Mortgage rates responded favorably to yesterday's press conference with Fed Chair Powell. We discussed that move in detail in yesterday's commentary: Fed Hikes Rates. Mortgage Rates Drop. Here's How That Works. Now today, the average lender improved just a bit more as the Fed's European counterpart released its latest policy announcement. Like the Fed, the European Central Bank (ECB) hiked rates at the same pace expected by markets but delivered comments that left the bond market feeling more upbeat. In the case of the ECB announcement, it was logically the European bond market that felt more upbeat. But there's a certain amount of interconnectedness among the world's leading markets, so it's common to see spillover into US rates when something is pushing EU rates lower. Given that US rates already experienced a fairly large move yesterday, they were somewhat resistant to the idea of going on a wild road trip toward even lower levels with their crazy European friends. US rates were nonetheless on that trip just long enough for the average 30yr fixed rate quote to touch 5.99% for top tier scenarios. For all practical purposes, that means mortgage rates are basically at 6% with some lenders quoting slightly lower and a few more lenders quoting slightly higher. Friday morning brings the important jobs report which has the power to push rates quickly higher or lower depending on the outcome of the data.
Property technology, also known as proptech, is the future of the real estate sector.In a recent press briefing, Andy Roberts, the chief operations officer and digital co-founder of PropertyAccess, said the evolution of Web 3.0 and associated technologies such as artificial intelligence, machine...
How Every Beginner Real Estate Investor Can Find Off-Market Low Risk Deals And Quickly Flip Them For A Profit (Without Any Capital, Working Too Hard or Even Getting Their Hands Dirty!)
There are a variety of housing markets at risk if there is a recession, many of them in Florida or impacted by folks leaving California for cheaper pastures.
Setting goals is important. Knowing what is realistic is helpful too. Take your mobile home flipping and mobile home wholesaling business to the next level in the next 12 months mobile home investing.
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Set mobile home investment goals that seem very tough for you to achieve, but not unreasonable. You will have to stretch yourself, learn, ask questions, give energy, grow your patience, and much more. Learn from others and ask questions along your journey.
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Mobile home investing requires hard work and regular effort. Learn more about mobile home investing and becoming a successful mobile home investor by watching some of the other videos found on this channel. Also, feel free to check out our mobile home investing blog at the link below.
Cooler inflation numbers for December may encourage the Federal Reserve to shift down the pace of interest-rate hikes again this week. Kathleen Hays reports on Bloomberg Television.
NREIA Statement on the Biden Administration’s Recent Announcement Regarding Renters & Housing Providers
(Crestview Hills, KY) The National Real Estate Investors Association issued the following statement on the Biden Administration’s recent announcement regarding renters and housing providers:
The recent White House announcement regarding renters and housing providers is the largest overreach in recent history. It is an agenda driven effort meant to organize, unionize and politicize one-third of American residents. The effort is really addressing symptoms caused by federal policy and ignores centuries of state oversight of basic housing provider and renter laws, not to mention the 10th Amendment to the U.S. Constitution.
National REIA supports safe, quality and affordable housing and represents thousands of Americans investing in their communities providing housing options for their neighbors: the majority of rental housing in the U.S. The “inside the beltway” and “country club” approach to housing and a chronic federal hypocrisy on the issue is exactly why there is an ongoing supply problem, for example:
Anti-trust Rental Rate Setting:
The U.S. Department of Housing and Urban Development (HUD) REQUIRES local housing providers to develop their prices by developing a local price report of rents. In fact, HUD provides a Fair Market Rental Rate and has done so for years. The Feds set the rate for a majority of the rents in every neighborhood across the country!
Source of Income:
The White House acknowledges there is NO federal mandate or allowance, and yet intends to force a ban on the consideration of Source of Income – the real problem: housing providers do not want to participate in the 3,000 plus federal housing programs across the country because they are so poorly managed. Additionally, they each have their own set of rules and enforcement procedures – literally the first complaint about “patchwork” regulations the White House is stating is a problem!
Disability issues:
Rather than follow the Justice Department’s rules on disability, HUD has created an issue of every pet becoming an emotional support animal and undercutting the validity of the truly disabled and their needs. HUD’s confusion in this area has increased difficulties across the country, generating false verification websites for Emotional Support Animals and placing them on the level of Trained and Certified Service Animals.
Housing Affordability:
Regulations drive cost. The federal government has done more to increase the cost of housing, from recent interest rates hikes to new bans and requirements on everything from the quickly withdrawn gas stoves proposal, to types of furnaces, air conditioning systems, insulation, insurance, etc. Each new regulation increases the cost of housing and diminishes the likelihood of more investment in housing. Rehabbing of housing has become so expensive and time consuming, especially in some states, that housing is not re-capitalized and is ultimately lost, with new replacements becoming even more expensive. A reduction in housing development costs and associated regulations, and interest rates, not just for the millionaires who can qualify for ESG discounts but for neighborhood level developers and rehabbers would address the basic facet of supply shortage: straight from Economics 101.
Background Checks and Evictions are inexorably connected. Housing providers who cannot easily reach a solution with a problem renter will increase their barriers to entry with higher security deposits and more in-depth background checks in order to protect their asset. Understanding this tension is critical to addressing either side of the equation. This federal statement ignores the tension entirely, and the federal complicity by CFPB and HUD in complicating the issues.
In Summation:
While the White House stopped short of calling for National Rent Control and taking the first steps to nationalize housing, considering the backdrop of West Virginia vs. EPA in 2022, it seems the Federal government should focus on addressing its own problems before addressing state and local issues with more federal symptomatic failures. Housing has long term structural concerns that need serious dialogue and commitment to address, not utilizing questionable statistics to force an agenda; i.e. housing providers use the same rule of thumb as bankers regarding mortgages – no more than 30% of income can be allotted to housing cost. Stating otherwise conflates the issue with HUD funded programs that provide full housing support for the lowest income individuals, which are extrapolated and cited as a general housing burden. Individual business owners don’t make those type of decisions, only the government does that. It’s time for meaningful dialogue. We look forward to continuing to work with our 40,000+ members across the country to provide real solutions.
The national delinquency rate inched up 7 basis points in the month to 3.08%, but finished the year 30 basis points (-9%) below its December 2021 level
Prepayment activity fell to 0.39% – with single month mortality (SMM) hitting its third consecutive record low dating back to 2000 when Black Knight began reporting the metric
Opinions expressed by Entrepreneur contributors are their own.I have an embarrassing confession to make: I've been a great entrepreneurial earner but a…...
As real estate becomes more and more unaffordable, alternatives to traditional renting has been on the rise. Here's why co-living could become the future.
Across the real estate industry, companies are racing to cut costs in the face of a significant market slowdown. Why it matters : With dropping revenues, cost control is one of the only levers in a company’s control – and is the key to a sustainable, profitable business. The need to c
Listen to this episode from On The Market on Spotify. The Federal Reserve is a misunderstood arm of the government. Is it public? Is it private? Does congress have any control over it? Most Americans don’t know. Because of this constant confusion surrounding this shadowy subsection of the government, Americans are struggling to understand what’s going on with interest rates, mortgage rates, bond yields, and more. But there’s one person who knows the Fed better than the rest.Nick Timiraos, reporter at The Wall Street Journal, has been tracking every move the Federal Reserve makes. Whether it has to do with inflation, interest rate hikes, job growth and decline, or anything in between, Nick knows about it. As the foremost expert on the Fed, we took some time to ask him some of the most critical questions on how the Fed’s decisions could affect investors in 2023. With so many variables up in the air, Nick helps pin down precisely what the Fed is thinking, their plans, and whether we’re on the right economic track.You’ll hear how the “overcorrection” of inflation could pose a massive threat to the US economy, the significant risks the Fed faces today, the three “buckets” that the Fed is looking at most, and why we’re targeting a two percent inflation rate in the first place. We also get into when the Fed could stop raising interest rates, how investors should react, and whether or not we’ll see three and four-percent mortgage rates again.In This Episode We CoverHow the Fed’s 2022 moves affected the US economy (and whether they’ll pay off in 2023)Massive money printing and why this time was designed not to repeat 2008’s mistakes The Fed’s “overcorrection” on inflation and how it could send us into a more brutal recessionThe three “phases” we must get through to see lower mortgage rates Interest rates, federal funds rates, and when the Fed could halt their rate hikes Employment, the labor market, and why excessive wage increases could hurt the economy
The average rate for a 30-year fixed-rate mortgage fell to 6.33% for the week ending Jan. 12, according to Freddie Mac's Primary Mortgage Market Survey.
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