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Rate jitters over tax reform;
What will tax reform mean for our real estate market?

 

 

Market Update

 

Economic news this week was generally positive, particularly in the US jobs sector, which is seeing steady employment gains. While tame inflation data continues to call into question the Fed’s apparent determination to raise rates gradually to head off inflation, we appear headed for another rate hike in December.

 

 

Mortgage Market

 

Financial markets have been unsettled with tax reform talk this week. Flat stocks did not provide any relief on rates, as we saw the 10 year Treasury yield edge up to 2.37% from 2.3% last week. Proposed limitations on mortgage interest and property tax deductions are giving some buyers pause. While it is understandable that uncertainty about the continuation of these incentives to own homes would cause some buyers to go on the sidelines, we are emphasizing to buyers (as we always have) that the long-term benefits of home ownership are predicated on home price appreciation, protection against future rent increases, and pride of ownership. Tax benefits are, and always have been, “icing on the cake”.

 

 

 

MARKET RATES: 


 

Conforming
APR

 

High Balance
Conforming
APR

 

Jumbo
APR

 

30-year fixed

3.99/4.095

4.125/4.205

4.00/4.058

15-year fixed

3.375/3.551

3.75/3.886

3.875/3.977

5/1 ARM

3.875/4.004

3.625/3.796

3.375/3.430

FHA 30-year
fixed

3.75/4.252

3.875/3.952

n/a

 

 

 

©2017 Finance of America Mortgage LLC | Equal Housing Lender  | NMLS 1071  |   Mortgage Banker License #0910184 | Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act . All information contained herein is for informational purposes only and, while every effort has been made to insure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates are subject to change without notice and are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Check with your Mortgage Advisor for specific down-payment requirements. Rates effective as of 11/10/2017

 

Holmgren and Associates

DBA of Finance of America
1900 Mountain Boulevard
Oakland, California 94611
Phone: 510-339-2121
NMLS 0910184/1071
 

Holmgren & Associates is a branch of Finance of America. We are a full service mortgage banker with an experienced staff offering expertise in residential mortgage lending, with primary focus on loans for home purchase, refinance, and reverse mortgages.

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