The Mortgage Minute, 8/4/2023
Gregory Williams
Publisher of "The Mortgage Minute" newsletter assisting Doctors, CPAs, Lawyers, First Time Home Buyers, High Net Worth Clients and a myriad of other professions. We offer CONV/FHA/VA/USDA/JUMBO/CTP across the Southeast.
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Happy tidings Realtors, Brokers, Bankers, and Agents and welcome to the Mortgage Minute!
Inventory levels got you down?
Homeowners feel trapped by Low Rate Mortgages with 82% of respondents to a Realtor.com survey stating a reluctance to move due to obtaining a historically low interest rate during the Pandemic.
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Product of the Week:?First Horizon Home Possible Expanded Criteria
Exciting news, we’ve enhanced the income limits for our Diversity Grant program!?We can now approve qualified clients making nearly $144k per year for our Diversity Grant program in conjunction with the Home Possible loan.?You do NOT have to be a first time home buyer to qualify for this program.
We can obtain a $5000-$6000 grant for eligible buyers to be used for down payment and closing costs.?Additionally, the Home Possible program generally carries lower rates than a standard conforming 30 year fixed loan, increasing you or your clients’ buying power.
Mortgage Tip
When the Federal Reserve lowers their interest rate, called the Federal Funds Rate (FFR), it doesn't correlate directly to longer term rates like mortgages.?Most of the time, the drop in the short term rate is already "baked in" to long term rates and Fed Action?often has an opposite impact on long term rates for products like mortgages.?The "Prime Rate", to which many credit cards and Home Equity lines of credit are tied, will track the FFR directly, as the Prime rate is pegged to 3 points above the FFR.?
Average Mortgage Rates vault to highest level since November 2022
????The average 30 year fixed rate rose to 7.11% this week from 7.05, approaching 12 month highs for the metric.?Persistent inflation has kept upward pressure on interest rates and the Fitch credit rating agency downgraded their rating on debt issued by the United States.?Last Wednesday, the Federal Reserve raised their Federal Funds Rate by 25 bps to the highest level in 22 years.?This current information is provided by the weekly rate survey from Mortgage News Daily.??
Don’t forget about our enhanced grant program!
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You can use our unique products and ENHANCED grants to market to market your listings.?If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $5k in grant funds which can be used to pay closing costs.?Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI!?We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process ??
We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.?
Let’s sell some homes!
Have a great week!
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Greg Williams
AVP/Senior Mortgage Banker
404-457-4143 cell |?
2987 Clairmont Road, Ste 150
Atlanta, GA 30329
NMLS# 151412
Equal Housing Lender
We do Business in Accordance with Federal Fair Lending Laws
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or
Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.