Napa Mortgage News




My Kiwanis Club, along with about 65 other people and Supervisor Ryan Gregory
were up at Enchanted Hill, Light House for The Blind this past Saturday for a work party!
Our group sealed some benches at the amphitheater we had previously built
(thankfully only 2 burned in the fire last year) and helped cook lunch for all
(I managed to keep all my hair).. All in all a Great Day! J

Working the Grill
Working the grill 


The Kiwanis Club of Napa
The club at Enchanted Hills




 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
Stocks Fall
 
The big news this week was a major selloff in the stock market, with the Dow down more than 1,000 points. Normally that would be positive for mortgage rates, but this time the impact was minor. Weaker than expected inflation data was mildly positive, and mortgage rates ended slightly lower, but remain near their highest levels in many years.
 
It is common to see mortgage rates fall when the stock market declines, and vice versa, but this is not always the case. It depends on the reason for the movement. Most of the time, the cause is shifting expectations for economic growth based on newly released data. Stronger growth is good for stocks, but it raises the outlook for future inflation, so it is negative for mortgage rates, and the reverse is true as well. 

This week, a wider range of factors influenced financial markets, most of which were negative for stocks. However, their expected impact on mortgage rates was mixed, and the net overall effect was small. For example, tariffs generally are a drag on economic growth, but they also raise prices, which leads to higher future inflation. In addition, the supply of bonds around the world is increasing. One reason is that global central banks are reducing their holdings of bonds. Also, the U.S. budget deficit is growing due to boosted spending and tax cuts, forcing the government to issue more bonds. To summarize, higher inflation and greater supply roughly offset slower growth


The most significant economic report released this week was Thursday's inflation data. The Consumer Price Index (CPI), the most closely watched monthly inflation report, looks at the price change for finished goods and services. Thursday's data revealed that inflation was lower than expected in September. 
 
Core CPI, which excludes the volatile food and energy components, was 2.2% higher than a year ago, the same annual rate of increase as the prior month. Since lower inflation is good for mortgage rates, this weaker than expected data caused rates to decline a bit. 
 
Looking ahead, Retail Sales will be released on Monday. Since consumer spending accounts for about 70% of all economic activity in the U.S., the retail sales data is a key indicator of growth. The minutes from the September 26 Fed meeting will come out on Wednesday. These detailed minutes provide additional insight into the debate between Fed officials about future monetary policy and have the potential to move markets. In the housing sector, Housing Starts will be released on Wednesday and Existing Home Sales on Friday.
 
All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.


Caught some hot blues and R&B with Ana Popovich at the Blue Note Saturday eve!

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"





Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 26th, 2018 7:22 PM


Low inventory and increasing prices catching up with the housing market.
Cheryl Young, Trulia senior economist, and Danielle Hale, Realtor.com chief economist, discuss the state of the U.S. housing market.



 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
Strong Data
 
Since it raises the outlook for future inflation, the stronger than expected economic data released this week was bad news for mortgage rates, and rates reached their highest levels in many years.
 
The biggest surprise in the data released last week came from Wednesday's report on the services sector of the economy. The ISM national services index surged to 61.8, well above the consensus, and the highest level ever recorded since they began to track the data in 2008. Readings above 50 indicate that the sector is expanding. In their biggest move of the week, mortgage rates rose sharply following this news. 


Friday's highly anticipated Employment report revealed that solid improvement in the labor market continued. Against a consensus forecast of 180,000, the economy gained just 134,000 jobs in September. However, upward revisions added 87,000 jobs to the results for prior months, bringing the total gains above the expected levels. 
 
Because job gains are volatile month to month, investors also look at longer-term trends, and the economy has added an average of 211,000 workers per month so far in 2018, above even the strong pace of 182,000 seen over the same period last year. 
 
In addition, the unemployment rate unexpectedly declined from 3.9% to 3.7%, the lowest level since 1969. Average hourly earnings, an indicator of wage growth, were 2.8% higher than a year ago, the same annual rate of increase as last month. 

Looking ahead, the Consumer Price Index (CPI) will come out on Thursday. CPI is a widely followed monthly inflation report that looks at the price change for goods and services. The JOLTS report also will be released on Thursday. JOLTS measures job openings and labor turnover rates, and Fed officials value this data to help round out their view of the strength of the labor market. In addition, Treasury auctions on Wednesday and Thursday could influence mortgage rates. Mortgage markets will be closed on Monday in observance of Columbus Day.

 
All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.


Great Day at Silverado Country Club for the Napa Chamber of Commerce annual golf outing!  Glad I was able to participate!

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"





Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 26th, 2018 7:16 PM

Would you like to retire with $1.5 million?  Here's how much you would have to save every month!
If you're aiming for $1.5 million by age 67, here's exactly how much money you need to set aside per month. The chart, provided by NerdWallet, assumes a 6 percent average annual investment return. The green bars represent how much you need to save and the blue bars represent your investment return.



 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
Fed Raises Short-Term Rates
 
The two biggest economic events last week, Wednesday's Fed meeting and Friday's inflation data, both were favorable for mortgage rates overall, and rates ended slightly lower. 
 
As widely expected, the Fed raised the federal funds rate, the overnight rate at which banks lend reserves to each other, by 25 basis points, and the statement released following the meeting contained no significant surprises and had little
 net impact. However, bond-friendly comments from Fed Chair Powell during his press conference were modestly favorable for mortgage rates. In particular, Powell said that Fed officials don't see inflation surprising to the upside (higher inflation is bad for mortgage rates). Most investors expect another rate hike at the December meeting.
 
Consistent with the Fed's outlook, the data released on Friday revealed that inflation was slightly lower than expected, which was good news for mortgage rates. In August, the core PCE price index, which excludes the volatile food and energy components, was 2.0% higher than a year ago, the same annual rate of increase as last month. This is the monthly inflation indicator favored by Fed officials, and 2.0% is their stated target level. 


The most recent report on consumer confidence showed an unexpectedly large increase to the highest reading since September 2000. Some of the factors behind the surge in optimism about the economy include a healthy labor market, an increase in the pace of wage growth, and stock markets near record levels. 
 
Looking ahead, the important monthly Employment report will be released on Friday. As usual, these figures on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the ISM national manufacturing index will be released on Monday and the ISM national services index on Wednesday. 
 
All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
Fun with friends and family over the weekend.  Got to spend time with my aunt & uncle and my sister Lisa...along with some friends that were up from SoCal....breakfast in Yountville and then a tasting at Domaine Chandon, taking in a concert at the Blue Note as well as seeing a band from my past "Orleans" at Silo's!  Always plenty to do in the Napa area! 

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"





Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 26th, 2018 7:11 PM

Are you prepared for a disaster?
This year's wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by a disaster, but if you are, you will sure wish you had been prepared. It can become a nightmare, whether it impacts you personally or your business. 

Business Owners If you are a business owner, unexpected events can have a devastating effect on your business. You need to be protected from any number of natural and unnatural events, such as fire, computer failure and illness or the loss of key staff, all of which can make it difficult or even impossible to continue day-to-day operations. 

Family and Home Just like a business, your family needs to have an emergency plan. They may be in different locations, such as school, work and home, when a disaster strikes. You need to have plans in place for where to meet if separated and a pre-planned evacuation route or action plan for unexpected disasters. The pre-planned evacuation route should avoid areas that can flood or are dangerous. It is good practice to never let the fuel level in your car(s) get below half-full, or let your electric car be less than half-charged, because the area may lose power, and gas stations may also be damaged by the disaster or run out of fuel. 
Records - We now live in a digital world, and if you are computer savvy, an easy way to keep your records out of harm's way is to store digital copies of the documents on a remote server (i.e., in the cloud). It may cost a few bucks a month, but the digital files will be there when you need them, regardless of what happens to your home or business location. If you aren't a fan of cloud storage, you should maintain an up-to-date backup of your computer files on an external hard drive or thumb drive(s), preferably with a copy stored in a secure location away from your home or office that is not likely to be affected by the same disaster. 

Disaster Scams - Whenever there is a disaster, lowlifes show up and try to scam generous individuals out of money intended to go to victims of the disaster. Don't you be another victim of the disaster - watch out for scammers claiming to represent charitable organizations, who will pocket the donations for themselves instead. Besides fraudsters soliciting on behalf of bogus charities, some so-called charities aren't entirely honest about how they use contributions. 
 


 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
Rates Inch Higher
 
Although this week's major U.S. economic data and European Central Bank meeting contained more good news than bad for mortgage rates overall, rates ended slightly higher. 



The most recent inflation data came in at lower than expected levels. The Consumer Price Index (CPI), a widely followed monthly inflation report that looks at the price change for goods and services, was just 2.2% higher than a year, down from an annual rate of increase of 2.4% last month. Lower inflation is positive for mortgage rates, but the reaction to the data was small. 
 
The Retail Sales report released this week was mixed. Excluding the volatile auto component, retail sales in August rose just 0.3% from July, which was below the consensus for an increase of 0.5%. However, the July results were revised higher by an amount comparable in size to the August shortfall. As a result, the data was essentially neutral for mortgage rates. 
 
Thursday's European Central Bank (ECB) meeting produced no significant surprises and had little impact on U.S. mortgage rates. The ECB lowered its forecast for economic growth this year and next, but confirmed its plans to wind down its massive 2.5 trillion euro bond purchase program by the end of this year. ECB officials also said that they plan to hold the benchmark interest rate at current levels at least through the summer of 2019.
 
Looking ahead, the housing data will be the main focus. The NAHB home builder confidence index will be released on Tuesday. Housing Starts will come out on Wednesday. Existing Home Sales will be released on Thursday.
 

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.

My North Bay Chapter of the California Association of Mortgage Professionals (CAMP)
sponsored David Luna for our 8 hour NMLS
continuing education in Petaluma.

I'm good for another year!


Met Jenae' in San Francisco over the weekend to take in a Giants game!  
She is attending San Francisco State......very convenient!
And...The GIANTS won!!

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"





Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 17th, 2018 8:06 AM



 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
Trade Negotiations
 
While there was some major economic data released this week, there were no significant surprises, and its impact on mortgage rates was minor. By contrast, news on trade deals caused a negative reaction, and mortgage rates ended a little higher. 
 
The Trump administration long ago expressed an intention to end the NAFTA trade agreement which has been in place with Canada and Mexico since the start of 1994. On Monday, it was reported that a new trade deal had been reached with Mexico. Later in the week, the administration said that progress had been made with Canada, and at the time of this writing there remained hope for an agreement by the end of the day. The uncertainty surrounding the trade situation and the potential for escalation prompted investors to shift in recent months to relatively safer assets, including U.S. mortgage-backed securities (MBS). This added demand for MBS has been positive for mortgage rates. Thus, an easing of trade tensions this week caused the reverse effect, and the reduced demand for MBS pushed mortgage rates higher.
 


The latest reading for the primary indicator of confidence in current and future U.S. economic conditions suggested that consumer spending may remain strong in coming months. Consumer Confidence surged far more than expected to the highest level since 2000. A strong labor market, solid economic growth, and record stock prices have contributed to a high level of optimism
There are two major inflation reports released each month. The core consumer price index (CPI) is more closely watched by investors, while the core PCE price index is the inflation indicator favored by the Fed. Earlier this month, core CPI for July rose to the highest annual rate of increase since 2008. On Thursday, core PCE showed a continuation of a similar upward trend. In July, Core PCE, which excludes the volatile food and energy components, was 2.0% higher than a year ago, up from an annual rate of 1.9% last month. After running at lower levels for most of the past six years, core PCE has climbed to the Fed's stated target level for inflation of 2.0%. If the upward trend continues, at some point it might cause the Fed to tighten monetary policy more quickly, but comments from Fed officials suggest that we are not particularly close to undesirably high levels. 
Looking ahead, the important monthly Employment report will be released on Friday. As usual, these figures on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the ISM national manufacturing index will come out on Tuesday and the ISM national services index on Thursday. In addition, news on trade deals could influence mortgage rate
 

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
Last week I attended the "Originator Connect" conference in Las Vegas. 
Got the latest & greatest information on loan products, technology and services to further streamline the loan process. 
While there...saw some great shows.....one of our educational trainers....David Luna of Mortgage Educators and compliance on the floor while the super talented guys from "The Passing Zone" threw swords and other items around him.....BRAVE......and then...the infamous Lionel Richie.
Also got to spend some time with Olympic Swimmer, Seven Time Medalist & model Amanda Beard and then enjoyed an after event at Top Golf at the MGM! Quite the experience!

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 17th, 2018 7:47 AM

When is the best time to buy? 
According to CNBC....fall and winter is the best time for buyers to negotiate and get their best deals. 
CLICK HERE for more info.


 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
Housing Market Conditions
 
The major economic data released this week was roughly neutral for mortgage rates, and a speech by Fed Chair Powell contained no surprises. As a result, it was a quiet week, and mortgage rates ended a little lower. 
 
The housing market data has been somewhat disappointing this year, and the reports released this week did little to improve the outlook. In July, both new and existing home sales decreased a little from June. For existing home sales, which make up roughly 90% of the market, this was the fifth straight month of declines, and they were lower than a year ago

The inventory of existing homes available for sale fell slightly from June to a 4.3-month supply. A 6-month supply is considered a healthy balance between buyers and sellers. Sales of new homes fell to the lowest level since October 2017.
 
A number of factors have contributed to the loss of upward momentum in home sales this year. One big reason is a lack of inventory in many regions, especially for lower priced homes. Single-family home construction is essentially flat from a year ago, and it is not meeting the demand at the lower end of the market. Builders say that rising land, material, and labor costs are obstacles to a faster pace of construction and make adding entry-level homes less desirable due to lower profit margins. For decades, single-family housing starts averaged about 1.1 million per year. Following the financial crisis in 2008, however, this figure fell to a low of 350,000 in 2009, and now is holding steady at levels around 850,000. 
 
Demographic changes are another cause for slowing home sales. Younger people today often place a higher emphasis on mobility than they did in the past. They acknowledge the possibility of quick job changes and value the option for living in different cities, which favors renting over owning. They also tend to want to live closer to downtown or other popular neighborhoods, which often are more expensive. Surveys indicate that millennials today are more likely to wait until they get married or have children to settle down and buy a home.
 
The takeaway is that home sales may have stalled for a while, but this does not mean that the underlying housing market is weakening. Knowing that buyer demand is there, home builders are diligently trying to ramp up production. The economy and the labor market remain quite healthy. Younger people may be waiting longer on average to purchase homes, but this is simply postponing demand to the future. In short, current economic conditions may have combined to temporarily dampen home sales, but there are plenty of reasons to be optimistic going forward.
 
Looking ahead, the second estimate of second quarter gross domestic product (GDP), the broadest measure of economic growth, and Pending Home Sales will be released on Wednesday. The core PCE price index, the inflation indicator favored by the Fed, will come out on Thursday. In addition, Treasury auctions on Tuesday and Wednesday could influence mortgage rates. 
 
 

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
My oldest son Jake's birthday last week!
The birthday boy is in the middle, my younger son Travis on the left and daughter Jenae' too.  Always great having the kids close by!













T

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Custom Lending Group, 1700 Soscol Ave, Suite 22, Napa, CA 94559
Posted by Dale DiGennaro on October 17th, 2018 7:40 AM

It appears that the market is shifting and it is now becoming a buyers market according to Zillow and CNBC.

See more of the details & the most specific markets that are being affected in short video clip below.

It is now becoming a buyers market
Keep in mind we now have quite an array of products & options available for your ultimate purchasing power, quick closings and low down payment assistance. 
 Call me anytime.


 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
Turkey, Retail Sales, Housing Starts 
 
Over the past week, increased concerns about Turkey offset stronger than expected economic data, and mortgage rates ended the week with little change. 
 
Due to a combination of Turkish government policy decisions, U.S. Fed rate hikes, and other global factors, economic conditions in Turkey have been getting worse for quite a while. The clearest indication of Turkey's problems has been the steady decline in its currency, which has lost more than half its value over the last five years. Sharply higher inflation has been another consequence. To try to preserve their wealth, many citizens have taken measures such as buying gold. The situation in Turkey potentially could deteriorate even further as the Trump administration considers increasing tariffs on Turkish goods in response to the detention of an American pastor. 
 
While some investors feel that most of the issues are specific to Turkey, others worry that similar economic troubles will be seen in other emerging market countries in the future. The investor response has been a shift from riskier assets such as stocks to relatively safer assets such as bonds, including U.S. mortgage-backed securities (MBS), which has been mildly positive for mortgage rates.


The biggest economic release of the week was Wednesday's Retail Sales report. Excluding the volatile auto component, retail sales in July rose 0.6% from June, which was double the expected increase. However, the June results were revised lower, offsetting most of the outperformance in July. As a result, the data was only modestly negative for mortgage rates. 

A lack of inventory has been holding back home sales, and the latest data on new construction was not encouraging. In July housing starts increased just 1% from the downwardly revised June reading, which was the lowest in nearly two years. The modest increase was nearly equal for both single-family and multi-family units. After reaching a 10-year high in November 2017, single-family homebuilding has lost momentum. Builders point to skilled labor shortages and rising material costs as impediments to a faster pace of new construction. On the plus side, building permits matched the expected levels in July.
 
Looking ahead, the minutes from the August 1 Fed meeting will come out on Wednesday. These detailed minutes provide additional insight into the debate between Fed officials about future monetary policy and have the potential to move markets. Existing Home Sales will be released on Wednesday and New Home Sales on Thursday. Durable Orders, an important indicator of economic activity, will come out on Friday. In addition, news about Turkey or tariffs could influence mortgage rates.

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
My KIWANIS Club of Greater Napa volunteering at a concert & dinner at Lighthouse for the blind last weekend.


 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Custom Lending Group
nmls#298353/845079
calbre#966782/944064
http://www.customlending.net
Find us on Yelp  Find us on Google+  Like us on Facebook  Follow us on Twitter  Find us on Pinterest  View our profile on LinkedIn  Visit our blog
Posted by Dale DiGennaro on October 17th, 2018 7:33 AM

Here's why affordability in U.S. housing market is at record lows...

Housing Affordablity CNBC

At Custom Lending Group...We have new programs that will assist and help off- set the amount of down payment needed as well as covering some or all of the closing costs for First Time Home Buyers (haven't owned a home within the past 3 years).  It all depends on your individual situation!

Feel free to call me for more information.
10 great places to try tiny-house living on vacation according to USA TODAY 
Tiny Vacation Houses
The latest way to live large on vacation is to think small. 
The tiny-house trend has spawned hotels that let guests experience what it's like to live in fully contained homes that can measure less than 200 square feet. 
"People are just curious because they've heard so much about tiny houses," says John Weisbarth of "Tiny House Nation," which appears on the FYI network, and in 2019 will also show on A&E. 
His co-host, contractor Zack Giffin, says guests are surprised by the amenities that can be packed into a small place. "They're very luxurious. It's almost like renting your own house or getaway, and it's priced more like a hotel room." The partners share some favorite rentals with USA TODAY.





















 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
Mixed Inflation Data
 
It was a quiet week with no major surprises. Mortgage rates ended the week slightly lower. 

The most significant economic data released this week was the inflation data. The Consumer Price Index (CPI), the most closely watched monthly inflation report, looks at the price change for finished goods and services. Friday's release revealed that inflation has continued to rise in recent months. Core CPI, which excludes the volatile food and energy components, was 2.4% higher in July, up from an annual rate of increase of 2.3% in June. This matched the consensus forecast and was the highest level since September 2008.
By contrast, the Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products, which investors view as a little less indicative of the level of inflation in the economy as a whole. On Thursday, Core PPI was 2.7% higher in July, down from an annual rate of increase of 2.8% in June, and a little lower than expected. Since inflation is negative for bond yields, this report was mildly favorable for mortgage rates.
 
The JOLTS report measures job openings and labor turnover rates. Fed officials and investors value this data to help round out their views of the strength of the labor market. In June, there were 6.66 million job openings, which was close to the record levels seen in April. There were only 6.56 million people who reported that they were looking for work that month. It is rare to see more job openings than people seeking work. A large number of workers also willingly left their jobs. This is viewed as a sign of labor market strength, since people usually quit only if they expect that they can find better jobs. 
 
Looking ahead, Retail Sales will be released on Wednesday. Consumer spending accounts for about 70% of all economic activity in the U.S., and the retail sales data is a key indicator of growth. Industrial Production, another important indicator of economic growth, also will come out on Wednesday. Housing Starts will be released on Tuesday.

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
The Last Hurrah.....My daughter Jenae' and her bf Noah having fun with family at Disneyland one last time before head off to San Francisco State in just a couple of weeks!
henae_ Digennaro _ Noah Meyer at Disneyland
Jenae_ DiGennaro _ Noah Meyer at Disneyland

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Custom Lending Group
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Posted by Dale DiGennaro on October 16th, 2018 8:22 PM

It appears that Fannie & Freddie have stepped up to the plate and are now helping borrowers ditch their mortgage insurance!

Freddie Mac, and now Fannie Mae, are on a push to lighten your (payment) load.
Provided, that is, if you are paying private mortgage insurance.

More than 4.1 million U.S. homeowners with $1.1 trillion worth of mortgages had mortgage insurance from 2013 through 2017, said U.S. Mortgage Insurers President Lindsey Johnson.
Nearly 73,000 California properties were financed with conventional mortgage insurance in 2017, second only to Texas, which had more than 79,000 MI-financed properties, Johnson said.
The average monthly mortgage insurance is roughly $134, according to the website of mortgage insurance company MGIC Investment Corporation.
Under the 1998 Homeowners Protection Act (a.k.a., the PMI cancellation act), lenders must remove the mortgage insurance when borrowers with good payment records pay down the loan to 78 percent of the original balance. Of course you can always refinance into a new mortgage without the insurance.
But getting rid of your PMI isn't always easy. Just 4 percent of MGIC's insured borrowers have initiated the mortgage insurance removal process in recent years, according to the company.
And borrowers with really low mortgage rates are captive to unresponsive lenders, since they're not likely to refinance into a loan with a higher interest rate to get rid of PMI.
Now Freddie and Fannie are coming to the rescue, leading, supervising and approving the PMI removal process for you.
Freddie and Fannie will both consider the original appraisal value or the current value to decide if you have at least 20 percent equity. One difference is that Fannie will require confirmation that the original value did not drop. Freddie assumes the original value is good. Your servicing lender (the company you make your payments to) has to vet your property through Fannie or Freddie. If current data is not available for your home, you may be required to pay for an appraisal.
Call your servicer and ask if Fannie or Freddie owns the loan.
If your loan is owned by Freddie Mac, your loan servicer can do this by Oct. 1.
Fannie Mae will be ready to implement by Jan. 1, and Fannie's servicers are required to implement by March 1.
If you would like assistance with this...Just call or email!





















 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
U.S. and EU Take a Step Back
 
The main influence on mortgage rates this week was fresh news about tariffs, which was negative for mortgage rates. The major economic data came in mostly on target, and Thursday's European Central Bank meeting contained no policy changes and had just a minor impact. As a result, mortgage rates ended a little higher. 
 
On Thursday, the Trump administration announced that the U.S. and the European Union (EU) had agreed not to escalate their trade dispute. Neither will impose further tariffs while the two sides attempt to work out their differences. If the U.S. and the EU can come to terms, it would allow them to work together to focus on improved trade agreements with other countries, most notably China. Investors reacted to the reduced chances of a trade war by shifting to riskier assets such as stocks from safer assets such as bonds, including mortgage-backed securities (MBS). The decrease in demand for MBS caused mortgage rates to rise a little. 

Friday's release of second quarter gross domestic product (GDP), the broadest measure of economic growth, showed a massive increase of 4.1%, which was close to the expected levels. This was up from 2.2% during the first quarter and was the highest reading since the third quarter of 2014. Strength was seen in both consumer spending and business investment. Investors now will be watching to see if the underlying trend is closer to the first quarter or the second quarter levels.
 
Looking ahead, the important monthly Employment report will be released on Friday. As usual, these figures on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the Core PCE price index, the inflation indicator favored by the Fed, will be released on Tuesday. The ISM national manufacturing index will come out on Wednesday, and the ISM national services index will come out on Friday. The next Fed meeting will take place on Wednesday. No change in policy is expected. 
 
All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
One of the greatest things about summer is all the visits from family & friends!  My sister Penny came down from Oregon last week and my good friend Larry came back from Las Vegas for a visit to his old hometown!  Fun was had by all!
Last week I met with our new Department of Real Estate Commissioner, Daniel Sandri accompanied by three other California of Mortgage Professionals (CAMP) members to discuss changes in processes to make it easier for consumers to get a loan.  The outcome was positive and we are looking forward to working closely with them.

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Posted by Dale DiGennaro on October 16th, 2018 8:17 PM

Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform. 

One area of major concern is the amount of taxes individuals are withholding from their wages. Tax reform was passed late in 2017, and there was a considerable amount of confusion among employers related to the amount of taxes to withhold in 2018. It took the IRS a couple of months to come out with a revised Form W-4 (Employee's Withholding Allowance Certificate) and withholding tables, and even then, there were concerns about whether the revised and more complicated W-4s were being filled out correctly by employees and whether the revised W-4s were actually being submitted to employers at all. 
The IRS has even been issuing notices cautioning taxpayers to be sure they are withholding enough. 

While most people will see an overall tax reduction as a result of the tax reforms, the amount of their refund or tax due hinges on the amount of pre-payments, which include withholding and estimated tax payments. All this confusion related to withholding can lead to unpleasant surprises at tax time. If you count on a refund each year, it might be appropriate to have your CPA run a mid-year tax projection to ensure that the projected refund will be as expected. 

This is also true for retirees receiving pensions and Social Security benefits and for self-employed taxpayers who are making pre-payments via estimated taxes. You obviously do not want to pay too much and generally don't want to end up with a huge tax liability. 
A mid-year check-up will allow adjustments to the 3rd- and 4th-quarter estimated tax payments so that the end result will be as desired. 

Married couples with two working spouses, individuals with multiple jobs and situations in which taxpayers are both wage earners and self-employed cause the most difficulty in getting the prepayments correct.  

There are a number of other circumstances that can impact your taxes, and you probably should not wait until tax time to see the results. 
You could even be missing opportunities to decrease your prepayments and obtain more cash flow. With mid-year tax planning, you may be able to take steps to mitigate the tax impact of certain events and thus avoid unpleasant surprises before it is too late to address them. Here are some events that can significantly impact your tax liability: 
  • Getting married or divorced, or becoming widowed 
  • Changing jobs or your spouse starting to work 
  • Having a substantial increase or decrease in income 
  • Having a substantial gain from the sale of stocks or bonds 
  • Buying or selling a rental 
  • Starting, acquiring, or selling a business 
  • Buying or selling a main or vacation home 
  • Retiring or going to retire this year 
  • Being the beneficiary of an inheritance 
  • Giving birth to or adopting a child 
  • Making significant business purchases 
  • Having substantial investment income or gains from the sale of investment assets 
  • Making unplanned withdrawals from an IRA or pension plan 
If you anticipate or have already encountered any of the above events or conditions, it may be appropriate to consult with your CPA before the end of the year. 
Never hesitate to reach out to me if you have any questions or would like some direction.





















 
_____________________________________________________________________________
THINKING OF SELLING OR EVEN DOING A REFINANCE...  
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...
 according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be.  You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!
 
No Surprises
 
While there was major economic data released last week and a Fed meeting, there were no significant surprises. Mortgage rates ended the week a little higher. 


Friday's key Employment report came in pretty much right on target across the board. Against a consensus forecast of 190,000, the economy gained 157,000 jobs in July. However, upward revisions added 59,000 jobs to the results for prior months. The economy has gained an average of 215,000 jobs per month so far this year, exceeding even the strong pace of 184,000 seen over this period last year.
 
The unemployment rate decreased from 4.0% to 3.9%, matching expectations. Average hourly earnings, an indicator of wage growth, also matched expectations. They were 2.7% higher than a year ago, the same annual rate of increase as last month. 
 
As expected, the Fed made no policy changes at Wednesday's meeting. The Fed's statement was very similar to the prior one from the June meeting. The most notable change in the statement was that Fed officials modestly upgraded their assessment of the pace of economic growth. In particular, the statement said that economic activity "has been rising at a strong rate," while the prior statement described it as "solid." In addition, Fed officials noted that household spending and business investment have "grown strongly." In June, they just said that it had "picked up." Investors expect that the Fed will raise the federal funds for the third time this year at the next meeting on September 26.

 Looking ahead, the JOLTS report, which measures job openings and labor turnover rates, will be released on Wednesday. Fed officials value this data to help round out its view of the strength of the labor market. The Consumer Price Index (CPI) will come out on Friday. CPI is a widely followed monthly inflation report that looks at the price change for goods and services. In addition, Treasury auctions on Wednesday and Thursday could influence mortgage rates. 

All material Copyright © Ress No. 1, LTD (DBA MBSQuoteline) and may not be reproduced without permission.
Last week I headed down to San Diego for our annual mortgage convention and on the way I made a stop in Corona to spend some time with a long time friend and previous PRMG Sales Manager & Government Affairs chair for the California Association of Mortgage Professionals.
He took me to an Angels game!  We had talked about this for years!  Off the bucket list. 
We then headed to the annual Mortgage Convention at the Marriott on the Island of Coronado. Nice to receive accolades for my contribution to Government Affairs.

The conference was awesome.  Lots of great speakers and improved products & programs.

  Past State Presidents of CAMP!

David Luna of Mortgage Educators, giving an update on TRID & the loan disclosure process. (R)
Up the coast a bit to attend the Orange County CAMP Networking meeting on a yacht!

 

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions.  I will be happy to share with you whatever information you may need!"


Sincerely,
                                           
Dale DiGennaro, President
Custom Lending Group
O:707-252-2700  C:707-738-0878

"Always looking out for your best interest!"






Posted by Dale DiGennaro on October 16th, 2018 8:10 PM

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