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Scott Dostal Mortgage Team Update
The Scott Dostal Mortgage Team would like to take this time to thank all our clients! We truly appreciate your business! We strive to make the home financing process a smooth one by exceeding our client's expectations when it comes to our customer service! We have been busy the last couple of months and wanted to list some of the highlights: * We financed a four-unit home in downtown Rehoboth, a block from the beach. We were able to help ... [read more]
Experts: Spring home-buying season starts off with a bang
The spring home-buying season is in full swing and it started off with a bang. Home prices increased in February to a new high for the fourth consecutive month, according to the S&P CoreLogic Case-Shiller Indices, released Tuesday by S&P Dow Jones and CoreLogic.
Home Price Gains Aren't Cooling Off
For the fourth consecutive month, the National Home Price Index from S&P CoreLogic Case-Shiller has set a new price peak, rising 5.8 percent in February. It is now a half percentage point above the pre-crisis peak reached in July 2006. The Housing Price Index released by the Federal Housing Finance Agency (FHFA) also accelerated, gaining 0.8 percent in February, compared to 0.2 percent in January.
2017 Presidents Award
New Penn Financial recently announced that Scott Dostal, Rehoboth Beach branch manager, has been awarded membership in the company's annual President's Club for 2017. ??
Mortgage-backed security market to make a comeback in 2017
The housing market recovery did not translate into a healthy market for non-agency residential mortgage-backed security issuance, which remained stagnant. A November report even showed that prime jumbo bonds all but disappeared from the market in 2016. It showed that as of September 25, there were only eight prime jumbo securitizations issued in 2016. Compare that to 35 prime jumbo securitizations that were issued in 2015, 28 that were issued ... [read more]
The future of TRID hangs in the balance amid Trump regulatory actions
A freeze on a final rule of the Consumer Financial Protection Bureau's Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, TRID, could become an unfortunate side effect of Trump's executive order on Monday. TRID was the buzzword of the year last year, even dominating a good chunk of HousingWire's coverage. But not anymore. The hype around TRID faded away as the industry, better yet, nation ... [read more]
Probable Delay, Possible Reversal for FHA Premium Cut
Secretary of Housing and Urban Development (HUD) nominee Ben Carson said at his confirmation hearing, "Certainly, if confirmed, I am going to work with the FHA administrator and other financial experts to really examine that policy." He was talking about an earlier announcement from the current HUD head that FHA insurance rates were going to be cut. On January 12, when Carson made that remark, most everyone viewed it as a throw-away line.
FHA cuts mortgage insurance premiums again
When the Federal Housing Administration announced late last year that its flagship fund, the Mutual Mortgage Insurance Fund, grew for the fourth straight year, it led to many questions about whether the FHA should cut its mortgage insurance premiums again. While, Ed Golding, the Department of Housing and Urban Development's principal deputy assistant secretary for housing, said at the time that the FHA is not considering cutting its mortgage i ... [read more]
Here's the real impact of the post-Trump interest rate spike
As recent reports from Freddie Mac show, mortgage interest rates rose sharply after the election, recently climbing back above 4% for the first time since 2015. While still low by historic standards, interest rates are still roughly 50-basis points higher now than they were before Donald Trump won the election, and a new report from Black Knight Financial Services shows the real impact of that increase on borrowers and potential borrowers.
What's in store for housing in 2017?
For the majority of this year, the housing market could not get past low inventory levels, which were continuously cited as the main road block to a fully healthy housing market. Next year should be better, according to the newly release forecast from the National Association of Realtors, but it's going to take time. During the residential housing and economic forecast session at the 2016 Realtors Conference & Expo, Lawrence Yun, chief economi ... [read more]
Mortgage Rates Inch Lower
Mortgage Rates moved slightly lower today, depending on the lender. During the morning hours, rates were roughly unchanged and thus remained in line with the highest levels in more than 4 months. As the day progressed, bond markets improved, resulting in fairly widespread 'positive reprices' (meaning that certain lenders issued new rate sheets with modest improvements). After the reprices, the average lender was quoting slightly lower upfront ... [read more]
Housing Market Index Drops to 2nd Highest Level of 2016
The Housing Market Index (HMI), a measure of home builder confidence in the new home market, gave back a bit of its September surge this month. The National Association of Home Builders (NAHB)/Wells Fargo index dropped 3 points from September to 63, exactly the consensus prediction of analysts surveyed by Econoday.
Pending home sales surge to 10-year high
Pending home sales overcame industry hurdles and increased for the third consecutive month in April, surging to the highest level in over a decade, according to the National Association of Realtors. The boom even includes all major regions, with each one posting a gain in contract activity last month. The only exception is the Midwest, which saw a meager decline. The Pending Home Sales Index, a forward-looking indicator based on contr ... [read more]


         
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Email: sdostal@newpennfinancial.com
Phone: 302-684-3932