Greetings, real estate professionals, and welcome to the inaugural The Mortgage Minute newsletter focused on all things real estate and mortgage-related! As trusted advisors guiding clients through the intricate process of buying or selling a home, I understand the pivotal role you play in shaping the dreams and aspirations of homebuyers and sellers alike. With a wealth of experience spanning 25 years in the mortgage lending industry, I’m excited to collaborate with you and provide valuable insights, industry updates, and practical tips to enhance your expertise and empower your clients. From navigating financing options to staying ahead of market trends, my goal is to equip you with the knowledge and resources necessary to excel in today's dynamic real estate landscape. Join me on this journey as we explore topics ranging from mortgage strategies and lender partnerships to housing market analyses and regulatory changes. Together, let's elevate our profession and continue to make homeownership dreams a reality for our clients.

🏠Price Takes the Lead! See Ya Location, Location, Location!! 🔑

Ever thought price might just outrank location in home buying priorities? A recent survey says exactly that, with 56% of consumers leaning towards price. Interestingly, women are more price-conscious than men (60% vs. 48%).

• The Price Factor: Price is the new leading factor in home buying

• ·  The Dream Home Journey: Of consumers who purchased a home last year, 31% did so because they found their dream home.

• Seeking New Adventures: A significant 66% of potential sellers are ready to explore new living places, either a different city, or state
  

• ·  Market Sentiments: Optimism is in the air, with many consumers expecting an improved or stable housing market in 2024.
  

• Influence of Social Media: It’s a major player in shaping housing preferences, especially among the younger demographics.

Want to see the report with these crazy stats? Just say the word, and I’ll shoot over the link to this fascinating article.

📈Mortgage Rates Rise After Inflation Data, But it Could Have Been Worse

Tuesday brought the release of one of the most consequential economic reports that comes out on any given month: the Consumer Price Index (CPI).  CPI measures inflation and inflation is a big deal for interest rates.  Higher inflation means higher rates and vice versa.  That correlation held true today with CPI coming in higher than expected and mortgage rates moving higher, but the details are more nuanced.

The last time CPI came out (February 13), the most important line item (core month over month CPI) was at the same level as today's report.  The impact on 30yr mortgage rates at the time was a big jump of 0.17% for the average lender.  Today's increase was only 0.05%, and it didn't even bring rates up to levels seen BEFORE last month's big jump.

That all adds up to a very nice silver lining for an otherwise downbeat day.  It suggests the market is starting to see more convincing signs that inflation and the economy stand a better chance deliver rate-friendly news in the near future as opposed to news that would cause a big resurgence.

🏡MBS Highway Housing Index (March 2024)🏡

The strong, upward trajectory the MBS Highway National Housing Index experienced over the prior three months paused in March 2024, as mortgage rates reversed course and moved back above 7%. There was significant regional variation, however, with the Northeast and Mid-Atlantic regions getting even hotter, while the Southeast and Southwest regions lagged.

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