3 Big Things: 1. What are rates doing? What’s going on with the bond market? 2. Hometown Heroes Down Payment Assistance Program, Seminar – Jul 20th 3. Construction Perm Lending, Seminar – July 15th
Hey there. It’s Bruce Woodburn with CrossCountry Mortgage and WDBO radio and it’s time for the three big things you need to know.
- All right, let’s just eat the elephant in the room. What are rates doing right now? What’s happening with the bond market? Well, I’m gonna tell you something, every day that I came into the office this week, they got a little bit worse and a little bit worse. Yeah. And today Friday, we’ve lost 91 basis points. So that’s about 150 basis points throughout the week in the bond market that we’ve lost. But let’s just put this in perspective for you, for every 100 basis points, it costs you an extra point. Nobody likes it. But here’s the thing, Interest rates are gonna keep going up. I don’t see any stopping sight. The government doesn’t have any plan for the economy, inflation is out of control, which is another thing that just drove it up. We just got our uh consumer price index at 8.6% inflation is through the roof. There’s no end in sight. So, look, it I still think it’s a decent time to buy. Even though people think that we may be headed into a recession and we could, but here’s what’s not gonna happen. Housing prices aren’t gonna go down. Don’t be fooled by that. They’re going to continue to go up. They have to go up when the cost of products are higher. So I’m buying, I bought two properties in the last two weeks. I’m gonna buy two more. I think it’s a good time to buy. I’m still in the market. Matter of fact I pulled some of my money out of stocks and put them into real estate because I think I’m gonna do better and it’s gonna be safer. Maybe you want to do that to, you can call me Now. The other thing is is that rents are up and there’s no end in sight for rents. Now we’re talking we’re hearing a little chatter about rent control. So let’s talk about rent control Florida is not gonna have rent control but here’s rent control for you. It’s called a 30 year fixed rate mortgage. That’s rent control. You want to control your rent, buy a home 30 year fixed rate. Even if rates are a little bit higher we’re all gonna refinance again when they come back down it’s gonna be fine.
- Second big thing you need to know a class that I’m teaching on Hometown Heroes. The newest and greatest thing with down payment assistance that you’ve ever heard of. And if you don’t know this program inside and out, you shouldn’t even talk to your buyers about it if you’re interested in Hometown Heroes for FHA, VA, USDA and Conventional loans you can get up to $25,000 in government money. I am going to be teaching a class on Wednesday July 20 from 6 to 7 30 register at webringyouhome.com. This is gonna be at Miller’s Ale House in Winter Park on Wednesday July 20th. 20 bucks a head to get in $30 per couple.
- Second class. I’m teaching if you’re in real estate or you want to buy a home and build on your own lot and you don’t understand how construction/ perm financing works, then you come see me on Friday July 15th. It’s gonna be a lunch meeting from 11 30 to 1 at Outback Steakhouse in Clermont on Highway 50. Those are the three big things you need to know, keep your head up, it will get better sooner or later. And if you need any help with a purchase transaction or refinance transaction, I’m applying for the job, let me know. We’re always here for you. Have a great weekend.