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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Housing Starts Slip in September

Overall Housing Starts fell 9% in September from August's 12-year high to an annual rate of 1,256,000 units versus the 1,306,000 units expected. Year-over-year total Housing Starts rose 1.6%. However, the silver lining within the data showed that single-family home construction, which makes up the bulk of the housing market, increased for the fourth straight month and the 918,000 annualized units in September was the best since January. Single-family starts were up 4.3% annually. Multi-family dwelling construction plunged 28% from August, down 5.8% year-over-year. The housing sector is bei...

October 17th, 2019 | Mortgage News, Housing Starts Slip in September

September Mortgage Rates Show Market Volatility

Average interest rates on long-term U.S. mortgage loans fell dramatically last week, making September the most volatile month since March, according to Freddie Mac. The average rate on a 30-year fixed-rate mortgage dropped to 3.64% with 0.6 point for the week ended September 26, down 9 basis points from the previous week and down much more from 4.72% the year before. As investor moods have been yanked around by global markets, September rates have had big swings up and down with weekly rate movement averaging 11 basis points.

October 2nd, 2019 | Mortgage News, September Mortgage Rates Show Market Volatility

Housing Affordability on the Rise

As rates fall and incomes rise, homebuyers’ buying power has reached its highest level in 18 months, according to data from property data company Black Knight. Even though actual prices have climbed an average of $12,000 over the past eight months, sub-4% mortgage interest rates have increased housing affordability by 15% in that time. A buyer could now purchase a home for $45,000 more than last fall and still get the same mortgage payment.   Get More Information Inquire Now

August 12th, 2019 | Mortgage News, Housing Affordability on the Rise

How to Avoid Wire Fraud at Mortgage Closing

You have found the perfect property and made it all the way through the home buying process. The only thing left to do is wire the down payment and closing costs to your mortgage lender. Right before you are supposed to wire the money, you get an email from your title company or mortgage broker giving you different instructions about where to send your funds. Since the email is clearly from your them, you follow the instructions. You expect to be handed the keys at the end of the day, only to discover that you have been scammed and your entire down payment has vanished into the hands of an inv...

August 7th, 2019 | Mortgage Basics, Mortgage News, How to Avoid Wire Fraud at Mortgage Closing

Fed Cuts Rate for the First Time in 11 Years

The Federal Reserve decided to lower its target interest rate to the range of 2% to 2.25%, down from a range of 2.25% to 2.50%. It is the first rate cut since December 2008, at the beginning of the Great Recession. The move was spurred by concerns about a slowing global economy. The Fed’s rate is tied to most other consumer credit interest rates and will likely put downward pressure on long-term mortgage rates.

August 5th, 2019 | Mortgage News, Fed Cuts Rate for the First Time in 11 Years

Featured Chart - May New Home Sales Disappoint

May New Home Sales Disappoint Sales of new homes fell by nearly 8% in May from April by to an annual rate of 626,000 units, below the 683,000 expected. From May 2018 to May 2019, sales declined 3.7%. Inventories are now just above normal rates of 6 months, currently at 6.4 months. The median price of a new home sold in May was $308,000, 2.7% lower than a year ago. New home sales declined in the Northeast and West with gains seen in the Midwest and South.   Buy a New Home Inquire Now Vantage Production, LLC is the copyright owner or licensee of the content and/or information i...

June 25th, 2019 | Mortgage News, Featured Chart - May New Home Sales Disappoint

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