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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Blog

 

Home Price Gains Remained Solid in September 2018

CoreLogic reports that home prices nationwide, including distressed sales, rose 5.6 percent year over year in September 2018 compared to September 2017. The 5.6 percent is down from June's 7.1 percent year over year increase as home price gains moderate to more historical levels. Month over month saw a 0.4 percent rise. From September 2018 to September 2019, CoreLogic forecasts a 4.7 percent gain ... still a great story with rates at historically low levels.

November 6th, 2018 | Mortgage News, Home Price Gains Remained Solid in September 2018

Workin' 9 to 5, What a Way to Make a Livin'

"Workin' 9 to 5, what a way to make a livin'"- 9 to 5, Dolly Parton This past week showed more and more people working 9 to 5 and home loan rates didn't like it. First, the ADP Report on Wednesday showed 224,000 private jobs created, well above the 184,000 expected. Then on Friday, the Bureau of Labor Statistics (BLS) Jobs Report showed 250,000 job creations in October, well above expectations. This sent Utah mortgage rates up. Within that report, Hourly Earnings (wages) rose 3.10% year over year, the highest rate since April 2009. The pickup in wages is infla...

November 2nd, 2018 | Mortgage News, Workin' 9 to 5, What a Way to Make a Livin'

Mortgage Rates Slip

The average rate on a 30-year fixed rate mortgage fell to 4.83% in the latest week, according to mortgage guarantor Freddie Mac, down from 4.86% the week before. Investors flocked to bonds for safety as the stock market tumbled, and mortgage rates typically follow bond yields. The 15-year fixed rate mortgage also saw rates decline, falling to 4.23% from 4.29%. The average rate on a 5-year Treasury-indexed adjustable rate mortgage sank to 4.04% from 4.14%.

November 1st, 2018 | Mortgage News, Mortgage Rates Slip

Zombie Foreclosures

The number of “zombie foreclosures” – vacant properties in the foreclosure process – fell to 10,291 homes, down 4.18% during the 2018 third quarter from a year earlier. The new total represents just 3.38% of all properties in foreclosure, according to ATTOM Data Solutions and is less than a fourth of 44,000 zombie foreclosures in 2014 when the company began tracking them. The report also said the total vacant U.S. single-family homes and condos (including those in foreclosure) decreased to 1.5 million in Q3, a decline of 1.58% from 2017.

October 31st, 2018 | Mortgage News, Zombie Foreclosures

Stocks Tricked While Bonds Treated Ahead of Monster News Week

"The key to making money in stocks is not getting scared out of them..." Peter Lynch Folks didn't receive that memo this past week as the threat of rising rates and some not-so-rosy outlooks from firms like Amazon definitely frightened investors, who fled from Stocks. All three major Stock indices - the Dow Jones, S&P 500 and Nasdaq sold off hard this week and are now flat-to-negative for the year. Even a better than expected 3rd Quarter GDP reading of 3.5% along with a stellar consumer spending reading on Friday could not help Stocks avoid a selloff at the open. ...

October 26th, 2018 | Mortgage News, Stocks Tricked While Bonds Treated Ahead of Monster News Week

Land of Confusion

"Now did you read the news today. They say that danger's gone away." Land of Confusion by Genesis. Our Federal Reserve has a dual mandate - to maintain price stability (inflation) and maximum employment. They also have a 3rd "unstated" mandate, which is to maintain market calm. This past week, the Fed came up a bit short on that "unstated" mandate and created quite a bit of confusion and market turmoil midweek upon releasing the Minutes from the Sept 26th Fed meeting. In that meeting, we learned there is a group of "hawkish" Fed Members that...

October 19th, 2018 | Mortgage News, Land of Confusion