Your home is probably the biggest asset you own. This is why you should hire a professional to guide youthrough all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sella home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve...................
Weekly Mortgage Rate Update
This week's trend is DOWN
***ALONG WITH US BANK STANDARD LENDING PROGRAMS***:
-DOCTOR PROGRAMS UP TO $3 MILLION -90% NO MI LOANS
-LAND/LOT LOANS -MANUFACTURED HOME LOANS
-CONSTRUCTION LOANS -80/10/10 LOANS -VA/FHA/USDA LOANS
-FIXED AND ADJUSTABLE RATE LOANS UP TO $3 MILLION
This table shows rates for conventional fixed-rate mortgages through U.S. Bank.
This table shows rates for adjustable-rate mortgages through U.S. Bank.
The Case for a Strong Economy
The Bureau of Labor Statistics released the jobs data for October on Friday, indicating that while unemployment remained low, wages saw an annual increase of 3.1 percent from the same period last year.
"The updated information released today suggests that the labor market remains strong and inflation remains manageable, supporting our call that the Fed will raise its key policy rate in December," said Doug Duncan, Chief Economist at Fannie Mae. "Meanwhile, the housing sector also registered job gains this month, but the stronger growth in average hourly earnings relative to the private sector overall suggests that labor availability remains a challenge."
According to Tendayi Kapfidze, Chief Economist, LendingTree, the low labor force participation rate has been holding wages back "so it will be important to see if this uptick is sustained since the year-over-year growth may have been biased upwards by a weak number in October 2017."
Rising wages have affected home buying too, according to Mark Fleming, Chief Economist at First American. “If household income had not increased compared with a year ago, rising mortgage rates, which jumped from 3.9 to 4.8 percent over the last year, would have reduced consumer house-buying power by $38,000," Fleming said. "Rising household income mitigated the impact of higher cost mortgages by $11,000."
Business Fundamentals at Fannie Mae
Net revenues for the quarter were $5.37 billion. That's up from $5.27 billion in Q3 of 2017. Pre-tax income was $5 billion. After-tax net income and total comprehensive income for the quarter were both $4 billion, up from $3 billion a year ago. The GSE posted a Q3 value of $7 billion.
What all this means for shareholders is a net income of $36 million or $0.01 per share. That compares to last year's Q3 net loss of $25 million.
Fannie's interim CEO, Hugh Frater, said Q3's results show a positive forward momentum. “We are focused on serving our customers, helping them navigate market headwinds, and enabling a mortgage process that is better, faster, cheaper, and safer,” Frater said. “That means we have a responsibility to innovate while maintaining our strong commitment to safety, soundness, and stewardship on behalf of taxpayers.”
According to the report, the GSE provided $122 billion in liquidity to the single-family mortgage market in the third quarter. It estimated its market share of new single-family mortgage-related securities issuances was 40 percent.
Goldman Sachs Moves Closer to Consumer Relief
Goldman Sachs, forgiving principal on 746 loans, is steadily moving closer towards fulfilling its $1.8 billion consumer-relief obligation under its two April 11, 2016, mortgage-related settlement agreements with the U.S. Department of Justice and three states, according to an announcement by Eric D. Green in his ninth report as independent Monitor of the consumer-relief portions of the agreements.
Since Green's previous report on August 1, 2018, Goldman Sachs has forgiven a total of $78,678,617 in principal on 746 first-lien mortgages, for average principal forgiveness of $105,467 per loan and total reportable credit of $79,272,978after the application of appropriate crediting calculations and multipliers. The bank has now modified a total of 10,671 mortgages.
The modified mortgages are spread across 42 states and the District of Columbia, with 32 percent of the credit located in the settling states of New York, Illinois, and California, and 47 percent of the credit located in Hardest Hit Areas, or census tracts identified by the U.S. Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities.
"I am pleased to be able to confirm that Goldman Sachs continues to make steady progress toward meeting its obligation to provide Consumer Relief valued at $1.8 billion," Green said.
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