Welcome to this edition of my Saturday Morning Economist, where I'm sharing the latest mortgage market updates, along with additional information and insights that I believe you may find helpful.
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Mortgage Market
Markets opened on Tuesday with significant upward pressure on rates as Consumer Confidence readings increased more than anticipated and demand for the 5yr Treasury Auction was weak. Rates began rebounding Thursday when Q1 GDP was revised down from its initial estimate and improved Friday as Core PCE inflation and Personal Income data for April both came in on target. As a result, rates for most programs ended the week the same as last.
Next week is chockfull of economic reports that can potentially influence the direction of rates. I will be monitoring the release of the national Manufacturing and Service sector indexes on Monday and Wednesday, statements from the next European Central Bank (ECB) meeting Thursday, and the highly anticipated Employment report on Friday for any impact to mortgage financing terms.
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Did You Know?
Topic: Appraisal Waivers
Did You Know that both Fannie Mae and Freddie Mac state that mortgages are ineligible for an appraisal wavier (PIW) if the purchase price OR estimated value is $1M or greater? Housing has benefited from consistent appreciation over the years in a lot of markets which has helped many homebuyers forgo the need and expense of an appraisal. Always remember, if the price or estimated value used by the pre-approving lender is $1M or higher, then an appraisal will always be required prior to settlement per Fannie Mae and Freddie Mac.
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Contact me to learn more about the specific requirements for Appraisal Waivers (PIWs) and other restrictions that may apply.
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Stay informed and ahead of the curve! Keep an eye on next week's economic data releases and their potential impact on mortgage rates. If you have any questions, please do not hesitate to reach out!
All The Best,
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Notice: Atlantic Coast Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA, or the Federal or State Government. Eligibility for all applicants cannot be guaranteed. Advertised programs, guidelines, rates, and fees are subject to change without prior notification. This is an advertisement and is not a commitment to lend. This e-mail message and any attachments may contain trade secrets or proprietary, confidential, or privileged information about or relating to Atlantic Coast Mortgage, LLC (ACM). If you are not the intended recipient of this email, then you are prohibited from using, distributing, forwarding, or reproducing it. If you have received this email in error, please immediately notify ACM and delete this email, and any attachments, from your computer system. Certain views and opinions expressed in this email, and any attachments, may be personal to the sender and not necessarily reflective of the views of ACM. Atlantic Coast Mortgage, LLC is an Equal Housing Lender | 4097 Monument Corner Drive, Suite 600, Fairfax, VA 22030 | Company NMLS ID 643114 (www.nmlsconsumeraccess.org).
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