I'm a day late for National Relaxation Day - but it seemed so topical that I'm sending it any way.  We all need a spa day!  I'm going to bake some cookies and go visit some friends.  There is so much going on in the news that is negative that is seems to be making everyone tense and uphappy.  I am looking forward to the end of the month.  John and I will drive down an visit with Mom for a couple of days and then stop at Universal Studios for two days to celebrate his birthday.  This will be our first visit staying on property at the Potofiino Hotel.  Can't wait to check it out.

If you are interested, I have attached a newsletter at the end of the email about the current interest rates and market trends.  Call if you have any questions.  I am working this weekend.

Here are some things around town to check out:

Saturday morning from 8 until noon.

$2 a pound

Make a Snake - Crooked River State Park

Tue Aug 16th 1:30pm - 2:00pm, Sat Aug 20th 1:30pm - 2:00pm

 

snakesreptilesarts-&-craftscrooked-river-state-parknaturefun-for-all-agesinformative

Crooked River State Park, 6222 Charlie Smith Sr Hwy, St Marys, GA 31558, USA map 

After learning about our scaly friends, let your imagination run wild as you create your own slithery pal.

 

Space is limited. Please call to register or visit the main office to register.

Admission: $2 per snake

Parking fee: $5

Event Phone: 912-882-5256

 Rate Update from Thomas at Prosperity

We have not seen significant movements with interest rates since my last update and day-to-day fluctuations have mostly been .125%-.25% in price (not necessarily rate). Overall rates have been consistently in the lower to mid 5% range across most loan types without the need for discount points. The being said, in today’s message I’d like to share some basics on how mortgage rates are determined and why they change frequently.

Mortgage rates are driven by investor demand, and these are viewed similar to bonds in the secondary market. Investors pay an upfront lump sum in exchange for a fixed schedule of payments over time, with interest. Mortgage lenders use loan level pricing adjustments (LLPAs) to determine rates according to risk factors such as credit score, loan-to-value and occupancy. These factors rarely change so day-to-day fluctuation for an unlocked rate is almost always determined by movement in the bond market.

A bank or credit union might keep some or most of their loans on the books versus selling on the secondary market. In this case it’s optional for them to use the same pricing adjustments as mortgage companies, who are specifically in the business of selling loans.

Unpredictable consumer behavior make mortgages riskier than bonds like US Treasuries, so investors expect higher rates of returns for certain scenarios (i.e. lower credit scores, non-owner occupied properties, etc). Since the payments for a mortgage-backed security come from a consumer versus a government entity, for example, there are several unpredictable factors that make mortgage rates more volatile:

• A consumer might sell their home or refinance just a few months into a 30 year note, so that investor receives very little return.
• Investors lose money when a home goes into foreclosure or short sale, and these have increased over the first 6 months of 2022. Surprisingly the unpredictable nature of early loan payoffs (home sales and refinancing) is a much larger concern to investors.

Lastly - our current market continues to be a challenge for homebuyers to navigate. Our goal is to provide helpful products, advice & benefits to give your clients the best experience, while also helping them find the best option to meet their needs. I appreciate your time in reading this and have a great rest of your week!

Mortgage Rates – August 16, 2022

Contact me for a customized quote!

The above scenarios assume a $350,000 sale price ($1.5M on a Jumbo) on a primary purchase transaction with 20% down, a 740 FICO score and a 30 day rate lock. Interest rate and annual percentage rate (APR) are based on current market conditions as of 8/16/2022, are for informational purposes only, are subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Estimated closing costs used in the APR calculation are assumed to be paid by the borrower at closing. If the closing costs are financed, the loan, APR and payment amounts will be higher. If the down payment is less than 20%, mortgage insurance may be required and could increase the monthly payment and APR. Contact us for details. Additional loan programs may be available. Accuracy is not guaranteed and all products may not be available in all borrower's geographical areas and are based on their individual situation. This is not a credit decision or a commitment to lend.

August 15: National Relaxation Day Relaxing is not always as easy as it should be. Our lives are busier than ever, and after dedicating so much time and energy to work, family, housework and other responsibilities, we rarely take enough time to care for ourselves. But relaxation and stress-relief are important for staying healthy – both mentally and physically. Take some time today to do one of your favorite relaxation activities. Whether it's reading a book, going for a walk, taking a bath, fishing, watching a movie, gathering with friends, crafting, cooking, or just sitting in a quiet space for a few minutes - take time to slow down and unwind! Use #NationalRelaxationDay to share your leisure activities on social media and inspire your friends to relax too. When you're ready to find a more relaxing space to call home, I'll be here to make the process easy and stress-free. Just send me an email or give me a call.   Cathy Holman Berkshire Hathaway HomeServices Hodnett Cooper Real Estate 717-801-5900  Direct 912-673-7373  Office cathy15@comcast.net cathy@holmansellhomes.com HolmanSellHomes.com If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed.