How to get back down to a 5.0% mortgage rate | Rates closing to 6%
How to get back down to a 5.0% mortgage rate
Rates closing to 6%
REO of the Week
Apple Homes for sale
Mountain View home of the week
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
Home Inspection CHECKLIST HERE https://abitanogroup.com/homeinspectionchecklist
How to get back down to a 5.0% mortgage rate
Bank of America's Rate Predictions
Bank of America believes we can lower our rates to 5%. That's, if. The Fed started buying MBS mortgage-backed securities to help ease quantitative easing. Here's a thing. This article is from Rezi Club, which is a local club around here if you want to get into real estate investing. This is a peer group, teaches you how to invest and get into that mindset, and I'm sure you get 10, 20 texts every day. Hey, I'm looking for a fifixer-upperWell, guess what? Anyway, this article comes back and talks about the 30-year fixed. And by the way, we'll talk about the 30-year fixed loan coming down today. As you can see in the title of this video, 30 years ago, we're right now.
A calendar year low, we've seen it come down lower, obviously. But in recent months, the 30 year fixed mortgage has hedged down. That's attributed to the gradual compression of the mortgage spread. Now, what that means is there's competition, right? Lenders don't make money unless they close a loan, unless they sell a loan with the lack of buyers out there looking for homes. The refi market right now is atrocious, so that's not even a thing right now if you're looking to buy a house. There are a few fewer buyers out there that have been like that for the last couple of years, which breeds its own competition in the rates arena.
Because the lenders want to close a loan. My loan agents are always calling me. Got any buyers? No, I don't because right now it's not a good time.
Factors Influencing Mortgage Rates
Gradual compression of the mortgage spread, meaning lenders are going to take less profit, which is good for you. So we were at three 16 mortgage news daily, Mortgage rates hit a historical relationship with inflation and unemployment. What would it take to get the average 30-year fixed to 5% the MBS team at Bank of America? We'll go into that in a second. Does see a path to 5%. If the Fed does MBS quantitative easing and yield curve control, driving the 10-year T bond to three to three and a quarter, well, we're not gonna get that with a quarter percent drop that we're expecting today. It would be great if we got it today.
However, it's probably not going to help the overall push to where we need to be. Remember, I've always. Over the recent year or two, I've mentioned the fact that our parity point for buyers and sellers to be happy right now is about five and a 5% for the mortgage rate. A 30-year jumbo, what have you, five and a half percent.
We're bringing it down to six. You can get it down below there with points, but in order to make the buyers happy to come back out in droves, we need to. It could come down lower. We always want it lower for our clients. Doesn't matter to me. It's you who gets stuck with a payment for a year or two until you can refinance long-term.
Year yields, such as the 10-year, treasury average 30-year fixed mortgage rate, are determined by demand or lack of demand for the underlying bond.
Challenges in the Real Estate Market
Fed stopped buying it about 2022. If the average 30-year fixed mortgage rate falls to 5% anytime soon, Bank of America believes it would likely be because the economy has taken a negative turn or perhaps the central bank. The bank adopted a new policy approach and resumed buying mortgage-backed securities. This means that. If rates dropped down to 5%, all the buyers would come up and buy all the properties today, which would bring more competitions to, to the homes that are currently for sale because we're not gonna get an influx of homes because of that 5% it might trigger some home sellers that are stuck at two half percent to say, you know what? I can afford 5%. The problem is, we'll go back into the inventory issue that we had two years ago. We had a lack of inventory, and our buyers were not very happy with it.
They weren't happy with it. They started being picky. And today we're in kind of a quasi, I wanna say it's a balanced market. It's a quasi buyer's market, but buyers are being picky. However, depending on your price range, like the house that I have right now, I have it listed at one and a quarter, and I know it's worth a little bit more.
Getting offers coming in, they're trickling. I saw one guy, one agent, throw in an offer. He didn't replace the name of the agent or the house that they previously put an offer on, which tells me that they're writing multiple offers to see which ones they can get. N ot something you're supposed to do, but in a frustrated market, frustrated buyers, they're gonna do that.
Are we gonna get to 5% anytime soon? I don't think so. I think what we're gonna see today is rates come down a quarter percent from the Fed. That means short-term, and the loan will come down. But we've already experienced rates coming down in anticipation of this since the beginning of this month.
Today's the 17th. The last quarter high is 7% on May 19th. Now we're coming back down. Now we're at 6.19. 6.15. This is not an application; an underwriter going through and quoting you. 6.15, there's a, this is what the starting rate is.
Then they come in and take a look at your assets and your credit and your job, and how much money you have, and down payment, and all that stuff. We've already talked about that. So if you look at what the average price is for a house in, lemme get over here.
Real Estate Listings and Market Analysis
And Santa Clara County is 2.4 million and change, 3030-3030-year, brought to a jumbo. Your down payment is 483,000, and your quoted qud 5.69 with 0.75 points. So your rate is 5.6. You can get it down below 6% today. Is this the right one for you? I don't know. You have to talk to your lender.
FREE HOME BUYER CHECKLIST HERE https://abitanogroup.com/Homebuyerchecklist
If you don't have a lender, let me know. I'm happy to help you out with those. I don't make money. I don't care, but I do have people that I trust, so there you go. If you're interested in learning more about the loan approval process, let me know. If you haven't done so already, fill out this form and download your Home Buyer's checklist.
This gets you to look and compare and contrast different homes as you go through and look at five or six different homes on a weekend, and then you can see which ones you like the best. Because I can tell you, if you look at six houses, you can't tell me which ones have dual pan and which ones don't, and which ones have air conditioning, or which ones have cracks in the walls, or which ones have a yanked-up kitchen.
When is the house not worth what you think it's worth when the buyers tell you that they're not gonna write an offer or your agent? Hasn't gotten a response as to follow up, or your house hasn't sold in 110 days. This one right here, San Lorenzo, not my listing. 1.75 says it's a new listing., Let's take a look at it. It's a four-bedroom, two-bath. Sure. It's pretty inside. Wow. Nice staged. You have a nice granite countertop. At least he did a floor plan. Good. And you have the artsy fartsy outside homes, whatever.
Great. When your house is not worth what it's worth. It sits on the market for 110 days, 110 days. Your look, I can't pull a rabbit outta my hat. I sell houses, and I know that there are agents out there showing videos saying it's not the price. If you think your house is worth that, we can market it and track the right buyer.
Yeah. But up to a certain point. And here's the thing, when you have an average day on market of 16 days. Your house doesn't sell for a hundred days. Your house is overpriced. I don't care what value it is, I don't care what you've put into it. If you don't get offers in the first seven days, you're priced way out of whack. You are. You're priced way too high, period. I don't know how else to explain it to you.
If you have a $40 million home and you can afford for it to be on the market for a year, and you want to be a market maker, absolutely. But if you have a commodity track home that you fixed up and it's really pretty in your eyes, it might not be the thing that buyers are looking for. So how do you do that?
Well, one, go to open houses and see what other houses look like and compare them to what your house is, and see what the cool things are, which you like,e and you put into your house. You have to invest money in making your house look nice. Right. This guy did a great job making it look nice, but after 110 days, you don't have any offers.
It's the price. Every buyer on the internet has seen your house, and the buyers who wanted to take a look at the house looked at the house. Buyers are far more educated today than they have ever been before. They have access to data that we all have, and it's about a broker is somebody who brings a buyer and a seller together and matches them together, and without that, if you have a seller who has an unreasonable price, your house isn't gonna get offers.
After 110 days, what this tells me is there's a seller here that's stubborn, and he just doesn't want to deal with it. He doesn't want to hear it. If you can't do the job, I'm just gonna wait until the market comes back or until the right buyer comes,
Bank-Owned Properties and Market Insights
Bank One Property of the week. Keto Road, not my listing. $4.3 million. This is owned by the bank. Five bedrooms, six and a half baths. Built in 2004. Let's take a quick look inside
This agent really knows what they're doing. They're having an open house this weekend. It's majestic. Imagine what you can do with it. $4.32 million, and you'd have to fix it up. And it's a bank-owned, meaning that it's gonna be as is. Oh, and by the way, it's probably in the fire district, gated estate.
Huge 6,000 square foot home with bedrooms on three levels. Private driveway leads to a one-acre lot. You know, this might be a good buy, but I wouldn't buy it at four.
Homes near Apple. Let's talk about this guy right here. Location. Where's this one? Right here. Mine Court, not my listing. Let's take a look at it. We already see that it is semi-walking. You have to walk up here and get into the thing. Mine. Court. Four bedroom, three bath, 1700 square feet, list price. Deep creed, because even though the lot is semi-large and the house is nice, 2.29, I don't know what they did. They built this in 2010. It's been on the market for 30 days. You know why? Because it's near the freeway. It backs into the freeway. Your neighbor, your back neighbor.
Is the freeway functionally obsolete? That's the word that the term that comes to my mind. I don't care what it looks like inside. If your house is by the freeway, your house is not worth what other houses are worth around that area. Your comps are. You gotta discount your price by like 20, 30%. So maybe that's what this is, but I can assure you that this house is not gonna sell for $2.3 million.
Because of the location. I don't care what it looks like inside. We don't even have to look inside. If you want to go on the MLS, go take a look at ten six three one mine court, and you'll find that it's not. $4.2 million, seven bedrooms, six full baths, 3,300 square feet.
Mountain View home of the week
Built in 202,5 and they didn't even put a front lawn. I was walking distance to downtown Castro StreetMountainin View. So yeah. Nice. It's nice, but a one-bedroom one-car garage. Wait.
One car garage. Oh, but Vito, nobody ever parks in their garage. It doesn't matter. People expect to have a two-car garage. Maybe there's a reason for it. Maybe there's some kind of code. It's pretty inside. But guys, $4 million. You expect to have more than one car. I don't know how else to explain it to you.
What? I don't get it. What? Why is this? Is that an A DU?
No. No, A DU. I have no idea what that is. Maybe it is an A DU. I have no idea. Let's see if they did a map. Yep. Maybe.
Yeah. That's the A DU right there.
Let's take a look at the map. Let's see what that really means here. All right. 40 days on market. Everything's coming down. Everything's coming down right. The days on the markets are coming down.
Well, the 90 days on market increase, but bank-owned properties got flushed with a couple of new homes on the market. That one on keto is fun to look at. This one right here. Keto Road. Yeah, but not for $4 million. Pendings are lackluster. Last week was a pretty devastating blow to 68, but that's what, you know.
Back on the market, we have 28, and in Santa Clara County, we have 67 total. And withdrawn. We have 10 expired. Were eight and canceled. Were 37. So, back on markets, it's not a huge indicator. It's just something to shake the ideology of what's going on in the market.
People are struggling to qualify, but they know that if the seller's not willing to work with them. They're gonna walk, right? If you have contingencies in it, which are a property and termite, te and appraisal, aa nd loan, a nd need to sell your housethere are a lot of different moving parts in this. And when they do that, they pull out of the contract because the seller doesn't wanna work with them, or they just lost their job or something.
So it's not a huge indicator unless this gets into triple digits.
Alright, that's it. Thanks for watching. I'm Vito with Abitano. We'll see you out there.
đź”´ Insurance Adjuster What You Should Know https://youtu.be/8IWgof1qvnc
đź”´ Renters losing MORE than Rent! (Bay Area Median Home Prices) https://youtu.be/VwLrwX2YuHo?t=41
đź”´ MoonBeans Coffee https://www.youtube.com/watch?v=OmHpGXVu5sQ&feature=youtu.be
Videos edited by Vydeoease.com Use Exemption code VEASY
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
DRE#: 01407676
408-479-2427
FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia
If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!
đź”´ Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
#BedlamWhereChaosResides, What should a realtor do to sell your house,What should you not do when selling a house,Why is home not selling,Is it better to sell as is or fix up,Home much money is lost when selling a house,Is it bas to sell a house as is,Where should I sell my house for money is 2021,Is money from the sale of a house considered income,Do you get all the money when you sell your house,Do you have to buy another home to active capital gains,What happens when you sell a house and make a profit,Can I sell my house and keep the money ,What month is the best to sell a house,How much money do I keep when I sell my house,How to I avoid paying taxes when I sell my house,How do I sell my house in 5 days,Whats the quickest way to sell a house,How can I sell my house quickly ,Is it better to sell my house or rent it out,How do I sell my house in 30 days,What does teh seller have to pay when selling a house,How p[ays closing costs on for sale by owner ,Who pays the title company at closing,Who pays for appraisal buyer or seller,How do I calculate my closing costs as a seller,Can a realtor lie about other offers,Do sellers always pick the highest offer,Can ou sue a real estate agent for lying,How do you make sure your offer is accepted,Can buyer talk to seller directly,What do you say when you reach out to a realtor,Do you tip your realtor,Why do realtors now want buyers and sellers to meet,Do I have to pay my realtor if I decide not to sell,Can you work with multiple realtors,Can you fire your real estate agent,Are realtors rich,Should I interview multiple realtors,Are you obligated to a real estate agent,What should I do to my house before selling ,What sells a house fast,What brings more value to a house,What features sell a house,What to do if a house is not selling,Do vacant homes sell faster,What are the worst months to sell a house,Which month is best to sell a house,Is 2021 a good year to sell a house,What adds most value to a home,How can I increase my chances of selling my house,What makes a house harder to sell,What brings down property value,What are houses not selling 2021,What adds teh most value to a house,What is the most common reason a property fails to sell,What should you not fix when selling a house,What adds teh most value to a house,Does Zillow pay fair prices for homes,How to I sell my house that need repairs,Do sellers have to fix everything on home inspection,Can you sell your own property as a real estate agents,Does a realtor make money on a for sale by owner,Can I use a real estate attorney instead of an agent,Can I be my own buyers agent,Do real estate agents make more than lawyers,Do realtors get paid if a house doesn’t sell,Do agents get paid for open house,Can I ask my realtor to take a lower commission,How much does a real estate agent make monthly,Which real estate agent has the lowest commission,Can I represent myself as a real estate agent,Do brokers make more than real estate agents,Can you bypass a real estate agent,Can I represent myself in buying a house,Can you buy a house yourself,Do Realtors get commission on for sale by owner,Is it better sell your house by owner or realtor,How do you negotiated for sale by owner,Is it hard to sell a house without a realtor,Can you ask a realtor to take a lower commission,What home improvements add the most value,What should you not fix when selling a house,What color carpet is best for selling a house,Which home renovations are your best investments,Which home improvements pay off,What is the best way to renovate a house,What is the most expensive part of a kitch remodel,What home improvements do not add value,Is a 4 bedroom house worth more than a 3 bedroom house,Do home improvements increase value,What features sell a house,What order do you renovate a house,What renovations are worth doing,Is it better to renovate or move,Is it cheaper to renovate or build new,How much does it cost to fully renovate a house ,What should I renovate first,What makes property value increase ,What negatively affects home appraisal,Do home appraisers look in cabinets,Do appraisers look in showers,What matters in a home appraisal,How can I maximize my home appraisal,Is land a good investment 2020,Is buying land a building a house cheaper,Is it better to buy land first,How to I buy money with no money,Is land a bad investment,Does age of house affect value,Are 100 year old houses safe,What is the average age of a house,What age is a house considered old,How do I price my house,How is property value determined,What are the 5 methods of valuation,How do I determine fair market value of my home,How does a bank value a house,Why is my tax assessment so high,What brings down,calhoun.savingmoneyonhomes.com
95035,95123,95020,95127,95014,95051,95111,94087,95112,95125,95023,95122,95037,94550,95116,95124,95136,94086,95148,95008,94303,95050,95132,95120,95129,94040,95121,95128,95126,95118,95131,95070,94043,95134,95032,95117,95133,94306,94089,95054,94085,94024,95135,95110,95138,94022,94301,94305,94041,95030,95130,94090,95119,95033,95102,94310,95139,95046,95171,94028,95142,95114,95113,94304,94308,95140,94035,95141,95053,95101,95137,95002,95196,95009,95011,95013,95015,95021,95026,95031,95036,95038,95042,95044,95157,95156,95159,95158,95161,95160,95170,95164,95172,95190,95173,95192,95191,95194,95193,94302,94309,95052,95056,95055,95071,95106,95103,95109,95108,95115,95151,95150,95153,95152,95155,95154,94023,94039,94042,94088,94080,94015,94014,94303,94403,94025,94066,94010,94061,94044,94404,94063,94401,94070,94062,94002,94402,94030,94019,94405,94409,94065,94407,94408,94098,95006,94071,94027,94099,94012,94031,94003,94067,94028,94005,94029,94037,94406,94096,94060,94020,94045,94038,94059,94021,94074,94128,94013,94307,94011,94016,94018,94017,94497,94026,94064,94083,94125,94544,94536,94538,94587,94541,94501,94568,94539,94601,94550,94577,94560,94546,94551,94605,94566,94611,94588,94621,94578,94606,94555,94545,94608,94602,94610,94603,94580,94704,94607,94619,94609,95391,94579,94703,94625,94552,94706,94643,94618,94702,94502,94612,94542,94705,94708,94707,94709,94710,94720,94627,94586,94514,95140,94615,94557,94604,94613,94537,94540,94543,94614,94617,94620,94622,94624,94623,94649,94660,94659,94662,94661,94701,94666,94712,95076,95060,95062,95003,95066,95064,95073,95033,95065,95010,95006,95018,95005,95019,95017,95001,95007,95041,95061,95063,95067,95077,
Santa Rosa Real Estate,Petaluma Real Estate,Rohnert Park Real Estate,Sonoma Real Estate,Sebastopol Real Estate,Windsor Real Estate,Healdsburg Real Estate,Cloverdale Real Estate,Cotati Real Estate,Calistoga Real Estate,Forestville Real Estate,Guerneville Real Estate,Penngrove Real Estate,Glen Ellen Real Estate,Geyserville Real Estate,Occidental Real Estate,Kenwood Real Estate,Cazadero Real Estate,Fulton Real Estate,Monte Rio Real Estate,Bodega Bay Real Estate,Stewarts Point Real Estate,Jenner Real Estate,The Sea Ranch Real Estate,Bodega Real Estate,Graton Real Estate,Annapolis Real Estate,Valley Ford Real Estate,Duncans Mills Real Estate,Camp Meeker Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Napa Real Estate,American Canyon Real Estate,Saint Helena Real Estate,Calistoga Real Estate,Angwin Real Estate,Yountville Real Estate,Pope Valley Real Estate,Deer Park Real Estate,Oakland Real Estate,Fremont Real Estate,Hayward Real Estate,Berkeley Real Estate,San Leandro Real Estate,Livermore Real Estate,Pleasanton Real Estate,Alameda Real Estate,Union City Real Estate,Dublin Real Estate,Castro Valley Real Estate,Newark Real Estate,San Lorenzo Real Estate,Albany Real Estate,Emeryville Real Estate,hayward real estate,Piedmont Real Estate,Byron Real Estate,Sunol Real Estate,Canyon Real Estate,Farwell Real Estate,Brookshire Real Estate,Concord Real Estate,Richmond Real Estate,Antioch Real Estate,Pittsburg Real Estate,Walnut Creek Real Estate,San Ramon Real Estate,Brentwood Real Estate,Danville Real Estate,Martinez Real Estate,San Pablo Real Estate,Oakley Real Estate,Pleasant Hill Real Estate,Lafayette Real Estate,El Cerrito Real Estate,Hercules Real Estate,Orinda Real Estate,Pinole Real Estate,Moraga Real Estate,Alamo Real Estate,Clayton Real Estate,El Sobrante Real Estate,Discovery Bay Real Estate,Rodeo Real Estate,Kensington Real Estate,Byron Real Estate,Crockett Real Estate,Bethel Island Real Estate,Diablo Real Estate,Canyon Real Estate,Port Costa Real Estate,Petaluma Real Estate,San Rafael Real Estate,Novato Real Estate,Mill Valley Real Estate,San Anselmo Real Estate,Sausalito Real Estate,Corte Madera Real Estate,Tiburon Real Estate,Fairfax Real Estate,Kentfield Real Estate,Larkspur Real Estate,Ross Real Estate,Belvedere Real Estate,Bolinas Real Estate,Nicasio Real Estate,Point Reyes Station Real Estate,Dillon Beach Real Estate,Woodacre Real Estate,Lagunitas Real Estate,Inverness Real Estate,San Quentin Real Estate,Tomales Real Estate,Marshall Real Estate,Olema Real Estate,Stinson Beach Real Estate,San Geronimo Real Estate,Blakes Landing Real Estate,Salinas Real Estate,Watsonville Real Estate,Seaside Real Estate,Monterey Real Estate,Soledad Real Estate,Marina Real Estate,Greenfield Real Estate,King City Real Estate,Carmel-by-the-Sea Real Estate,Pacific Grove Real Estate,Gonzales Real Estate,Castroville Real Estate,Carmel Valley Real Estate,Aromas Real Estate,Moss Landing Real Estate,Del Monte Forest Real Estate,Big Sur Real Estate,Del Rey Oaks Real Estate,Bradley Real Estate,Chualar Real Estate,Sand City Real Estate,Jolon Real Estate,San Simeon Real Estate,San Ardo Real Estate,Lockwood Real Estate,San Lucas Real Estate,Hollister Real Estate,San Juan Bautista Real Estate,Aromas Real Estate,Paicines Real Estate,Tres Pinos Real Estate,San Francisco Real Estate,San Mateo Real Estate,Daly City Real Estate,Redwood City Real Estate,South San Francisco Real Estate,San Bruno Real Estate,Menlo Park Real Estate,Pacifica Real Estate,Foster City Real Estate,Burlingame Real Estate,San Carlos Real Estate,Belmont Real Estate,East Palo Alto Real Estate,Millbrae Real Estate,Half Moon Bay Real Estate,Hillsborough Real Estate,Woodside Real Estate,Atherton Real Estate,Portola Valley Real Estate,Brisbane Real Estate,Emerald Lake Hills Real Estate,Moss Beach Real Estate,Colma Real Estate,Pescadero Real Estate,La Honda Real Estate,Montara Real Estate,San Gregorio Real Estate,Loma Mar Real Estate,San Jose Real Estate,Sunnyvale Real Estate,Santa Clara Real Estate,Livermore Real Estate,Mountain View Real Estate,Milpitas Real Estate,Palo Alto Real Estate,Gilroy Real Estate,Cupertino Real Estate,Morgan Hill Real Estate,Campbell Real Estate,Los Gatos Real Estate,Los Altos Real Estate,Saratoga Real Estate,Stanford Real Estate,Los Altos Hills Real Estate,San Martin Real Estate,Monte Sereno Real Estate,Lexington Hills Real Estate,Mount Hamilton Rea
Comments
Post a Comment