Breaking News: Federal Reserve Assessment

The Federal Reserve upgraded its assessment of the U.S. economy today, but decided to skip another interest rate increase for now.

In a widely expected move, the central bank's policymaking Federal Open Market Committee voted unanimously to keep the target range for its benchmark rate at 1.75 percent to 2 percent.

However, the committee is widely expected to approve an increase at the September meeting, and a tweak in the language from the post-meeting statement could be a nod toward more monetary policy normalization.

The statement said the labor market has "continued to strengthen," language consistent with the June meeting.

Everybody Put Your Hands Up!

Everybody Put Your Hands Up!

Doesn’t 2018 feel like you are clickity-clacking up the first rise on a roller coaster getting ready for a big thrill ride?  There is definitely a lot of movement in the market.  The experts agree that we’re in for a solid year in 2018. Ryan Lundquist, Pat Shea, and Dean Wearli weigh in on what to expect for the coming year in the way of appreciation, inventory, and how the Bay Area is influencing the Sacramento, El Dorado, and Placer County areas.  Check out the article HERE.

The Easterbrook Team with Sierra Pacific Mortgage Company, Inc.

916.850.6050 * EasterbrookTeam@spmc.com * www.homeloanworkshop.org

First Time Homebuyers Flood Market

First Time Homebuyers Flood Market

First time homebuyer demand surged to its highest level in 17 years during the third quarter of 2017, according to the First-Time Homebuyer Market Report from Genworth Mortgage Insurance.  The report, which is drawn from a data set of 21 million first-time homebuyers over a 24-year span, showed first-time homebuyers purchased 601,000 single-family homes in the third quarter. This is up 6% from 567,000 homes during the third quarter of 2016, and the highest quarterly purchase volume since the third quarter of 2000. Check out the article CLICK HERE.  The Easterbrook Team focuses on the best home loan value for every individual borrower.  Call us at (916) 850-6050. 

First Time Home Buyers Lead Market in 3rd Quarter

First Time Home Buyers Lead Market in 3rd Quarter

First-time home buyers purchased 601,000 single-family homes compared to 567,000 during 3Q’16, an increase of 6%, resulting in the highest quarterly purchase volume since September 30, 2000, according to the Genworth Mortgage Insurance First-Time Homebuyer Market Report

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for the third quarter of 2017. It was the highest level of first-time home buyer demand since the third quarter of 2000. First-time home buyers accounted for 40% of all single-family homes sold and 56% of all purchase mortgages financed.  Have the Easterbrook Team show you all your options to buy for 2018.  Call us at (916) 850-6050. 

Mortgage Subsidies Take Center Stage

The future of the mortgage-interest deduction and other federal housing incentives has proven to be one of the hot spots in the debate over tax reform.  But while Realtors and some industry groups say Republican proposals to scale down tax perks meant to spur homeownership could severely damage the market, other analysts say mortgage subsidies should be restructured or eliminated altogether.  Check out the article HERE.  Looking to buy or refinance? Now may be the time to do it as opposed to waiting until next year.  Call the Easterbrook Team at (916) 850-6050 or email us at easterbrookteam@spmc.com. 

As Market Pressures Mount, Lenders Continue to Ease Mortgage Credit Standards

WASHINGTON, DC – Facing constrained mortgage demand and a negative profit margin outlook, more lenders say they have eased rather than tightened home mortgage credit standards, according to Fannie Mae’s third quarter 2017 Mortgage Lender Sentiment Survey^®. Across all loan types – GSE Eligible, Non-GSE Eligible, and Government – the net share of lenders who reported easing credit standards over the prior three months reached a new high since the survey’s inception in March 2014, after climbing each quarter since Q4 2016.


To Read The Entire Article Please Click Here!


The Easterbrook Team is your home loan source!  Call us today! 916.850.6050

4th Straight Day Without Bad News For Mortgage Rates

Mortgage rates improved moderately today, making this the 4th straight business day without any new weakness (aka “higher rates”). It’s necessary to include “days that haven’t been bad” in that tally because two of them merely saw rates hold flat. That’s about as much of a victory as we have been able to hope for ever since Septembers abrupt little rate spike began just over 2 weeks ago.


To Read The Entire Article Please Click Here!




The Easterbrook Team is Your Home Loan Source!  Call Us Today! 916.850.6050

Who's Buying?

Housing is Back!  Who’s Buying?

 

Realtor.com has an article that claims the US is right on track and has by and large recovered from the housing crisis.  On the sales front, there were more sales of both existing and new homes in 2015. Judging from the data reported through November, new-home sales were up 13% and existing-home sales were up 7%. That higher volume of sales was supported by strong household formation (1.4 million households formed in the past four quarters ending in September) and another year of solid job creation (an average of 210,000 jobs per month through November). Normal, non-distressed sales increased among first-time and repeat buyers, and buyers who were relocating and/or changing jobs. CLICK HERE for ARTICLE

 

Here’s the kicker though: Most of the new households forming are renting households, and that’s where the demand-supply imbalance is most acute. Apartment vacancies are at multiyear lows, and correspondingly, rents are now rising faster than home prices. While it may sound like a real estate agent’s dream to say that it’s cheaper to buy than rent in more than 75% of the country, that sound bite doesn’t bode well for the future.  When renting households are so burdened by making rent payments, they’re less able to save up to own.

            To make your dreams come true, Call The Easterbrook Team for your refinance and purchase needs.

916.850.6050 easterbrookteam@spmc.com 

John Easterbrook NMLS#226555

Patty Aguon NMLS#994635

Bye Bye Foreclosure Hell

We’re Finally Out of Foreclosure Hell!

It actually wasn’t all bad, was it?  At least you didn’t have to make appointments to show properties – they were all vacant.  Remember? The problem was that you couldn’t find anyone that could afford or qualify to buy one.  The numbers have been tabulated and foreclosures are at their lowest level since the housing crisis began.  Foreclosures plummeted almost 27%, from 603,028 in 2014 to 476,000 in 2015, according to CoreLogic.  CLICK HERE for ARTICLE

To make your dreams come true, Call The Easterbrook Team for your refinance and purchase needs.

916.850.6050 easterbrookteam@spmc.com 

John Easterbrook NMLS#226555

Patty Aguon NMLS#994635

Homebuilder confidence hits 10-year high, again

The nation’s homebuilders’ confidence in the market for newly constructed single-family homes continued rising in October, to a level not seen since before the housing crisis began.
The good news comes from the latest edition of the National Association of Home Builders/Wells Fargo Housing Market Index, which rose three points in October to 64.




To Read the Entire Article, Click Here!


To find out what you can qualify for to start your homebuilder project give us a call. 


The Easterbrook Team
John Easterbrook
916-224-7653
NMLS#226555


Patty Aguon
916-833-5063
NMLS#994635


Easterbrookteam@spmc.com

Should you Buy or Rent in Today's Market?

Today's rental prices are increasing while interest rates are decreasing.  Now is the time to buy!

Home buying has earned a bad rap in recent years: The subprime mortgage crisis and ensuing economic meltdown left many homeowners underwater, unable to pay their mortgage, and even facing foreclosure. Homeownership rates fell throughout the recession, and are currently around 66 percent, compared with almost 70 percent in 2004, according to the Census Bureau.

Consider these ten reasons to take the plunge into homeownership.  

1.  You can ramp up energy efficency.

2.  You can customize your space. 

3.  Homeowners buy less furniture. 

4.  Owning a home forces you to save.

5.  Homeownership allows you to build a second income stream.

6.  No landlord can kick you out. 

7.  In fact, you don't have to speak to a landlord ever again!

8.  Unlike rent, a fixed rate mortgage can never go up during inflation.

9.  Homeowners can take tax deductions. 

10.  You can take advantage of the currently low interest rates and prices.

To read more about these top ten reasons to buy or the current low interest rates click here!

To speak with me about the current interest rates and how you can get prequalified for a loan today email me or give me a call. 

John Easterbrook
(916) 224-7653
John.Easterbrook@spmc.com
Licensed – NMLS # 226555

Mortgage Market Rates Today

Primary Mortgage Markets                          

Contact John Easterbrook for any questions 

regarding the current market trends. 

916-224-7653 or john.easterbrook@spmc.com

FHFA	Rate	Points	Change
15 Yr. Fixed	3.26%	1.25	-0.06
30 Yr. Fixed	3.90%	1.28	-0.03
MBA
30 Yr. Fixed	4.23%	0.37	-0.03
15 Yr. Fixed	3.41%	0.31	-0.03
30 Yr. Jumbo	4.18%	0.30	-0.03
30 Yr. FHA	4.01%	0.18	-0.03
5/1 ARM	3.03%	0.37	-0.06
Freddie Mac
30 Yr. Fixed	4.09%	0.60	+0.05
15 Yr. Fixed	3.25%	0.60	+0.05
1 Yr. ARM	2.50%	0.30	--
5/1 Yr. ARM	2.96%	0.50	+0.03

MND's Daily Rate Survey
				52 Week
Product	Today	Yesterday	Change	Low	High
30 Yr FRM	4.08%	4.07%	+0.01	3.55%	4.26%
15 Yr FRM	3.26%	3.25%	+0.01	2.95%	3.41%
FHA 30 Year Fixed	3.75%	3.75%	--	3.25%	3.85%
Jumbo 30 Year Fixed	3.85%	3.84%	+0.01	3.57%	4.11%
5/1 Yr ARM	3.08%	3.07%	+0.01	2.95%	3.25%