Hey Mortgage Fans! This is the last blog of 2024 and I want you to know how much I appreciate all of you! The first blog of 2024 I predicted four rate cuts and rates in the low-6s. Instead, we had 3 cuts (counting today, I hope I didn’t jinx it by writing that out loud.) and rates in the low-6s for about a month before they bumped back up. So… the Fed lowers rates 3 times and they stay the same?! It’s okay. Really, take a deep breath and relax because I know rates will be lower in 2025. How do I know that? The proof can be found in the third of three things I learned this year. First, I don’t know why but when I say the word ‘dollop’ (i.e. ‘add a dollop of milk when scrambling eggs.’) I feel less masculine (*this has been added to the list of things to work out with my therapist.). Second, there are a lot of beautiful 20-something women reaching out to me from overseas on Facebook that want to date me. My family and friends say it’s just a bot sending those, but I know they’re clearly jealous of the attention I’m getting because yes - I am the most handsome balding and overweight 50-something mortgage broker in this country. Third, did you know that February has been the best month for mortgage rates dating back 50 years. I predict it’s going to be a fantastic 2025 for all of you, Mortgage Fans, and I’m looking forward to helping any of you who want in the new year and beyond.
New Year Quote of the Day: “Be at war with your vices, at peace with your neighbors, and let every new year find you a better person.” – Benjamin Franklin
Today in History: It was on this date in 2002 when California Governor Gray Davis Announced the state faced a record budget deficit; the $35 billion shortfall was almost double the amount reported a month earlier during the state's gubernatorial campaign. (*Is it just me or does the word ‘gubernatorial’ sound kinda gross?)
Possible Game Show Answer: The wood frog can hold its pee for up to eight months. (*As someone with the worst bladder in the mortgage industry, you have no idea how jealous this makes me).
Wuss’up this Week: Today at 2pm the Fed will give their decision on rates. Vegas has the odds at a quarter rate cut (*by ‘Vegas’ I mean ‘Me’ and by ‘quarter rate cut’ I mean ‘quarter rate cut’). I also think this will be the last cut until maybe the summer of next year? We will see… In the meantime, we’ve also got the Housing Starts Report today, Existing Home Sales tomorrow, and four inflation reports on Friday which can impact rates in either direction.
Interest Rate Update: Today we find a conforming 30yr fixed rate for loans $250k or less at 6.50% if you qualify as a first time home buyer, for rates at $251k-$766k they are in the high-6s/ low-7s, and for Jumbo (*over $766k) they can be found in the upper-6s for a 30yr fixed and low-6s for an ARM. As usual rates will vary based on type of home, equity in the home, your credit score, and if you’ve ever wondered where a compass would point to in space.
Don’t Forget to Remember: Any purchase or refinance that closes with me I will give a $450 credit on fees! Grab yourself a cup of instant karma and pass my name along to any friends, family, coworkers or street photography winners that can use this gift.
New Year Quote of the Day 2: “An optimist stays up until midnight to see the new year in. A pessimist stays up to make the old year leaves.” – Bill Vaughan
One more bonus quote, Mortgage Fans – I like this one even though it doesn’t mention ‘New Year’ in the quote: “The bad news is time flies. The good news is you’re the pilot.” – Michael Altshuler
Congrats to those who guessed Jennifer Connelly last week! Want to be entered into a drawing to win a Cinnamon Toast Crunch T-Shirt? Simply email me the answer to this week’s Who Am I? question. Good luck:It’s my birthday today and really, I’m young and super busy so I have no time to die (*although one day I know I’ll be six feet under). My first name can be for a man or a woman, my last name sounds like something you’d find on your face. My brother shares the same name of a Disney Channel cartoon character who is enjoying his 104 days of summer with his stepbrother. Speaking of my brother, I love him - he’s not a bad guy! Earlier in this blog I mentioned my hit that won me an Oscar for Best Original Song. I had another song too that won the same Oscar as well as Grammy Song of the Year, and yes – I made sure I was all dolled up when I accepted those awards!”
The Adieu Mortgage Haiku:
2025
The year interest rates drop
More than a dollop
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