As I’ve conveyed many times in the past, the iBuyer program costs sellers substantially compared to using the traditional market. The Federal Trade Commission came down on Opendoor, and no doubt Zillow saw this action coming down when they pulled out of their iBuyer operation. Excerpts from the ... » Learn More about FTC Takes Action to Stop Online Home Buying Firm Opendoor from Cheating Potential Sellers with Misleading Claims about its Home-Buying Service
The Spread Between the 10 Year Treasury and 30 Year Mortgage Rates Expand, and What it Means
I generally tell potential borrowers that if they follow the 10 Year US Treasury note rate, it generally is a good indication of the direction of 30 year fixed mortgage rates. It still is a good indicator, but other elements are currently having an effect skewing their correlation. Two ... » Learn More about The Spread Between the 10 Year Treasury and 30 Year Mortgage Rates Expand, and What it Means
California Real Estate Continues to Normalize
Although recently released data points to rising macroeconomic uncertainty that is beginning to spill over into the housing market, prospective homebuyers are beginning to enjoy some of the benefits of a shifting market. To be sure, rising rates have reduced buyer purchasing power, but rising ... » Learn More about California Real Estate Continues to Normalize
2nd Half of 2022 Starts Off With Better Mortgage Rates
The last couple of weeks of June has resulted in better fixed mortgage rates. There's been a lot of interest rate and economic number volatility. We're not close to the 3% 30 year fixed mortgage rates we saw the beginning of 2022, but well off the high of 6.2% a couple weeks ago now at 5.5%. The 10 ... » Learn More about 2nd Half of 2022 Starts Off With Better Mortgage Rates
Fed Increases End of 2022 Rate Substantially
The immediate news is the Federal Reserve increased its overnight Fed Funds Rate .75% to 1.5-1.75%. The ongoing high inflation levels pushed them to move higher than the originally conveyed .5% increase. The bigger news is the end of 2022 rate forecast is up from 1.9% to 3.4%. That's a substantial ... » Learn More about Fed Increases End of 2022 Rate Substantially