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With Fall Comes Falling Rates

In the 3rd quarter, housing activity was as slow as the dog days of summer. But in October, the autumn air came and with it brought the lowest home loan rates in over a year, according to Freddie Mac.

A market-wide Stock selloff resulted in relief for the Bond market. And since home loan rates are tied to Mortgage Bonds (also called Mortgage Backed Securities), this prompted more activity in the housing market than in recent memory.

Early figures from the Mortgage Bankers Association reported that home loan applications rose week over week early on in the 4th quarter, with refinances accounting for the majority of the activity. Despite this, refinances were still down by almost 30 percent during the same period one year ago.

Higher home prices were largely blamed for deterring first-time homebuyers from purchasing during the usually busy summer months. On the other hand, higher prices and values led to an inverse benefit for current homeowners, who were previously unable to refinance due to insufficient home equity on capped loan limits.

Home builders also remain positive about the housing market, according to the National Association of Home Builders Housing Market Index. Though builder sentiment dipped in October after rising for four straight months from June through September, the NAHB chairman stated that this was in line with the gradual pace of the housing recovery.

Sales of newly built homes took a huge 18 percent leap from July to August, but this figure may be further revised downwards, as reported in a mid-October CNBC report.

As the year comes to a close, many prospective homebuyers, as well as those in the industry, await 2015 with anticipation. Will next year bring looser credit guidelines to encourage more home purchases? Will rates stay low and prices stay high? Check back for a winter recap in the next issue of the Homes & Money Newsletter, coming February 2015.

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646 Plank Road, Suite 102 Clifton Park, NY 12065
518.982.0480 | Office
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NMLS# 872824

Servicing Florida: Bonita Springs, Bradenton, Cape Coral, Clearwater, Fort Lauderdale, Fort Myers, Miami, Naples, Orlando, Panama, Panama Beach, Port Charlotte, Punta Gorda, Sarasota, St Petersburg, St. Augustine, Tampa, Tampa Bay, Vero Beach

239.227.8505 | Florida Office

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  • Joanne was amazing through our forever long process (or so it seemed). As first time home buyers, we had a really bad experience with another lender and Joanne blew us out of the water. She explained the step by step process and never hesitated to explain things further if we did not understand. She answered all our questions in a timely manner. Joanne was there even on weekends and late nights. My fianc√© and I cannot thank Joanne enough for all she did for us! We definitely will recommend her to our friends! We also want to thank our laywer (who recommend Joanne to us!). They are a dynamic duo!!! If you think you want to work with Joanne do not hesitate, you will not be disappointed!

    -G, Albany

  • Joanne and Krista were incredibly responsive, patient and professional! Joanne guided me throughout the entire home purchase process and responded to all my questions promptly. Joanne did an excellent job getting me the lowest rate and patiently explaining to me the process in details. I thought applying for a home loan would be stressful, however, thanks to Joanne and her team, it was incredibly smooth. I highly recommend The Mortgage Place to everyone!

    -R, Halfmoon

  • Joanne and her team were so fantastic during our first time home buying process. They were so helpful in providing feedback to our questions and made the whole experience of obtaining our first home loan seamless. With out a doubt we will always recommend to others and look to work with them again if were are in the market.

    -M, Schenectady

  • Joanne is the best at what she does! She was thorough and extremely patient with all our questions. She work diligently to find us the best rates and responded swiftly to all questions. I would recommend her a thousand times over to anyone and everyone!

    -Chris, Schenectady

  • If you need a loan of any kind this is your place! Joanne has helped many of my friends and family with their finance needs over the years and has exceeded expectations on every level. Not only is she extremely knowledgeable about the market and clients personal needs but Joanne and her team give some of the best service I've seen in the business. I highly recommend Joanne and her team.

    -M, Saratoga

  • Good morning! Having a home with space is wonderful! The kids and I are so happy and feeling much more comfortable and at ease. We spent 2 days straight moving then began unpacking Saturday night. After church yesterday we organized and unpacked some more and last night was cleaning. We were able to begin our Monday morning routine with easy and comfort - I can't begin to express how truly grateful we are. We are feeling blessed and know without a doubt that God's hand was with us from the beginning. Thank you so much for all you did. You were an anchor for me and without your direction through this process I would have been lost.

    -Julie, Clifton Park

The Mortgage Place, Inc. is a registered mortgage broker with the NYS Department of Financial Services and a licensed mortgage broker of Florida Department of Financial Services.
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