Happy New Year

Wishing everyone the very best for 2020!

It was a great year to be in the mortgage industry and I’m looking forward to 2020. Late 2018 some were saying mortgage rates would be over 5.00% and possibly 6.00% in 2019. As we all know that didn’t happen. Once the 30 year fixed rate hit the high 4.00% - low 5.00% range in September - Ocotber 2018 the housing and mortgage industry came to a stand still. Understandably.

For so many year mortgage rates have been below 4.5% (on a 30 year fixed mortgage term) and homebuyers and homeowners were not going to move forward on an interest rate about that level.

Good Things That Happened in 2019:

This year mortgage rates moved lower, to some of the lowest levels in years, processing times improved and both Fannie Mae and Freddie Mac issued more appraisal waivers. Especially for homes that had an appraisal done in the last two years.

So What Will 2020 Bring?:

Great question! I’m hoping the Mortgage Backed Securities market remains stable. When the MBS market is stable mortgage rates are better and it’s easy to quote clients. In times of volatility it’s difficult to quote a homebuyer (or homeowner) because you don’t know if the next day that rate at those exact terms will be available. So hoping for stability in 2020!

I think we’ll see more appraisal waivers from Fannie Mae and Freddie Mac and I believe processing times will continue to improve as more lenders embrace the technology to paperless.

Thank you!:

A big thank you to all my past and current clients. With you you I would not be in business today. I cherish the opportunity to be your trusted Loan Officer and I look forward to many more years of helping homeowners achieve their dreams.