Hello there. It’s Bruce Woodburn, CrossCountry Mortgage and it’s time again for the three big things you need to know. It’s Friday the 23rd and here’s the big things in the news right now. When it comes to real estate and mortgage news, I always want to make sure that my clients and my real estate agents are completely up to speed on what’s going on in the industry.

1. So first of all, interest rates, what’s going on with interest rates right now? Well, you can see the stock markets have taken some pretty serious hits and when the stock market is doing poorly, generally, interest rates start to get a little bit better. So we’ve seen some improvement in interest rates in the last couple of days, even in the last week or so, they’ve come down just a little bit for us. But what that’s done is it’s reinvigorated the refinance market. So if you did not refinance, you should absolutely look at the opportunity to refinance. Right now, my team is here and we’re still closing transactions.
2. So the second big thing you need to know is, I’m hearing that some of these banks are just not doing mortgages anymore, they’re too busy and they’re cutting them off. I got no problem with helping you with your refinancing. I’m still closing loans in 21 days. I’ve got a full team of people available to help you with your refinance. But I do believe that this is a window of opportunity until the stock market recovers, it’s making a correction guys, that’s all, it’s making a correction. They always do that and when the correction corrects again, they’re gonna start popping back up again. So, here’s why the next news is that the federal government and the European Central bank has announced that we are going to experience some inflation. Duh, who didn’t know we’re going to start experiencing inflation. Come on, we’re giving away trillions of dollars, it’s time for inflation. Things are going up.
3. So then segue into the third big thing you need to know what’s going on with housing. Well, you know, it was reported that we only have a 1.14 months in inventory. A balanced market is six months, right. I actually was told that we’re closer to three weeks worth of inventory. That means there’s just not near enough houses on the market to satisfy all the people that want to buy them. And buyers are getting frustrated, they’re bidding over asking price, they’re waving appraisal contingencies, they’re coming up with much larger earnest money deposits. And then the last thing I want you to tell this is your bonus, Your 4th big thing you need to know and that is there is some violations being handed out by the C. F. P. B. For lenders that are not adhering to the forbearance rules. So if you went into forbearance, you’re protected for forbearance. Now look you guys, hear me say this: If you did not lose your job or your income didn’t go down, do not go into forbearance. If you did, you could be putting yourself out of taking and using the opportunity to take advantage of low interest rates today. Because if you went into forbearance, you’ve got to be current and then you’ve got to be current for three months.

That’s the three big things you need to know with the bonus round, have a great weekend. Bruce Woodburn CrossCountry Mortgage, The Loan Arranger. Don’t forget to tune in to my shows Saturdays at noon on WDBO and Wednesdays at six p.m. on WFLA. Have an awesome weekend and enjoy it. Call The Loan Arranger when you need your next mortgage. Have a great weekend.