Mortgage Newsletter

Mortgage Newsletter / Updates

Please find the latest Mortgage Updates from Will Dukes & Puja Romera, some of the lenders who we have worked with and recommend to compare with, so as to fully help our Buyers (& Sellers).  (Please compare their rates and terms with other lenders; always compare, and ask questions)

We can send you Will's or Puja's most recent Rate Sheets / other information separately, please email Barry@SWFLLuxury.Com  to request it, thanks.

09 / 23 / 2021 Update from Will Dukes of Summit Mortgage:

Good afternoon! Below (and attached) please find your weekend ratesheet.

 

COMMENTARY: Mortgage investors had widely expected Wednesday’s decision by the Fed to raise short term rates by 75 basis points in their continuing efforts to reduce inflation to their 2% target. The uncomfortable “surprise” came in the after-meeting commentary in which investors were told that the Fed expects the Federal Discount Rate to rise to around 4.4% by the end of the year.  That was a huge increase from the 3.4% forecast in June and even more than the most hawkish investors’ guesses prior to the meeting.  Not surprisingly, long-term mortgage rates reacted accordingly as they continued their ascent.

 

In the last few months, I’ve stated that we can expect to see long term mortgage rates recede once strong evidence reveals a reduction in inflation.  More specifically, two types of economic data spook mortgage investors the most.  One is a variety of measures showing rapidly rising wages, which many believe to be the most crucial contributor to inflation over the longer term.  The other is inflation data itself, with last week’s consumer-price-index report showing another big jump in so-called core prices that exclude volatile food and energy categories.


Important to understand, if the Fed succeeds in driving the inflation rate back towards 2.0%, hiring will begin to slow, layoffs will rise, and the unemployment rate will increase from its current 3.7% rate. These occurrences may very well tame inflation, but it will be at the expense of many consumers re-setting spending priorities in order to adjust.

 

Have a great weekend!

10 / 06 /2022 Rate Sheet Update from Puja Romero of Sanibel Captiva Community Bank:

RATE SHEET
October 6, 2022

 

PROPERTY TYPE

LOAN TYPE

RATE

POINTS

APR* 

Payment Per$100,000 

Single Family, Condominiums

Loan amounts

$647,200 or less

 

 30 YEAR FIXED

6.875%

-0-

6.925%

 

 $656.93

Second Home 30 YEAR FIXED

7.000%

-1-

7.139%

 $665.30

 FHA

5.250%

-0-

6.803%

 $561.87

Single Family, Condominium

Loan amounts greater

 

than $647,200

 

 

JUMBO

 5/6 ARM

6.125%

-0-

 

6.148%

 

$607.61

Second Home 5/6 JUMBO ARM

6.250%

-1-

6.367%

 $615.72

30 YEAR FIXED

7.625%

-0-

7.648%

 $707.79

Second Home 

30

YEAR 

FIXED

7.875%

 -1-

8.004%

$723.07

 

Portfolio Lending:

 Condo-Tels

to 80% LTV

 

 SFR to 89% LTV,

NO MI

 

3/1 ARM

5.99% 

-1-

5.921%

$567.79

Fo Sanibel Captiva Community Bank

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