TurnKey Lending

Weekly Update: 8/18/2023

This week was rough for rates as they reached a 20yr high. Why did they go up if the Fed hadn't raised rates since their last meeting?

1. The Fed monitors inflation and has a goal to bring it down to 2%. Raising interest rates tapers inflation, so they will look at inflation numbers and employment numbers to determine if people will keep spending and driving inflation

2. The Fed rate isn’t just what drives mortgage interest rates. Mortgage interest rates track the US 10yr Treasury Bond, which although heavily impacted by the Fed interest rate, it is impacted by many more things as the dollar strengthens and weakens

3. In the past week, a weak 10yr bond sale, higher than expected producer inflation for July, other countries raising interest rates and the July Fed meeting minutes pointing to potentially further rate hikes all impacted the US10YR.
Expect rates to continue to fluctuate as conflicting economic data comes in and we start to see the lagging impact of 12 rate rises on the economy.

With chaos comes opportunity! The number of homes sold at a discount raised from 12.3% to 16.8% from April to July, which means sellers are becoming more open to offering discounts. This creates a great opportunity to be creative with financing options that benefit buyers to improve affordability and we can help you understand these strategies.

If you're looking at buying a home or you're a realtor working with clients, please reach out to discuss rates, affordability and how we can provide a value driven service for those buying a home!

Have a GREAT weekend!

Weekly Update: 7/21/2023

Rates have stabilized over the past week as we await the Fed meeting next Wednesday and understand how their fight against inflation is progressing. Recent economic data has shown promising signs but will we see inflation rebound? 100% of economists are predicting a 0.25% rate increase on 7/26 with many feeling it could be the last of this rate increase cycle!

Economists are also optimistic that we have seen the worst of the recent housing recession. With rate potentially peaking and likely to stay elevated before starting to come down over the next 12-18 months and low housing supply, a rebound in the market is expected as things loosen up.

TurnKey Lending is focused on putting the borrower first and executing. We work with lenders offering solutions for most scenarios, consistently low rates and creative solutions that keep as much money in borrowers pockets as possible.

If you're looking at buying a home or you're a realtor working with clients, please reach out to discuss rates, affordability and how we can provide a value driven service for those buying a home!

Have a GREAT weekend!

Weekly Update: 7/14/2023

The beat on both inflation and jobless claims was a welcome relief, with rates dipping approximately 0.25% after the latest economic numbers came out.

Inflation is not linear, there will be ups and downs as the rate comes down from month to month so we need to remain cautious but this provides optimism that the lag effect of the rate increases is beginning to take effect.

Despite still relatively high rates, TurnKey Lending is focused on providing some of the best rates available to our clients. On average, 0.3% to 0.6% better than our competitors, you can get your likely rate by taking our online personal assessment today! You will receive you rate, likely loan approval amount and various buying scenarios within a couple of minutes. Find out where you stand on your journey to buying your new home!

If you're looking at buying a home or you're a realtor working with clients, please reach out to discuss rates, affordability and how we can provide a value driven service for those buying a home!

Have a GREAT weekend!