Friday Mortgage Minute, Issue 94
Hello Friends,
Raleigh is buzzing with early talks of a new music festival following the success of Dreamville. Exciting times for music lovers. March Madness Update: The NCAA Sweet 16 is in full swing! Duke and Arizona, along with a few other teams, are battling it out for a spot in the Elite Eight. Keep watching.
Mortgage Minute
Mortgage Rates: Mortgage rates have shown some fluctuation. The average rate for a 30-year fixed mortgage dipped slightly to 6.65% after rising for two consecutive weeks. This decline is a welcome relief for potential homebuyers as the spring housing market picks up. Click on the following links to read the details.
What To Expect in the Markets This Week By Terry Lane - The Federal Reserve's decision on interest rates is a key focus this week. While no changes are expected, remarks from Fed Chair Jerome Powell and economic projections are being closely watched by markets.
FHA’s Residency Revisions - The FHA's Mortgagee Letter 2025-09 introduces revisions to residency requirements for FHA-insured financing. Effective May 25, 2025, non-permanent residents will no longer be eligible for FHA-insured mortgages. This update aligns with recent executive actions prioritizing federal resources to protect the financial interests of American citizens and ensure the integrity of government-insured loan programs. The changes aim to address challenges posed by immigration laws affecting non-permanent residents' ability to fulfill long-term financial obligations. The FHA's updated policy emphasizes stable residency and employment as key factors for borrower eligibility. The main way to tell Permanent Vs Non-Permanent is Permanent Residents are issued green cards and Non-Permanent Residents are issued Visas and Work permits and EAD cards. Unless a Permanent leaves the country for more than 12 months then there is a Visa that applies. If you are not a U.S. Citizen or Lawful Permanent Resident Alien, you cannot get an FHA insured loan. That means if you do not hold a green card then you do not get a loan. There is one exception. Citizens of the Federated States of Micronesia, The Republic of Marshall Islands or Republic of Palau are eligible if they are Permanent Residents. Click on the following links for a deeper dive.
If you have any questions or need a Pre-Approval this weekend, let me know!
Mortgage Loan Products Include:
Click here for Today’s Mortgage Rates
Real Estate – NC
North Carolina Housing Market: House Prices & Trends | Redfin - Real Estate Trends: The housing market in North Carolina saw a slight increase in home prices, with a year-over-year rise of 1.6% in February 2025. The median home price is now $367,200. However, the number of homes sold has decreased by 7.1%, while the inventory of homes for sale has grown by 16.6%.
Real Estate - FL
Florida Housing Market Echoes 'Great Recession'—Real Estate Analyst - Price Reductions and Inventory Growth: In Southwest Florida, sellers are slashing prices at rates unseen since the Great Recession. Inventory is piling up, with February 2025 showing a 17.8% increase in homes for sale compared to the previous year.
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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.
