Saturday AM Economist: Mortgage Update, Mixed-Use Homes, and more!
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.
Mortgage Market
This week, positive housing supply news came via New Home starts which were 16% higher than a year ago. Retail Sales data for December on consumer spending was stronger than forecasted while labor data on Jobless Claims was less than expected. Both the spending and labor reports indicate economic growth, causing upward pressure on rates which ended the week slightly higher.
Next week I'll be closely monitoring GDP readings to be released Thursday and inflation readings (PCE) to be released Friday for any potential impact on home financing terms.
Did You Know?
Topic: Mixed-Use Properties
Did You Know that all agencies allow Mixed-Use Properties given that the property is primarily residential in nature and not modified in a manner that has an adverse impact on its marketability as a residential property? Mixed-use refers to a residential property with a business use. This can include, but is not limited to, properties with space set aside for day care, a beauty salon, or a doctor's office.
Each agency has specific requirements for mixed-use properties which can differ between them. Where one agency may not allow a property, another may. We, as lenders, are heavily dependent on the appraisal report to determine the eligibility of the property.
Please reach out to me when there is a property that you are unsure of its eligibility. Although the final determination will come down to the appraisal report, I'm always happy to review online listings, county records, and/or other property information to give guidance.
Economic Data Points:
If you have any questions, please let me know, I'm always happy to help both you and your clients.
Karyn McAlpin VP, Sr. Loan Officer, NMLS ID #505392 M: (704) 754-0192 Email Me View My Website
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