Mortgage Minute Weekly Update Jan 6, 2023

Greg Williams Weekly Mortgage Report

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Happy tidings Realtors, Brokers, Bankers, and Agents!

Welcome to our first Mortgage Minute update of 2023 and Happy New Year!

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

Understatement time:?2022 was a memorable year.

Thank you to our clients, bankers, realtors, and other referral partners who helped make 2022 such a rousing success! We closed more than $38.9M in residential mortgage volume in spite of the severe interest rate shock seeing mortgage rates more than double year over year.

Some highlights:

1. Served 93 families (73 purchases--including Veterans, First Responders, Attorneys, Veterinarians, Pharmacists, CPAs, and Physicians)

2. Closed 20 CRA loans for more than $6.5M

3. Delivered $46,000 of grant funds to our clients

4. Originated business across our footprint in GA, AL, FL, LA, SC, and TN

5. Assisted numerous First Time Home Buyers

Product of the Week:?Our Interest Only Portfolio ARMs can help you and your buyers obtain lower rates/payments than what you’ll find on conventional and Jumbo loans.?

Mortgage Tip of the week:

Credit inquiries CAN impact your credit scores but they have a very negligible effect. In fact, it's the nature of the inquiry rather than the number of inquiries that can negatively impact your score. Credit inquiries from credit card companies and "Payday" loan shark type places are warning signs that you may be in financial trouble and will certainly impact your score to the low side. Inquiries that are mortgage or auto financing related won't typically impact your score as long as they're incurred within the same window of time, so don't be conned by unscrupulous housing industry employees who use fear tactics to keep you from attaining multiple quotes.

Mortgage rates fall to low 6s

The average 30 year fixed dropped to 6.20% after a massive bond rally on Friday January 6.?This up to date info is provided by the weekly rate survey from Mortgage News Daily.?Mortgage rates have dropped more than a full point since their Fall highs.?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 re-engage your clients and let them know about the interest rate 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!?

Greg Williams

AVP/Senior Mortgage Banker

404-457-4143 cell |?

2987 Clairmont Road, Ste 150

Atlanta, GA 30329

NMLS# 151412

https://www.firsthorizon.com/mortgage/greg-williams

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.