Mortgage Newsletter

Mortgage Newsletter / Updates plus Mortgage Calculator

It is best to use a Local Reputable Mortgage Specialist for advise and accurate information when it comes to anything Mortgage Related, we have many local experts on our Team that we can connect you with.  Just call or text Barry at 239-360-5527 for the list.

Please use this Homebuying Financial Mortgate Calculator provided by Fannie Mae as a Guide for you to know How Much your Repaymnet may be, Just Click Here for Access

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.

04 / 12 / 2024 Update from Will Dukes of Summit Mortgage:

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


COMMENTARY: This has been another roller coaster week for mortgage rates. Last Friday’s Jobs report primed the volatility pump with 50%+ more new jobs in March than anticipated. Adding fuel to the fire this week, two fed governors stated that not only are three rate cuts an iffy proposition for 2024, there may even be another increase.  The cherry on top was this week’s CPI report with both month-over-month and y-over y numbers for inflation hotter than expected/hoped(?). 


Lawrence Yun, chief economist for NAR, bluntly described March’s inflation figures as “very bad, which also means bad news for interest rates.” Bottom line, mortgage rates took it on the chin as we inch higher into the 7% range again, and don’t even get me started on the rates for vacation homes.  If you’ll recall my Commentary from last April, I explained how Fannie/Freddie were now charging higher rates for vacation/investment properties as well as for higher loan amounts.  This action as mandated by their government overseer was designed to exact a pricing premium on “wealthier” borrowers to subsidize less qualified first-time home buyers nationwide putting down 5% and buying homes that cost under $300,000, i.e., robbing Peter to pay Paul. This does not help vacation areas like Florida.    


Sorry for all the tough news but have a great weekend anyway and enjoy The Masters on tv!

04 / 17 /2024 Rate Sheet Update from David Wright of Sanibel Captiva Community Bank:

April 17, 2024







Payment Per$100,000 

Single Family, Condominiums

Loan amounts

$766,550 or less








Second Home 30 YEAR FIXED










Single Family, Condominium

Loan amounts greater


than $766,550




 7/6 ARM








Second Home 7/6 JUMBO ARM










Second Home 









Portfolio Lending:


to 80% LTV


 SFR to 89% LTV,



3/1 ARM

8.24% for Primary Residence/ 9.25% All other properties




$750.56/ $822.68

 Sanibel Captiva Community Bank

12 / 02 / 2022 Update from Lauren Maxwell of Maxwell Mortgage / Crosscountry Mortgage:

Helping you navigate the market - Mixed News

It was a packed week for major economic events. The comments from Fed officials and the inflation data were favorable for mortgage markets, while the labor market report was not, and mortgage rates ended the week a little lower.

In a speech on Wednesday, Fed Chair Powell acknowledged that some progress has been made in bringing down inflation but added that a lot more work needs to be done. Given the long lag in the effects of monetary policy changes on the economy, he said that the pace of rate hikes could slow as soon as the next meeting on December 14. Most investors now anticipate a 50 basis point increase, following several larger 75 basis point hikes at recent meetings.

After a string of good news this week for mortgage rates, stronger than expected job gains and wage growth on Friday increased concerns about inflationary pressures. The economy gained 263,000 jobs in November, above the consensus forecast of 200,000. The best performing sectors were leisure, hospitality, and health care. Average hourly earnings, an indicator of wage growth, were 5.1% higher than a year ago, far above the consensus forecast of 4.6%.

The PCE price index is the inflation indicator favored by the Fed because it adjusts for changes in consumer preferences over time. In October, core PCE was up 5.0% from a year ago, slightly below expectations, and down from a peak of 5.4% in February. However, this remains far above the Fed's target level of 2.0%. This is particularly relevant because how quickly aggressive monetary policy tightening will bring down inflation is a widely debated question with enormous implications for financial markets.

Another significant economic report released this week from the Institute of Supply Management (ISM) hinted at slower economic growth. The ISM national manufacturing index dropped to 49.0, below the consensus forecast, and the lowest since May 2020. Levels below 50 indicate that the sector is contracting.

The Federal Housing Finance Agency (FHFA) announced that the baseline conforming loan limit for Fannie Mae and Freddie Mac mortgages in 2023 will increase 12% from $647,200 to $726,200. The new limit for most high-cost areas will be $1,089,300 or 150% of $647,200. This will be the seventh consecutive year of increases

Week ahead

Investors will be hoping for more specific Fed guidance on the pace of future rate hikes and bond portfolio reduction. The biggest economic report next week will be the ISM national services sector index on Monday. After that, attention will turn to the CPI inflation report on December 13 and the next Fed meeting on December 14

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