This week, we covered a lot of territory on Street Talk Financial, which offers in-depth insights into homeownership and the mortgage industry. Whether buying, building, renovating, or refinancing, we've got you covered. Here are a few tidbits from the November 6 show:
Interest Rates
1. What’s on everyone’s mind? Interest rates. There are two “camps” in mortgage rate predictions. The first group believes that rates may fall by mid-2023, and the other group believes rates will continue to rise. Listen in to see what Chris thinks and understand the stance of both sides of the issue.
Jobs Report
2. The Jobs Report came out “hot,” which is not great for interest rates. It seems crazy that the market hopes for fewer jobs to moderate interest rates. (The inflation report had not been released at the time of the broadcast.) The Fed doesn’t want the economy to tank but instead hopes for a soft landing.
It's NOT 2008
3. Our current real estate market is NOT the same as in 2008. The “mortgage meltdown” led to a flurry of short sales and foreclosures during the recession. In fact, many banks developed “Short Sale Divisions” to handle the influx of distressed homeowners. In contrast, most homeowners today are in a much better position as many have experienced equity gains of up to 50% in the last five years. If distressed, these homeowners can simply sell their homes versus the other options.
Do you want to know more?
Check out this link to listen to the show and get deeper insights into the market. And, as always, I am here to advise you on your next best move!
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