3 Big Things: 1. The FED raised the FED rate, but what did that do to Mortgage Rates? 2. Mortgage Knowledge for Realtors in Clermont – 8.5 @ 11:30am 3. The K92’s ALL STAR JAM lineup is here!
Hey there, Bruce Woodburn, CrossCountry Mortgage, WDBO Radio and it’s time for The 3 Big Things you need to know. Let’s get right down to business here. There has been a lot of things happening and I think we need to drill down on how that is going to effect you and your real estate investments or if you are a real estate agent, how does this effect you if you are in the mortgage business? How does it effect you if you want to buy or sell a home, how is that impacting you as well? So let’s get right down to it.
- First things first, the Fed did raise the Fed rate by three quarters of a point. Now, what did that do to interest rates? Keep that in mind the Fed rate impacts prime rate, credit cards, car loans, small loans, home equity lines of credit, but it does not directly, but does indirectly effect mortgage rates. So what happens to mortgage rates is the market makers on Wall Street already know that the Fed is going to raise the Fed rate and they anticipated up to a full point increase now, since the Fed only raised it three quarters of a point, what do you think happened to rates the day that the Fed raised the Fed rate three quarters of a point? They came down a little bit and then they came down a little bit the next day and then they came down a little bit more today. So does that effected the interest rate considerably? A little bit. It effects the discount points more than it does the rate, but rates actually took a little bit of a dip, even though the Fed raised the Fed rate because the rate was already factored into it. The price was already factored into it. That’s The 1st Big Thing you need to know. So don’t hesitate, buy now. Why should you buy now? I’m gonna tell you why the cost of waiting is greater than, than the cost of buying. So nobody really loves interest rates right now. I’m not getting anybody jumping up and down about interest rates, including me and I’m buying property right now. I will refinance, we marry the property- we date the rate, everybody’s going to refi some people go, yeah, but it’s gonna cost me 3-4- $5000 to refinance. Yes, but think about this, if you buy a home, $400,000 and it only goes up 5% that’s only 5%. You made 20 grand in a year. So if you have to wait two years, you made 40 grand. So what, I’ll take 40 grand for five grand all day long, it doesn’t make sense to wait and housing prices are continuing to rise. Don’t get caught up and all of the propaganda that housing prices are pulling back, they’re slowing down in appreciation. That’s not a pull back. Do you know how much houses have gone up already this year? In Central Florida? 15%. It’s time to get in the market, guys don’t let it pass you by rich people get richer when you think prices are going up, they jump in, let’s get in the game.
- 2nd Big Thing you need to know, I am holding a class for real estate agents only on Friday, August the 5th at Outback Steakhouse in Clermont. It will be a Lunch and Learn, I am going to buy you lunch and you are going to learn a lot. But if you’re in real estate and you don’t know everything you need to know about. FHA, VA, USDA, PMI, MIP anything down payment assistance, Hometown Heroes. This is a an opportunity for you to sharpen your skills. You do not want to be in real estate and find that your client knows more about financing than you do. That’s embarrassing and it’s not gonna happen if you’re teamed up with a The Loan Arranger, so that is #2, go to my website, webringyouhome.com and register right away. I only got about 20 seats in this room. It’s very quaint, it’s very personal and we’re going get down to business. You’ll learn a lot. Okay.
- Number 3 Big Thing you needed to know. Yes, I have just committed again to the K92.3 All Star Jam. That will be on September 4th at Additions Financial Arena. That is at U. C. F. And I am one the main sponsors and you will be able to link to buy tickets and I might even have some free tickets to give away to some of my favorite clients and favorite real estate agents. So show me the love you guys, Show me the love, that is September 4th 2022 at UCF Additions Arena starring Dan and Shay, Jelly Roll, Michael Ray, a local country star here in Central FL area and he is good, Mitchell Tenpenny, Niko Moon, crazy-awesome-good and Hailey Whitters. Now there may even be some more that haven’t been announced yet, but I’m your key to getting into that event. We are going to have a heck of a great time.
So those are the 3 Big Things you need to know, Great weekend to you. God bless and thank you. I’m always there to help you with your mortgage and real estate transaction. Have a great weekend.