Friday Mortgage Minute, Issue 93

Hello Friends,

Happy Spring. March Madness is on! The first round tipped off yesterday with 16 games in action at spots like Rupp Arena and Ball Arena. Teams like Louisville and Purdue are fighting to advance, while North Carolina and Xavier have already punched their tickets in the First Four. Keep watch to see what happens.

Mortgage Minute

Mortgage Rates Very Close to Multi-Month Lows By Matthew Graham - It was actually a rather uneventful day for the bond market. That means it should have been an uneventful day for mortgage rates (because they're driven by changes in the bond market). To be fair, it was far from an exciting day, but the average mortgage lender was nonetheless able to inch closer to potentially exciting milestone. Rates have generally been flat at levels that are just a bit higher compared to the longer-term low seen in early March.  Before that, you'd have to go back to mid-October to see anything lower.  Today's mortgage rates ended up 0.05% lower than yesterday's, despite the bond market indicating no change.  The discrepancy comes down to timing. Yesterday saw a nice improvement in bonds late in the day.  Not every mortgage lender went to the trouble to improve their rates. Now today, bonds are falling back to the same levels, but they were in better shape this morning when most lenders decided their rates for the day.  The average lender has, once again, not gone to the trouble to raise their rates in response to the bond market movement.

US unemployment rises – but a March rate cut still looks unlikely By Fergal McAlindenn – The US added 151,000 jobs but unemployment inched upwards in February, rising to 4.1% as economic unease continued to weigh against the labor market outlook. Bureau of Labor Statistics data released Friday showed a boost to employment in healthcare and transportation, offset by weak government payroll growth, in the first jobs report reflecting a full month under the new Trump administration. The announcement arrived against the backdrop of mounting uncertainty about the economy’s direction, with February also seeing the biggest cull of jobs since the start of the COVID-19 pandemic and little clarity yet on how those cuts will impact the wider economy. Click link above to read more.

If you have any questions or need a Pre-Approval this weekend, let me know!

Mortgage Loan Products Include:

We’re excited to share that active Chapter 13 bankruptcy is allowed on FHA loans, making it easier for borrowers who are working through financial challenges to access homeownership. This program is also a great option for Cash Out refinances, providing clients with the opportunity to tap into their home’s equity.

Program Highlights:

✔ No Score Loans

✔ Down Payment Assistance Programs

✔ Scores Down to 550 with A/E Findings

✔ Manuals Down to 580: Standard and High Balance

✔ Manufactured Homes: Single and Double Wides FICO Score Down to 640

Back to Basics Series – the 3rd Friday of every month

Debt-to-income (DTI) Ratio Explained

The Debt-to-Income (DTI) ratio is a financial metric used to assess an individual's ability to manage monthly payments and repay debts. It compares your total monthly debt payments to your gross monthly income. Lenders use this ratio to evaluate how much additional debt you can handle when applying for loans or credit. Essentially, a lower DTI ratio indicates better financial health, as it means you have more income available relative to your debt obligations.

Click here for Today’s Mortgage Rates

Real Estate – NC

Kane Realty is calling dibs on the ‘final piece’ of the puzzle in Midtown Raleigh By Chantal Allam - For nearly two decades, Kane Realty has worked to transform Raleigh’s North Hills into a mixed-used innovation district. Now the city’s most prolific developer is vying to purchase “the final piece” of the puzzle. The firm confirmed that it’s making a “very competitive offer” for the 27.89-acre site between Interstate 440 and St. Albans Drive at Wake Forest Road in Midtown Raleigh. Click link above to read more.

Texas investor buys 370 acres in booming North Carolina county By Ben Tobin - A Texas-based real estate firm has scooped up hundreds of acres in northeast Chatham County — a property that once was discussed to be part of a potential mixed-use project. Fearrington Land Holdings, an LLC tied to Austin-based Joe Williams Land Bank Fund, purchased 370 acres off Parker Herdon Road near Briar Chapel for close to $15 million earlier this month, according to Chatham County deed records. The seven parcels included in the sale are zoned for residential use, per Chatham County tax information. Click link to read more.

Real Estate - FL

Climate change: Why Florida's housing markets are thriving despite the fear By Bryony Garlick - The impact of climate change on the housing market has become one of the hottest debates in the mortgage and real estate industries, particularly in states like Florida and California, where hurricanes and wildfires dominate headlines. Just this year, the LA wildfires engulfed the celebrity hotspot of Pacific Palisades, causing millions upon millions of damages. But Jim Park, a veteran mortgage professional and real estate broker with over 30 years of experience, isn’t buying into the doomsday predictions. Instead, he offers a boots-on-the-ground perspective that challenges the mainstream climate change narrative and highlights the real issues affecting homeownership, insurance, and affordability. Click link above to read more.

Grow Your Business

The 6 Best Virtual Staging Software & Virtual Staging Guide in 2025 By Julia Del Rosario - Whenever a property looks empty or outdated in photos, potential buyers will scroll past it. Virtual staging changes that by transforming spaces into stylish homes. The best virtual staging software creates realistic, high-quality images that help properties stand out. I’ve rounded up the top options, plus a few pro tips to help you along the way. Let’s get started!

  Styldod: Best for various interior design styles

·         BoxBrownie: Best all-in-one staging software

·         PadStyler: Best for customization and furniture selection

·         Stuccco: Best for do-it-yourself (DIY) and ease of use

·         Apply Design: Best for quick turnaround times

·         Tantify: Best for high-end, realistic staging

*If an article is locked and you’d like a PDF copy, let me know and I’ll send your way

The “Friday Mortgage Minute by DeVane Newsletter” includes contributions of summary reports and personally researched information. These insights are sourced from reputable news outlets such as News & Observer, Triangle Business Journal, Mortgage News Daily, WRAL TechWire, CNN, NY Times, HousingWire, and others. It’s important to note that Patricia DeVane receives no compensation for mentioning events or services in this newsletter. The content is purely intended to share current knowledge about the mortgage and real estate environment.