Greg Kofman

All white is starting to fall out of trend Please stop making your home look like a hospital https://www.apartmenttherapy.com/real-estate-agents-hate-wh

The new adverse market fee has come into effect as of yesterday. This is a 1/2% fee, which equates to about $1,400 on average loans. This is part of Fannie Mae and Freddie Mac loans. Please be informed, ask loan officers for details and if this effects you. Please let me know if there is anyway I can help as well. https://www.foxbusiness.com//new-refinance-fee-goes-into-e

Economic Update for the Month Ending November 30th, 2020: Key Takeaways: - "median price paid for a home in California was $711,300, up 17.5% from the median price last October" - "The 30-year fixed mortgage rate average was 2.72%, down from 2.81% last month" (these are historically low rates, ask your parents and/or grandparents what their rate for their first home was)...Continue reading

More good news for homeowners - Interesting stats: LA county median home prices up 12.7% Ventura county median home prices up 19.5% Orange County median home prices up 10.2%... All year over year Stock markets moderately lower this week - Stocks markets closed slightly lower this week following three weeks of health gains. Third quarter corporate profits began to be reported. They were stronger than expected. Investors watched for another round of stimulus to be agreed upon, but despite several deadlines nothing was accomplished. The good news is that investors are convinced one will be passed, but it could be after the election when it will be safer for congresspeople to compromise without the fear of losing votes. The Dow Jones Industrial Average closed the week at 28,335.67, down 0.9% from 28,608.31 last week. It’s down 0.7% year-to-date. The S&P 500 closed the week at 3,465.39, down 0.5% from 3,483.81 last week. It’s up 7.3% year-to-date. The NASDAQ closed the week at 11,548.58, down 1.1% from 11,671.56 last week. It’s up 28.7% year-to-date. U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 0.85%, up from 0.76% last week. The 30-year treasury bond yield ended the week at 1.64% up from 1.52% last week. We watch bond yields because mortgage rates often follow treasury bond yields. Mortgage rates - The October 22, 2020, Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.80%, unchanged from 2.81% last week. The 15-year fixed was 2.33%, almost unchanged from 2.35% last week. The 5-year ARM was 2.87%, almost unchanged from 2.90% last week. The California Association of Realtors reported that existing, single-family home sales totaled 489,590 on an annualized basis in September. That represented a month over month increase of 5.2.% from August, and a staggering year over year increase of 21.2% from the number of homes sold in September 2019. Usually, because of seasonal adjustments home sales begin to cool in September, but this September marked the highest monthly number of homes sold in over a decade. The median price paid for a home in California was $712,430, up 17.6% from the median price last September. Inventory levels were lower than one year ago. There was just a two month supply of homes for sale in September. On a regional level the median price paid for a home were sharply higher than one year ago. The year-over-year increases were as follows: LA County’s median price was $747,380, up 12.7% from last September. Ventura County‘s median price was $787,500, up 19.5% from last September. Orange County’s median price was $915,000, up 10.2% from last September.

More good news for those selling and buying homes: Economic update for the week ending October 10, 2020 Stock markets had their best week in three months - It was a strange week on Wall Street. Stocks opened the week higher as Treasury Secretary Mnuchin has begun to bridge the gap between democrats and republicans on another round of stimulus. Stocks dropped midweek after President Trump announced that there would not be a stimulus bill passed until after the election. The f...ollowing day he announced that a deal was close, and the White House increased their stimulus package from $1.6 trillion to $1.8 trillion. The House had approved a package for $2.2 trillion. Investors feel that a deal is close and stocks rallied on the prospect of approximately $2 trillion added to the economy. The Dow Jones Industrial Average closed the week at 28,586.90, up 3.3% from 27,681.71 last week. It’s down 0.2% year-to-date. The S&P 500 closed the week at 3,477.13, up 3.8% from 3,384.44 last week. It’s up 7.6% year-to-date. The NASDAQ closed the week at 11,579.94, up 4.6% from 11,075.02 last week. It’s up 29.1% year-to-date. U.S. Treasury bond yields - The 10-year treasury bond closed the week yielding 0.79%, up from 0.70% last week. The 30-year treasury bond yield ended the week at 1.58%, up from 1.48% last week. Mortgage rates - The October 8, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.87%, unchanged from 2.88% last week. The 15-year fixed was 2.37%, unchanged from 2.36% last week. The 5-year ARM was 2.89%, unchanged from 2.90% last week. September home sales figures should be released either at the end of next week or the beginning of the following week. Those results will appear in upcoming updates. Have a beautiful weekend!