Team Daniele

Charming Home in the Heart of San Fernando Valley 3 bedroom 1 1/2 bath, Corner lot with RV parking. www.16654cohasset.com

WOW! Time to Refinance and Time to buy! Lowest rates in our nations History!

Three offices serving the Southern California market. Long Beach, Downey and Torrance!

Now could be a great to refinance take advantage while interest rates are low. So what happened to cause interest rates to spike up during COVID? Let me explain in detail. Turmoil in the mortgage industry with COVID-19 caused Investors to pull back from buying mortgage backed securities almost 9 weeks ago which left a void that was filled by the Federal Reserve. Where Federal Reserve is buying all the mortgage backed securities and figuring it would help with getting the int...erest rates back down to levels prior to Covid-19. However Fannie Mae and Freddie Mac which encompasses Conventional, FHA and VA financing , do not buy the loans directly from the borrowers, it’s a secondary market that utilizes a line of credit to fund the loan and service the loans until which time Fannie Mae/Freddie Mac find a new servicer and pay the investor back. It’s this secondary market that was in turmoil, For example, the secondary market borrowers at one rate to fund the mortgage loan (the loan to the consumer for the Mortgage) and collects on a slightly higher rate (mortgage payment from the borrower)That’s called a arbitrage banks do this, borrower at one rate and collect at another, the difference in rates is the Arbitrage when you do this on several millions of dollars that small amount equals a lot of money. It’s the forbearance agreements that have created the turmoil with interest rates because Fannie Mae and Freddie Mac Did not have a contingency plan for the secondary market to make them whole when the borrowers stopped paying to the tune of 600 Billion of mortgages in forbearance currently, The secondary market reacted by sharply raising the interest rates to collect more interest to make up for monies not collected with the forbearance's and to also slow down the new influx of business. Prior to Covid the interest rates we're historically low and through the past weeks dealing with Covid it's been a roller coaster ride of sorts. Things have calmed down for now and interest rates are good with key investors who don't have exposure with forbearance agreements. Summit Lending is hear to help, We have been seeing a influx of refinance business and doing a fine job with saving homeowners several hundreds with monthly mortgage payments. Interest rates for loan amounts up to $510,400: Conv 20% Down 3.25% Conv 5% Down 3.625% FHA 3.5% Down 2.75%. Interest rates for loan amounts up to $765,600 (LA/OC only): Conv 20% Down 3.625% Conv 5% Down 4.125% VA no loan limit: 2.75% Based on Navy blue Water act)

Mortgage and Real Estate outlook during Covid 19. Jobs. Current unemployment rate nearly 7 million people filed for unemployment as of April 4th and it’s unknown how many more might be effected as we deal with Covid-19 it’s merely speculation at this point. Depends on which side you are focused on, positives and negatives? Prices. As May 2020 the So Cal market is up 11% to $777,000 SFR and 5.4% to $495,500 for town homes from last year. Prices are set by supply and demand. ...Listings are down 39.4% from this time last year. If we get an oversupply of inventory combined with a downturn in the economy prices will go down. $600 Billion which represents the 4 million homeowners that are currently in forbearance. Fannie Mae and Freddie Mac have agreed to work out payments and not foreclose, but not all loans are government sponsored. Either way, expect inventory! Rates, The federal reserve is quantitatively easing mortgage interest rates buy buying all the mortgage backed securities as the secondary market becomes more comfortable loaning on Fannie and Freddie loans which include FHA and VA loans, the interest rates will be historically low. Most economist expect the lowest interest rates in our nations history will be upon us in the coming months, probably by the 4th quarter. Demand, With 25% of the workforce out, leaves the other 75% possibly ready and available to buy and sell? You buy when and sell when it’s the right time. Housing prices are up and demand is relevant to COVID, instead of 30 offers there are 5 to 10 and sellers are still countering highest and best price, it’s still a seller's market. The low rates have kept the market going combined with low inventory from COVID fears. Economy. As the states open up and the new stimulus packages go out. Economist predict a V type recovery. The V represents a sharp decline followed up by a sharp incline. This is a transfer of wealth, on one end this unfortunately creates financial turmoil while leaving opportunities for people not financially impacted by COVID 19. These are unprecedented times expect the same unrepresented financial recovery. Long Term? well that’s for the next generation, for now it's an all out assault on the economy with big federal reserve guns at the ready.

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