The Mortgage Minute Dec 29, 2022

Greg Williams Weekly Mortgage Report

?Happy tidings Realtors, Brokers, Bankers, and Agents!

Welcome to our final Mortgage Minute update of this adventuresome year called 2022!

We want to provide you with useful information and statistics every week to help guide you through this evolving market.

Product of the Week:?Our Portfolio ARMs can help you and your buyers obtain lower rates than what you’ll find on conventional and Jumbo loans.?We recently locked a 10/1 ARM at 5.375% on a $1.7M loan size.

Mortgage Tip of the week:

FHFA recently announced the elimination of Loan Level Price Adjustments for many First Time Home Buyers.

FHFA is eliminating upfront fees for:

· First-time homebuyers at or below 100 percent of area median income (AMI) in most of the United States and below 120 percent of AMI in high-cost areas;?

· HomeReady and Home Possible loans (Fannie Mae and Freddie Mac's flagship affordable mortgage programs);?

· HFA Advantage and HFA Preferred loans; and?

· Single-family loans supporting the Duty to Serve program.

These changes are timely given the near tripling in mortgage rates over the last 12 months.?The elimination of these fees results in mortgage client rate improvement of .5% to .75%, making a significant difference in monthly payments.

Mortgage rates in mid 6s

The average 30 year fixed has risen to 6.54% according to the weekly rate survey from Mortgage News Daily.?Mortgage rates have dropped nearly a full point since their Fall highs and mortgage backed securities have seen light trading volume due to the holidays.?We’re optimistic rates have peaked in the near term and will steadily improve during the course of 2023 as the Federal Reserve ratchets down its rate increases and inflation is corralled.?Now would be an opportune time to reengage your clients and let them know about the improvement!

Help us help you!

Realtors, you can use our unique products and 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 $4k 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!