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How’s The (Local) Real Estate Market? // Today’s Mortgage News – Growella


What has two thumbs and thinks home buyers should look past national housing data? This is Dan on your inside team at Growella with today’s Mortgage Minute-and-a-Half Okay

There’s this popular and well-cited housing market study published monthly It's called the S&P CoreLogic Case-Shiller Home Price Index That’s its name The S&P CoreLogic Case-Shiller Home Price Index It’s a long name but even all those words can’t make the index relevant or even helpful to buyers and sellers of homes

The Case-Shiller Index is not meant for you Yes, actually you Because real estate is local and the Case-Shiller Index most definitely is not It sources its data from just twenty US

cities to determine some national housing value, but those twenty cities aren’t even the 20 most populous ones where the most real estate is bought and sold each week Case-Shiller sees fit to include Minneapolis, which ranks 46th in terms of population but Philadelphia, home of your Super Bowl champion Philadelphia Eagles, is the 6th most populous city and Case-Shiller specifically leaves it out Case-Shiller is good for economists and policy makers who study long-term trends But that’s not you You’re short term

Ignore the national Go local instead Mortgage rates Today’s buyers of homes are catching a small wave 30-year rates for conforming loans have eased to near 4

375, for FHA they’re near 4 and a quarter, and for VA and USDA mortgages, which are nearly always the cheapest of the bunch, 30-year rates are near 425 Your rates may be slightly higher or lower depending on where you live, how much you borrow, and what your credit scores look like You might also want your lender’s zero closing cost option, which tends to raise your rate by just a tad There’s no best way to structure your loan so be sure to ask a lender what might work best for you

So, here’s a thing You don’t have to have a jumbo loan size to use a jumbo mortgage Did you know that? I’m guessing you didn’t because it’s a weird semantics thing with the lenders Jumbo is generally thought to mean loans over the 2018 conforming mortgage loan limit of $453 thousand 100 dollars, but jumbo loan is sometimes used interchangeably with the term portfolio loan, which is a loan that a lender keeps on its own books for its own portfolio of investments Some of the more popular types of portfolio loans include 100% mortgages for doctors getting started in their careers; loans for homes with high acreage; and, other nichy-type loans like first-one-in-the-building condo loans and loans for purchase in an LLC

Jumbo loans work at all sizes Click the link in the description to read up on what you can do For mortgage rates and personal finance news, visit Growellacom Give us a like and don’t forget to subscribe

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How’s The (Local) Real Estate Market? // Today’s Mortgage News – Growella

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