Case Loans: Caliber Home Loans

You won't believe what some sellers are asking of their buyers. Find out in this week's #MIAM!

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The work from home movement has caused a role reversal in some housing markets. This and more in this week's #MIAM.

Recent data shows that housing is leading the overall economic recovery with a V-shaped curve. What does that mean? When the economy came to a halt in the spring, housing industry activity plummeted along with everything else. Six months later, housing has rebounded significantly and when charted, forms a clear V shape.... July’s existing home sales grew at a pace not seen since 2006. Strong mortgage purchase applications in August showed a continuing trend. New construction measures were similarly strong this summer. Overall, 2020 home sales are on track to beat 2019 levels. Yes, the market is strong. But what does it mean if you already own your home? The news is good for you, too. The Federal Housing Finance Agency (FHFA) released its most recent House Price Index (HPI), which shows prices rose nationwide by 1.0% in July over the previous month and 6.5% over July 2019’s prices. Growth for June and July combined was the largest 2-month improvement since the agency started the HPI in 1991. For many homeowners, this translates into thousands and even tens of thousands in equity growth. We can’t say it’s perfect, but it’s close. Values are up, and rates remain low. If you purchase or refinance at a low rate, more of your payment can go to principal and less to interest. If you are interested in trading up, you may be surprised how low a new housing payment might be compared to what you pay now. Do you want to talk about the opportunities available to you in today's hot housing market? Reach out over your preferred channel. I'll be happy to help.

Housing inventory is at an all-time low. There are 39% fewer homes for sale today than at this time last year, and buyer demand continues to set records. Zillow recently reported: Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database. Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate mar...ket right now. CoreLogic’s latest Home Price Index reports that values have increased by 5.5% over the last year. This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, this may instead seem like troubling news. However, purchasers should realize that the price of a house is not as important as the cost. Let’s break it down. There are several factors that influence the cost of a home. The two major ones are the price of the home and the interest rate at which a buyer can borrow the funds necessary to purchase the home. Last week, Freddie Mac announced that the average interest rate for a 30-year fixed-rate mortgage was 2.87%. At this time last year, the rate was 3.73%. Let’s use an example to see how that difference impacts the true cost of a home. Assume you purchased a home last year and took out a $250,000 mortgage. As mentioned above, home values have increased by 5.5% over the last year. To buy that same home this year, you would need to take out a mortgage of $263,750. How will your monthly mortgage payment change based on today’s lower mortgage rate? Check out this chart! That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan. Bottom Line Even though home values have appreciated, it’s a great time to buy a home because mortgage rates are at historic lows.

What's fueling a 4.8% price increase in home prices? The answer and more in this week's #MIAM.

Even with obvious setbacks, the housing market is still paving the way to economic recovery in this week's #MIAM.

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More work for real estate agents? Fewer people living in big cities? Take a look at what could be the new normal in this week's #MIAM.

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Make sure you keep up to date! The markets are still volatile and you want to be in the best position to help your clients.

Has your job been affected by COVID-19? Have you seen in the news about the government offering mortgage forebearance? Be sure to check in with your loan consultant first to understand the full implications. Give us a call? We’re still open and ready to help.

Keep up to date over the weekend, staying on top of the news is key for your customers in this volatile market environment!