Friday Mortgage Minute, Issue 95
Hello Friends,
It is the first Friday of the month; what could this mean?
The U.S. Bureau of Labor Statistics will release the Employment Situation Summary at 8:30am.
First Friday is celebrated on the first Friday of each month throughout Downtown Raleigh to showcase the best of our city's creative community.
First Fridays in Fuquay-Varina every month! From 5-9 pm enjoy live music, local shopping, and vibrant community activities.
Check to see if your town has a First Friday celebration.
As you guide your clients through the exciting, yet sometimes overwhelming, journey of buying a home, it's important to remind them to take moments to step back and enjoy life outside of the search. The spring season is upon us, traditionally a time when the real estate market sees increased activity with many new homebuyers emerging.
In this active market, a well-informed and proactive agent plays a crucial role in keeping clients engaged and enthusiastic about the process of finding their dream home. By providing timely updates, addressing concerns, and offering expert advice, you can ensure a smooth and positive experience for your clients.
Mortgage Minute
Lowest Mortgage Rates in More Than 5 Months By Matthew Graham - Yesterday afternoon's tariff announcement sent financial markets on a ride that ultimately resulted in sharply lower stock prices and moderately lower bond yields. Stocks don't always correlate with bond yields, but that has been a common pattern since late February
The correlation between bond yields and mortgage rates, on the other hand, is perpetual and nearly flawless. After all, "yield" is just another word for "rate." Additionally, mortgage rates are based on mortgage-backed securities (MBS) which are basically bonds.
All that to say: rates have been benefitting from the market chaos that's been hurting stocks, and stocks got hurt quite a bit over the past 24 hours. Considering the average 30yr fixed rate was already close to its lowest levels since mid-October yesterday, it's no surprise to see an official breakout today (Thursday, April 3, 2025).
Mortgage Rates Expected to Move Lower in 2025 and 2026 By Fannie Mae’s Economic and Strategic Research Group - Existing Home Sales Forecast Upgraded Slightly on Lower Rate Outlook. Mortgage rates are now expected to end 2025 and 2026 at 6.3 percent and 6.2 percent, respectively, downward revisions of three-tenths for each, according to the March 2025 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group. The lower mortgage rate outlook resulted in a small upward revision to the ESR Group’s existing home sales outlook in 2025, though expectations for total home sales remain subdued. On a Q4/Q4 basis, real gross domestic product (GDP) is now expected to be 1.7 percent in 2025 and 2.1 percent in 2026, modest downward revisions owing to weaker incoming data and greater clarity on trade policy. Click the link above to read more.
If you have any questions or need a Pre-Approval this weekend, let me know!
Mortgage Loan Products Include:
You may be missing out on potential buyers if you are not taking advantage of this loan product we offer. These buyers may be ready to purchase a home sooner than later, and this loan product can help them achieve their goals.
Click here for Today’s Mortgage Rates
Real Estate
The housing market just hit a milestone — and it spotlights a generational change By Ashley Fahey - First-time buyers hit a record low share of the homebuying market last year, another sign that affordability continues to make homeownership out of reach for many.
Only 24% of homebuyers surveyed by the National Association of Realtors said they were purchasing a home for the first time — a substantial drop from the 32% who said the same the year prior. Meanwhile, baby boomers were the largest cohort of homebuyers last year, making up 42% of all homebuyers.
Grow Your Business
Turning Leads into Listings Source RISMedia - In real estate, prioritize quality leads. Look for motivated sellers facing life changes or financial issues. Use CMAs, pricing insights and targeted marketing for success.
NEW YORK — As a real estate agent, focusing on quality leads rather than the quantity of leads is crucial for success.
Some signs sellers are motivated include those entering a new stage in life (divorce, retirement or family growth), experiencing financial hardship (in pre-foreclosure status or bankruptcy) or have inherited property they can’t afford or are too far away to maintain.
Build a strong pitch by using a comparable market analysis (CMA) to show recent nearby sales and use local market trends to highlight reasons to sell. Also, provide pricing strategy insights to manage expectations.
Consistently follow up with timely, personalized communication through various channels like calls, texts and emails to increase your chances of converting leads into listings. Use tools to analyze property data and run targeted marketing campaigns to maximize results.
*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.
