Shelter Six:  Optimistic Survey Points to Healthy Spring R.E. Market

April 16, 2018 by · Leave a Comment 

1. Fannie Mae’s March National Housing Survey painted a very optimistic picture with more respondents indicating that it is a good time to both sell and buy a home.

2. Detailed minutes from the Fed’s March 21 meeting gave insight that Fed officials expect US economic growth to be stronger than average for the next few years.

3. MGIC lowered its borrower-paid PMI rates by approximately 11% to reflect the lower corporate tax rates signed into law in 2017.

4. Self-employed buyers now have a mortgage alternative where they don’t need to provide tax returns or any income documentation.

5. Shelter’s “SmartSelf” program allows a self-employed buyer’s income to be calculated exclusively from the last 1-2 years of bank statements.

6. The program requires only 10% down with no PMI and a 620 credit score while allowing for a Bankruptcy or Foreclosure as recent as two years ago and up to 15 financed properties.

Rate Update

The stock market performed well last week causing investors to shift money from bonds to stocks.  This was negative for mortgage rates which finished the week a bit higher.

This Week

Retail Sales and NAHB Housing figures will be released on Monday while Industrial Production and Housing Starts will come out on Tuesday.