Friday Mortgage Minute 92

Hello Friends,

This week's headlines have been buzzing about the Consumer Financial Protection Bureau (CFPB), and I'm here to break it down for you! Let's explore their mission and catch up on what's been happening. 

The Consumer Financial Protection Bureau (CFPB) has been your financial watchdog since its creation in response to the 2007-2008 financial crisis. Think of it as a superhero for your wallet, tackling unfair practices and safeguarding your rights. But with its recent shutdown, the landscape could change dramatically. Without the CFPB, you might face higher fees, reduced protections, and increased vulnerability to predatory practices. Major cases are in limbo, and consumer relief efforts could vanish. 

Why should you care? Because the CFPB played a crucial role in keeping financial institutions in check and ensuring your financial journey was smooth and secure. With its closure, navigating the financial world may become more challenging. Stay informed, stay empowered, and follow us for tips on managing your money wisely in this evolving landscape!

Click here for a deeper dive: CFPB Your Financial Watchdog #FinancialFreedom #CFPB #MoneyMatters 

Today's job report could offer key insights into the current state of the economy. Keep an eye out for trends in employment growth, changes in unemployment rates, and shifts in key sectors. Whether you're a job seeker, employer, or just keeping tabs on the economy, these figures can provide valuable context for understanding market dynamics and planning your next move. Watch today on CNBC at 8:30am. 

Mortgage Minute

Decent Recovery as Sentiment Swoons Ahead of Jobs Report By Matthew Graham - Bonds have made it to Friday's jobs report without a meaningful extension of the corrective sell-off that began 2 days ago. That wasn't a given in the middle of today's trading session. Lutnick's comments on tariff exemptions fueled a risk-on move (buy stocks, sell bonds) in the late AM hours, but it didn't last long. Stocks reversed course in the PM hours and pulled bonds along for the ride. MBS were unchanged to a hair stronger and 10yr yields were able to make it fairly close to unchanged by the 3pm close (Thursday, March 6, 2025).

This week, all eyes are on mortgage rates as they continue to fluctuate, impacting homebuyers and homeowners alike. Whether you're in the market for a new home or considering refinancing, staying updated on these rates is crucial for making informed decisions.

Mortgage Rates Higher For 3rd Straight Day By Matthew Graham - You may see conflicting news about mortgage rates today, depending on where you look. Weekly surveys, such as Freddie Mac's, are showing a fairly big drop from last week. That was indeed the case over the 5 business days of the weekly survey, but that data is now quite stale. More timely rate metrics show the average lender raising rates over the past 3 days. This is no surprise considering bond yields are higher over the same time frame (mortgage rates almost always move the same direction as bonds yields, specifically 5yr and 10yr Treasuries). 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:

Omitting a pending sale on Conventional purchase 

Omitting a pending sale when buying a new home can offer several strategic advantages. It might allow you to act quickly in a competitive market, potentially securing a desirable property without waiting for your current home to sell. This approach can reduce the pressure of having contingent offers and streamline the buying process. However, it's important to ensure you have a solid financial plan in place to manage both properties temporarily.

Both Fannie and Freddie (Not Govt Loans) allow for this exception to exclude the PITIA of a pending home for sale that will not close prior to closing on the new primary residence. The PITIA being excluded must be the borrower’s primary residence and they must be purchasing a new primary residence.

If you have an executed sales contract with proof that all financing contingencies have been cleared, then the lender for the new home can omit the payment. If no financing contingencies are on the agreement, then you can just use the executed purchase agreement.

OR

An executed buyout agreement that is part of an employee relocation plan where the employer or relocation company takes responsibility for the outstanding mortgage. In this scenario there can be no financing contingencies as well and no right to cancel.

Click here for Today’s Mortgage Rates

Real Estate – NC

Raleigh green lights 500 homes in hot spot for growth By Kayli Thompson - The Triangle’s most active homebuilder has achieved a key milestone for one of its communities. Lennar (NYSE: LEN) had its annexation and rezoning approved for about 243 acres in northeast Raleigh during Tuesday's City Council meeting. The community, named Alderbrook, will have more than 200 single-family homes and 300 townhomes off Old Milburnie Road. Click link to read more.

600-home mixed-use development advances in buzzing North Carolina town By Ben Tobin - Plans for hundreds of new homes in a fast-growing Johnston County town are moving full steam ahead as the development team has selected a local homebuilder and site work is set to start in the coming months. Since first being pitched in April 2024, Local 70, a project formed by a partnership between the respective companies of Edward Holmes Jr. and father-son duo Buddy and Carter Keller, has received the necessary rezoning approval from the Smithfield Town Council. Plans for the project call for just shy of 600 housing units — a mix of townhomes, single-family detached homes and apartments — as well as 75 acres of commercial real estate. Prices for single-family homes in the Smithfield area were around $350,000 in February, according to Doorify MLS, up 11 percent from the same month last year. Click link above for the full story. 

Real Estate - FL

Florida housing market sees new high with 172,000 homes listed for sale By Lisa J Huriash - Florida recently saw the highest number of homes listed for sale in the past 13 years, with more than 172,000 homes available on the market, a new analysis shows. January ended with 172,209 homes for sale, the highest number of any month in records dating to 2012, according to real estate brokerage firm Redfin. That’s up 22.7% from a year earlier. Redfin said the contributing factors may be:

— Condo owners are facing higher costs due to new safety regulations in Florida.

— More homes are being built in Florida than in many other states.

— Homeowners are selling property because they can’t keep up with insurance costs.

Click link above to read more.

Grow Your Business

How To Get Real Estate Listings in Any Market on a Budget By Matthew Avila - Getting consistent listings is a challenge in any market, especially in low-inventory markets and with a limited marketing budget. Luckily, there are several creative strategies that can help you get listing clients, many of which are free! Here are 14 expert-approved tips on how to get real estate listings on a budget. Click link above for tips.

*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.