Weekly Newsletter – 11-18-16

 

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WEEKLY MORTGAGE RATES AND LOAN APPLICATIONS

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Weekly Mortgage Watch – November 17 2016

Weekly Mortgage Applications – 11-11-16

  • 30 Year Mortgage Rate increased to 3.94% compared to 3.57% last week. The 30 year rock bottom rate touched in last 10 years is 3.34%
  • 15 Year Mortgage Rate increased to 3.14% compared to 2.88% last week. The 15 year rock bottom rate touched in last 10 years is 2.65%
  • 5/1 Adjustable Rate Mortgage Rate increased to 3.07% compared to 2.88% last week. The 5 year rock bottom rate touched in last 10 years is 2.74%
  • Rates are are still low.Purchase or Refinance before rates move up further.
  • Mortgage applications decreased 9.2 percent for the week ended November 11, 2016
  • Mortgage apps have decreased for the last 4 weeks
  • Mortgage apps move in the inverse direction of rates. Rates vary due to stock fluctuations and due to less than expected financial results or less than expected job growth
  • The Presidential election and upcoming Federal Reserve meeting has caused rates to move up,resulting in a decline of mortgage apps
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“In the end, we only regret the chances we didn’t take.”

– Anonymous

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HOUSING AND ECONOMIC DATA

Bay Area County Homes Sales Report – October 2016

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  • Average Bay Area county selling price for counties analysed was $1,120,562 in October 2016. San Mateo County led with the highest average selling price at $1,779,141, followed by Santa Clara County at $1,668,299,Monterey at $980,093,Santa Cruz County at $934,756, Alameda County at $907,403, Contra Costa County at $664,303 and San Benito at $542,773
  • Total Average Days on Market in Bay Area counties analysed was 80 days. 131 days for Monterey County, 109 days for Santa Cruz County, 88 days for San Benito County, 71 days for Santa Clara County, 69 days for San Mateo County, 63 days for Alameda County and 61 for Contra Costa County
  • Bay Area counties analysed had Listings Sold of 4,031 in October 2016. Alameda County had the highest at 1,177, followed by Santa Clara at 1,046, Contra Costa at 997, San Mateo at 417, Monterey at 206, Santa Cruz at 144 and San Benito at 35
  • Total average Sales Price / List Price in Bay Area counties stood at 100.83% in October 2016. Alameda County had the highest average Sales Price/ List Price at 105.46% followed by San Mateo County at 104.48%, Santa Clara at 101.71%, Contra Costa at 101.53%, San Benito at 99.19%, Santa Cruz at 97.5% and Monterey at 96.54%
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Unemployment Rate and Initial Claims – September 2016

Fannie Mae Housing Survey – October 2016

  • Initial Claim in US is at 256,000 with a 6.2% decrease in September 2016 and Initial Claim in California is at 38,160 with a 4.4 decrease in September 2016
  • Unemployment rate in US is at 5% with a 2% decrease in September 2016 and Unemployment in California is at 5.5% with a 8.3% decrease in September 2016
  • Santa Rosa MSA has the highest decrease of unemployment rate from year ago at 16.4% in September 2016
  • Bakersfield MSA has the least decrease of unemployment rate from year ago with 5.7% in September 2016
  • Average Home Price Change Expectation in next 12 months is 1.9% and the Average 12 Month Rental Price Change Expectation is 3.9%
  • Home Prices will go up in the next 12 months based on 41% responses. Home Rental Prices will go up in the next 12 months based on 54% responses. Mortgage rates will go up in next 12 months based on 50% responses
  • 60% of respondents say it is a good time to buy and 55% says it’s a good time to sell. 52% says it’s easy to get a mortgage today, 67% would rather buy than rent and 36% says that economy is on the right track
  • There are 15% of respondents who are concerned about losing their job over next 12 months. 20% of respondents says that their income will be higher and 44% says their financial situation will get better over the next 12 months
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“I didn’t fail the test, I just found 100 ways to do it wrong”

– Benjamin Franklin

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FEATURED LOAN PROGRAM

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2 VA Loans

  • No requirement to close your currently outstanding VA loan
  • VA county limits, guidelines and eligibility apply
  • Minimum Fico 620
  • Manual and Automated underwriting OK
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5% – 10% Down Loan

1 Year Tax Verification

  • 5% down to county conforming limits.10% down to $975500.80/10/10 loans with no mi
  • First Loan limited to County Conforming limits
  • Second Loan not directly offered by Shining Star Funding.Maximum second loan $350000
  • 1 year return program available for self employment,wage earners,retired and rental income earners
  • Easy 1 year income verification for Self Employed borrowers
  • First loan up to $625,500.Second Loan upto $350000.Combined 90% financing without MI
  • Family Members can cosign for borrower.Co signor need not occupy home
  • Subject to automated underwriting only.Second loan not directly offered by Shining Star Funding
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Quick Turnaround and Closing

With inhouse underwriting and funding. Call me and let’s make it happen!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW

“Just Because my path is different doesn’t mean I’m lost.”

– Anonymous

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WEEKLY NEWS UPDATE!

Bond market rout knocks U.S. mortgage activity to 10-month low

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Housing Trends 2016: Trump Win Sends Mortgage Rates Up And Fed Decision Could Do The Same

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UPDATE 1-U.S. mortgage rates jump to 10-month high -Freddie Mac

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Mortgage Rates Soar to 10-Month High After Trump Bond Rout

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“We were born to be real, not to be perfect.”

– Anonymous

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OTHER NICHE LOAN PROGRAMS

Product Loan And Niches

Niche Loan Programs

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  • Conventional Loan
  • FHA Loans
  • 100% VA Loans
  • Jumbo Loans
  • Zero Down Loan
  • 2 VA Loans
  • 1 Year Tax Verification
  • Remove Mortgage Insurance
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Second Opinion Doesn’t Hurt!

Talk to me today about your scenario and let me help you find the perfect solution for you!
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SCHEDULE A LOAN OFFICER PHONE CALL
FILL OUT THIS SHORT APPLICATION FORM NOW
 

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ABOUT US AND CONTACT US

About Shining Star Funding

Telephone: 925 820 2981

Toll Free:     866 280 0020

Email:          [email protected]

 

 

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