If you recall, Chase acquired struggling First Republic Bank in May 2023. Before First Republic’s collapse, it was the leading jumbo home loan lender in the United States. They catered to wealthy homeowners and businessmen. Ironically, it was their extremely low-interest mortgages that ultimately led to their decline. Today, Chase is the nation’s largest jumbo … Read more
It seems clear now that it does not matter what economic data comes out between now and next week. Mortgage rates will not improve by any significant margin this week or even after the election. Unfortunate for those who need to stabilize and/or close their price this week. And last month for that matter. Lenders … Read more
I often try to find positive aspects in bad situations. The latest problem facing potential homebuyers is the return to 7% mortgage rates, up from about 6% just a month ago. Although there is no clear negative relationship between mortgage rates and home prices, as one rises and the other falls, you can still make … Read more
If you’ve been paying attention, you’ve probably noticed that mortgage rates have quietly returned to closer to 7%. While 7% mortgage rates seemed to be a thing of the past, they returned just as quickly as they disappeared. For reference, the 30-year fixed rate averaged about 8% a year ago, before it began its decline … Read more
Since the Fed announced its 50 basis point cut, mortgage interest rates have been rising. In fact, it is 50 basis points higher since the Fed cut the federal funds rate (FFR) by 50 basis points. While we know that the Fed does not control mortgage interest rates, it seems unusual to see such a … Read more
In the world of mortgage rates, it’s sometimes a game of inches. This can be true for both potential homebuyers and current homeowners looking for price relief. Granted, if you’re that marginal when it comes to affording a home, maybe you should consider renting until it’s more definitive. But if you already own a home … Read more
For the past several years, we have been entirely focused on rising mortgage rates. The 30-year fixed yield has risen from levels of less than 3% to about 8% in a period of less than two years. Obviously, this has caught everyone’s attention, whether it’s the media or ordinary Americans. But there has often been … Read more
Halloween isn’t over yet, but homebuyers may already be getting a little spooky. The 30-year fixed mortgage, which most buyers rely on, jumped from about 6% to nearly 6.75% in about three weeks. This happened right after the Fed finally cut the federal funds rate. Good timing I know. Before this rate reversal, mortgage rates … Read more
Last week, I said that mortgage interest rates remain on a downward trend, despite some recent decline. The 30-year fixed rate was roughly below 6% when the Fed announced the rate cut. The “news selling” event led to a slight rebound in interest rates. Then a hotter-than-expected jobs report days later pushed the 30-year interest … Read more
When it comes to growing your business, whether it’s launching a new venture, expanding operations, or managing your day-to-day expenses, securing the right financing is essential. One of the most common ways to do this is through a business loan. However, the actual cost of borrowing relates not only to the loan amount but also … Read more