Here is your March 2024 Market Update
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The 30 Year Mortgage Rate Has Bounced Back Into the 7’s
At the end of December, we were hopeful that the Fed was finally going to lower rates, but due to inflation, they’ve been unable to deliver on those promises. They’ve officially changed their position, and are now in no rush to lower rates, leading the 30 year rate to hit the 7’s again.
Tiny Homes (ADU’s)
The Biden Administration and the California Government have been working to pass legislature to allow for higher density housing in urban areas to combat the housing shortage. Accessory Dwelling Units (ADU’s) are small living spaces separate from the main home of a property that can be rented out to supplement income. This allows homeowners or prospective buyers to combat high mortgage payments with income from renting out those spaces. Another option is to do a lot land adjustment, which would allow a homeowner to sell that ADU instead of renting it out.
The EcoSmart Mortgage
The EcoSmart FHA Loan allows for home owners and buyers to finance in a whole assortment of energy efficiency upgrades with really lenient terms. The savings on your energy bill will offset the increased mortgage payment, reducing your overall bill each month while simultaneously adding value to your property. In addition to that, the Federal Government is offering a 30% tax rebate dollar-for-dollar.
I’m one of only 13 lenders in the nation offering this program right now, so if you’re interested in learning more, reply to this email or give me a call and I’ll teach you all about it.
Reach Out. If there is anything I can do for you or if you would like more information about the current market, please feel free to contact me. Stay tuned for more updates, and I hope you have a great March. Talk to you soon.