JTS Mortgage Minute 10/08/19 - Prequalify Now

Credit: WCBI
Published on October 9, 2019 -

JTS Mortgage Minute 10/08/19 - Prequalify Now

Jeff Farnham of JTS & Co.

Mortgage Professionals explains that the purchase demand continues to improve heading into the fall leaving Interest rates at the lowest they've been in three years.

Contact JTS & Co today to set up a free consultation and find a house to make your home.

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JTS Mortgage Minute 10/08/19 - Prequalify Now

Economist sam khater said purchase demand continues to improve heading into the late fall with purchase mortgage applications up 9% from a year ago.

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The improved demand reflects the healthy underlying consumer economic fundamentals such as low unemployment rate, solid wage growth, and low mortgage rates.

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As you know the federal reserve announced in september that they would cut interest rates by a quarter point.

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This is the second consecutive rate cut after more than a decade of holding rates steady or raising them.

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The lower cost of mortgages is fueling sales of existing homes according to the national association of realtor's latest stats.

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Existing sales in august gained 1.3% from july and were 2.6% higher than a year earlier.

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In the south, existing home sales were up 3.6% from a year ago.

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As expected, buyers are finding it hard to resist the current rates.

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The desire to take advantage of these promising conditions is leading more buyers to the market.

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Slower house price gains and falling mortgage rates have significantly improved housing affordability while consumer incomes have accelerated.

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This combination is putting a home purchase within reach for more and more home buyers.

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The housing market will continue to be supported by household growth, solid job gains, and low delinquency rates.

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Housing starts gained over 12% in august compared to the estimated july figure.

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Single-family starts increased over 4% and overall starts were up almost 7% year-over-year.

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Housing has been on an upswing in recent months as the pace of permits and starts has been rising since spring with the southern region driving the increased starts.

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There are some encouraging signs for further growth in housing starts ahead.

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Residential construction jobs increased nearly 4% between august of 2018 and august 2019.

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This is great news considering homebuyers demand is up as much as it is.

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At jts & co.

We strive to be your life-time mortgage advisor.

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That means no matter what stage of homeownership you're in, we want to be your trusted aid throughout the process.

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Surprisingly, more than half of americans admitted they do not know the minimum required down payment needed to purchase a home and were not entirely aware of the various affordable loan programs. 22.

Your credit score, debt-to- income ratio, and a few other factors play a big part in what loan program you qualify for.

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Each loan program has its own characteristics to fit different buyer profiles and scenarios and comes with its own

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