Mortgage rates have officially hit the highest levels since May 2024. The recent low for the 30-year fixed mortgage was in September 2024, right when the Federal Reserve started to drop its overnight rate. This is a perfect example of the bond market “buying on the rumor (expectation for the Fed ... » Learn More about Mortgage Rate Update January 15 2025
Mortgage Rates
From Peaks to Dips: Understanding the Mortgage Rate Rollercoaster of 2023-2024
Mortgage rates reached their highest levels in the intermediate cycle at around 8% in October 2023. Over the following year, they gradually declined, hitting a low of 6% by October 2024. This drop coincided with the Federal Reserve's first rate cut of the year, a widely anticipated move that had ... » Learn More about From Peaks to Dips: Understanding the Mortgage Rate Rollercoaster of 2023-2024
Mortgage Rates Plummet a Year Ahead of Fed Funds Rate Drop
I've said it numerous times: the Fed Funds Rate does not directly correlate with the 30-year fixed mortgage rate. Every time the Fed makes a move, it hits the news, and my phone starts ringing off the hook with potential borrowers expecting mortgage rates to drop. However, mortgage rates have ... » Learn More about Mortgage Rates Plummet a Year Ahead of Fed Funds Rate Drop
Exploring the Possibility of No-Doc Mortgages
As a mortgage broker for close to 4 decades, I’ve seen loan programs (and lenders) come and go. Some of the population fit into the traditional “Box” as a W-2 employee where income to qualify for a loan is obvious and easily documented. Many potential borrowers fall into the business owner, ... » Learn More about Exploring the Possibility of No-Doc Mortgages
San Fernando Valley Housing and Mortgage Rate Update May 2024
In a nutshell the housing market and mortgage rates are basically in a status quo position. Housing active inventory is up but still tight from potential sellers being locked in with historically low interest rates. Overall sales are active. Well priced listings in the lower price range sell ... » Learn More about San Fernando Valley Housing and Mortgage Rate Update May 2024