speakers for the day, House Financial Services Committee Chairman Rep. Jeb Hensarling. While he is currently rumored to be the next Secretary of the Treasury, he chose to focus his speech on the death of Dodd-Frank. http://www.housingwire.com/articles/38574-jeb-hensarling-dodd-frank-was-a-grave-mistake ❤️ #share #mortgage

HUD inadvertently exposed personal information of nearly 500,000 individuals

Nearly 500,000 individuals are at risk of identity theft after the Department of Housing and Urban Development inadvertently made their personal information, including social security numbers and dates of birth, publicly available on its website. According to HUD, the data breach is the result of two separate incidents, one of which exposed the personal information of more than 425,000 public housing residents. http://www.housingwire.com/articles/38573-hud-inadvertently-exposed-personal-information-of-nearly-500000-individuals ❤️ #share #mortgage

Interactive map: Where out-of-state investors look to buy a home

Investors in some of the more expensive housing states are looking to other states to purchase single-family investment properties. According to a report from ATTOM Data Solutions, these out-of-state investors come from blue states and are investing in red states. http://www.housingwire.com/articles/38572-interactive-map-where-out-of-state-investors-look-to-buy-a-home ❤️ #share #mortgage

AIG eyes benefits of residential #mortgages after selling United Guaranty

American International Group keeps reworking how it wants to be involved in the housing industry. The company recently revealed its looking to make a push into residential property loans after selling its #mortgage-guaranty unit United Guaranty to Arch Capital Group this summer. http://www.housingwire.com/articles/38571-aig-eyes-benefits-of-residential-mortgages-after-selling-united-guaranty ❤️ #share #mortgage

STRATMOR: #lenders miss the mark on customer satisfaction timing

A survey from STRATMOR shows that #lenders are missing out on one area that could bring in more revenues and increase customer satisfaction. In fact, only about 8% of #lenders are currently utilizing the full potential of continuing conversations with their customers. http://www.housingwire.com/articles/38570-stratmor-lenders-miss-the-mark-on-customer-satisfaction-timing ❤️ #share #mortgage

Winter Is Coming… 5 Reasons to Sell Now!

People across the country are beginning to think about what their life will look like next year. It happens every fall; we ponder whether we should relocate to a different part of the country to find better year-round weather, or perhaps move across the state for better job opportunities. Homeowners in this situation must consider whether they should sell their house now or wait.

If you are one of these potential sellers, here are five important reasons to sell now instead of in the dead of winter.

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market (which is 4.5-months).

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market soon.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase, reaching historic levels in 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream homes within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007’s pace. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.2% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and #mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.  

That is what is truly important. http://www.simplifyingthemarket.com/en/2016/11/21/winter-is-coming-5-reasons-to-sell-now/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Monday Morning Cup of Coffee: Deutsche Bank cutting back on #mortgage business?

Is Deutsche Bank about to cut back on its #mortgage business? It appears so. Plus, a new name emerges to run HUD in President-elect Donald Trump’s administration. And why is a massive Silicon Valley venture capital firm investing in a real estate loan marketplace? All that, and more, in your Monday Morning Cup of Coffee. http://www.housingwire.com/blogs/1-rewired/post/38569-monday-morning-cup-of-coffee-deutsche-bank-cutting-back-on-mortgage-business ❤️ #share #mortgage

OCC slaps serious sanctions on Wells Fargo as fake account fallout continues

On Friday evening, the Office of the Comptroller of the Currency slapped a series of sanctions on Wells Fargo that were previously excluded from its settlement with the megabank over the fake account scandal that recently shrouded the bank in controversy. Chief among those sanctions is that the bank is now required to ask the OCC for approval if it wants to make a change to its board of directors or its senior executive officers. http://www.housingwire.com/articles/38568-occ-slaps-serious-sanctions-on-wells-fargo-as-fake-account-fallout-continues ❤️ #share #mortgage

CFPB fights back against "unconstitutional" ruling; asks court to rehear PHH case

The Consumer Financial Protection Bureau is not ready to give up in its fight against PHH. The case started when the bureau added $103 million to a $6 million fine against PHH for allegedly illegally referring consumers to #mortgage insurers in exchange for kickbacks. PHH sued, and the CFPB’s leadership structure was eventually declared unconstitutional by the United States Court of Appeals for the District of Columbia Circuit. On Friday, the CFPB asked the full court to rehear the case. Click the headline for the full story. http://www.housingwire.com/articles/38567-cfpb-fights-back-against-unconstitutional-ruling-asks-court-to-rehear-phh-case ❤️ #share #mortgage

PeoplesBank appoints new treasurer for its holding company

PeoplesBank appointed Charles Field as its new senior vice president and chief financial officer. Field will also serve as the holding company’s treasurer. The company’s CEO talks about why Field will greatly contribute to PeoplesBank. http://www.housingwire.com/articles/38566-peoplesbank-appoints-new-treasurer-for-its-holding-company ❤️ #share #mortgage

Dispatch from #HousingOurFuture: Most cities “handcuffed” by lack of affordable housing

The problem is the cities that Millennials want to move to — the Nashvilles and the Denvers of the nation — are not unlike coastal cities in that there simply isn’t enough affordability to make the leap. http://www.housingwire.com/blogs/1-rewired/post/38564-dispatch-from-housingourfuture-most-cities-handcuffed-by-lack-of-affordable-housing ❤️ #share #mortgage

Donald Trump reaches $25 million settlement over Trump University

President-elect Donald Trump is set to take office in just over two months, and when he does, he’ll no longer have the specter of the Trump University lawsuits hanging over him. New York Attorney General Eric Schneiderman announced Friday that his office reached a $25 million settlement with Trump over the failed real estate school. http://www.housingwire.com/articles/38565-donald-trump-reaches-25-million-settlement-over-trump-university ❤️ #share #mortgage

How Trump’s election influences New York real estate

The morning after President-elect Donald Trump became the nation’s next president, the real estate market in New York turned on its head. But was it a temporary turn, or a new trend? Experts from the area talk about what they saw after the first week with the new President-elect. http://www.housingwire.com/articles/38563-how-trumps-election-influences-new-york-real-estate ❤️ #share #mortgage

New American Funding expands in Arizona

New American Funding just opened its eighth branch location in Arizona. The company plans to focus on the area’s thriving Hispennial population, and brought in a new branch manager to lead the effort. http://www.housingwire.com/articles/38562-new-american-funding-expands-in-arizona ❤️ #share #mortgage

Fifth Third pledges $30 billion for community development, #mortgage lending

Fifth Third Bancorp announced Friday that it plans to invest $30 billion in community development in the 10 states where it has branches as part of an agreement with the National Community Reinvestment Coalition and 145 community-based organizations. Here are all the details. http://www.housingwire.com/articles/38561-fifth-third-pledges-30-billion-for-community-development-mortgage-lending ❤️ #share #mortgage

Janet Yellen: I plan to finish my term as Fed chair

After President-elect Donald Trump won the election on November 8th, experts speculated over whether Federal Reserve Chair Janet Yellen would resign from her position immediately, as Securities and Exchange Commission Chair Mary Jo White did earlier this week. On Thursday, Yellen ended the rumors once and for all, saying she plans to serve until her term ends in 2018. http://www.housingwire.com/articles/38560-janet-yellen-i-plan-to-finish-my-term-as-fed-chair ❤️ #share #mortgage

Dipatch from #HousingOurFuture: Not enough real estate agents are "culturally sensitive"

In the coming decades, the rate of homeownership among Hispanics and Asians will roughly double, and the housing industry is not ready, a panel of experts said Friday. However, #mortgage bankers and real estate agents are not equipped to appropriately deal with these communities, according to panelist at the Housing America’s Family Forum underway today in Dallas. http://www.housingwire.com/blogs/1-rewired/post/38559-dipatch-from-housingourfuture-not-enough-real-estate-agents-are-culturally-sensitive ❤️ #share #mortgage

Lucky numbers increase home prices?

The influx of Chinese buyers in the U.S. housing market means the market could also be subject to the culture’s superstitions. While many Chinese buyers would pay a premium for lucky numbered homes, they also expect a discount for unlucky numbered homes. http://www.housingwire.com/articles/38558-lucky-numbers-increase-home-prices ❤️ #share #mortgage

Homes Across the Country Are Selling Fast! [INFOGRAPHIC]

Some Highlights:

* The National Association of REALTORS® surveyed their members for the release of their Confidence Index.
* The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions.
* Homes sold in 60 days or less in 42 out of 50 states, and Washington D.C.
* Homes sold in 30 days or less in 17 states. http://www.simplifyingthemarket.com/en/2016/11/18/homes-across-the-country-are-selling-fast-infographic/?a=242769-4eb2112ad1caac540e99a63dd199d5ed ❤️ #share #mortgage

Fannie Mae offloads $205 million in credit risk to insurers in new deal

Fannie Mae announced Thursday that it is shifting some of its credit risk away from taxpayers and onto private insurers in the latest deal from its Credit Insurance Risk Transfer program. In this deal, Fannie Mae is shifting some of the credit risk on an $11.7 billion pool of loans to various insurers. http://www.housingwire.com/articles/38555-fannie-mae-offloads-205-million-in-credit-risk-to-insurers-in-new-deal ❤️ #share #mortgage

San Francisco home sales fall to lowest level since crisis

It’s still getting more expensive to buy a home in the San Francisco Bay Area, and those continually rising costs are depressing home sales in the area to levels not seen since the housing crisis. Here are more details on the Bay Area housing market, and a look at what the future holds. http://www.housingwire.com/articles/38557-san-francisco-home-sales-fall-to-lowest-level-since-crisis ❤️ #share #mortgage

American Advisor brings in new hire to lead national sales channel

American Advisors named Jesse Allen as its new senior vice president of national field sales. The company talks about what he brings, his new role and his previous experience during his time at Bank of America. http://www.housingwire.com/articles/38556-american-advisor-brings-in-new-hire-to-lead-national-sales-channel ❤️ #share #mortgage

ATTOM: Homeownership tenure hits record high

It’s starting to really pay off for homeowners who are choosing to stay in their houses and not move. With home prices steadily rising, homeowners are able to build more equity and become equity rich, meaning their home is worth more than 50% of what they owe. http://www.housingwire.com/articles/38554-attom-homeownership-tenure-hits-record-high ❤️ #share #mortgage

There’s less than 1 year left for more than 200,000 HARP eligible borrowers

The deadline, while it has constantly moved, is quickly approaching for struggling borrowers to take advantage of the government’s Home Affordable Refinance Program. The Federal Housing Finance Agency is working extra hard to make sure it reaches every eligible borrower before the Sept. 30, 2017 deadline. This is the latest update on the program’s performance. http://www.housingwire.com/articles/38553-theres-less-than-1-year-left-for-more-than-200000-harp-eligible-borrowers ❤️ #share #mortgage

Yellen sends strong signal Fed is close to raising rates again

Janet Yellen spoke today before Congress’ Joint Economic Committee about the possibility of raising interest rates. Though the markets have shown drastic changes since last week’s elections, she did not mention the new President-elect. Instead, Yellen focused on what the market needs to see to justify a rate-hike in December. http://www.housingwire.com/articles/38552-yellen-sends-strong-signal-fed-is-close-to-raising-rates-again ❤️ #share #mortgage

Steven Mnuchin's OneWest Bank accused of redlining

The bank formerly owned by the [rumored] leading candidate to the Department of the Treasury in President-elect Donald Trump’s administration violated federal fair housing laws by redlining minority neighborhoods and engaging in discriminatory lending practices, according to two housing advocacy groups. http://www.housingwire.com/articles/38551-steven-mnuchins-onewest-bank-accused-of-redlining ❤️ #share #mortgage

Rumors swirl around Trump choosing JPMorgan CEO as Treasury Secretary

Who will President-elect Donald Trump choose to be U.S. Treasury secretary? There are several names flying around right now, and all of them are tied to housing in some way. One of the names on the list is JPMorgan Chase CEO Jamie Dimon, but sources close the CEO are giving conflicting reports on rumors. http://www.housingwire.com/articles/38550-rumors-swirl-around-trump-choosing-jpmorgan-ceo-as-treasury-secretary ❤️ #share #mortgage

Here's the updated CFPB list for rural and underserved counties in 2017

The Consumer Financial Protection Bureau’s official “rural or underserved” and “rural” counties lists are out. While the list might bear no meaning for some, it can significantly alter the way other #lenders originate #mortgages. Check out next year’s list to see if it impacts the way you conduct business. http://www.housingwire.com/articles/38549-heres-the-updated-cfpb-list-for-rural-and-underserved-counties-in-2017 ❤️ #share #mortgage