The Rosciano Mortgage Team Mortgage Update

I wanted to share with you what I think is happening in the mortgage world, and what I think is on the horizon for the 2^nd, 3^rd, and 4^th quarter of 2023.

According to the NY TIMES, it looks like the Feds are set to raise rates yet again.

The Feds have been raising rates in .25% increments over the last 12 – 24+ months, but the Federal Government is not satisfied with the pace at which rising interest rates are curbing inflation.

The Federal Government is surprised at how robust the buyers’ demand seems to be, even with interest rates increasing.

The goal is to get the inflation rate below 2%.

The annual inflation rate of the United States is currently 6.4% for the last 12 months ending on January 2023 after rising to 6.5% previously, according to the US Labor Department data published on February 14, 2023.

• https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.

The next inflation update is scheduled for release on March 14 at 8:30am E.T.

The Federal Reserve is pushing to raise rates by .5% to try to meet the goal of a less than 2% inflation rate, which will take some time to achieve.

Additionally, mortgage products designed to alleviate higher interest rates are not in demand on Wall Street.

Investors investing in FANNIE MAE/FREDDIE MAC products currently do not have an appetite for adjustable-rate mortgages.

When the economy is volatile, and Wall Street is not seeing gains, and inflation is at 6.4% and rising, mortgage investors do not like to take risk, and the lowest risk mortgage product is the 30-year fixed rate.

The way that Fannie Mae and Freddie Mac push the 30-year fixed rate mortgage is to make pricing on adjustable-rate mortgages less attractive than the 30-year fixed rate mortgage.

It is interesting to note that according to the CNBC in an article published 4 hours ago, the author “Diana Olick” states that mortgage applications increased by 7.4% for week according to the Mortgage Bankers Association.

I want to remind you that while 30-year fixed rate mortgages are averaging 6.7% with an average discount point of .8% as of today, according to CNBC’s article “MORTGAGE DEMAND RECOVERS SLIGHTLY, DEPSITE RISIING INTEREST RATES”, there are still viable loans to help our borrowers get into homes.

As a TOP PRODUCER of the North Caroling Housing Finance Agencies Down Payment Assistance Program (NCHFA-DAP), NCHFA is advertising 6.375% 30-year fixed rate mortgages with $8,000 in down payment assistance, reduced PMI, and easier approvals on CONVENTIONAL, FHA, VA, and USDA loans.

Additionally, NCHFA has a DAP program where they offer 3% of the borrower’s loan amount in DAP at a rate of 7.25% on a Conventional 30 year fixed rate mortgage, and 7.125% on FHA, USDA and VA financing.

* PLEASE NOTE THAT YOU DO NOT NEED TO BE A 1^ST TIME HOMEBUYER TO UTELIZE THE 3% IN DAP PROGRAM!

I hope you find value in this blog as we gauge our business for Spring, and Summer, and remember, your referrals mean everything to me, especially in a challenging market like the one we are in now.

Please let me know how I can help you if you are in the market to make a home purchase, or if you are an agent looking for excellent financing options.

In the meantime, be sure to make it a great day!

PLEASE CHECK NCHFA RATES AND APR’S on this site:

https://www.nchfa.com/home-buyers/interest-rates

HAPPY THANKSGIVING

Why did the Pilgrims want to sail to America in the spring? Because April showers bring Mayflowers!  Looking to get prequalified for your next move? I can help!

$15,000 MORTGAGE GRANTS AVAILABLE FOR HOME BUYERS IN SELECT COUNTIES OF NORTH CAROLINA.

FREE MONEY FOR HOME PURCHASES, GRANT’S FOR FIRST TIME HOME BUYERS, NCHFA, $15,000 MORTGAGE GRANT.

If you are in the market to purchase a home, and live in MECKLENBURG COUNTY, JOHNSTON COUNTY, GUILFORD COUNTY, CABARRUS COUNTY, or CUMBERLAND COUNTY, you may be eligible for a $15,000 GRANT thru the STATE OF NORTH CAROLINA using their NCHFA HOUSING program.

You must find an eligible lender within the state, and guess what, I am an eligible lender.

CALL ME IMMEDIETELY AT 919-332-3201 for the details.

This is a fantastic program and can be a tremendous help in getting into a home with zero dollars out of pocket, while building immediate equity in your new home.

http://www.callequitymortgages.com/thomas-rosciano

Guasaca

My nine year old daughter was recently assigned a family heritage project in her Social Studies Class this past week.

Part of her assignment is to bring food indigenous to her families roots on international heritage day for her classmates and teachers to sample. The only caveat was that the food had to be store bought (not homemade).

My daughter is half Venezuelan (on her Mom’s side) so naturally I Googled Venezuelan Cuisine for Wake County NC.

I found a restaurant in Raleigh, on Lake Boone Trail across the street from Rex Hospital called Guasaca. They advertise one of Venezuela’s popular street dishes called an arepa.

An arepa is a corn based flour made into a patty and grilled on both sides until it is lightly browned. It is cut in half like a pita and stuffed with different meats prepared in traditional Venezuelan  fashion.

Guasaca advertises their food is made from scratch with only fresh ingredients everyday. I can guarantee that was the case on the day I visited.

The meat you choose is added to the arepa and topped with black beans, sautéed onions and comes with a side of Guasaca, sauce which is a style of guacamole done Venezuelan style.

These little baby’s are so scrumptious and savory I was compelled to eat two.

Being a fan of all Latin culture to include the food, I was delighted at the explosion of taste bursting in my mouth. The Pork, Chicken, Steak or Pulled Beef fillings are moist and seasoned perfectly, flavor and texture remaining in tact, delicious and fresh until served.

The black beans and onions add to the layer of flavors. Finally, the Guasaca sauce, chunk avocado and diced tomatoes topped with fresh lime juice make for a light, tropical delightful sauce to dip, smear or just plain eat alone as a side.

Needless to say I worked out a deal with the owner to provide samples of the Venezuelan dish for my child’s international heritage day. I can also guarantee I will be returning to Guasaca for many more visits. I look forward to brining friends and family along so they too can sample this trpocial Venezuelan inspired dish.

I hope you check out Guasaca too. When you do, say hello to Elly the owner for me.

Bon Appetit…

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Some of the biggest talking points coming  out of the $956 Billion 2014 Farm Bill is that Food Stamps were cut by $900M per year, it ends a two decades old  Direct Payments to farmers at a savings of $5B per year and even includes funding for Hemp (marijuana) research.

5 Interesting Facts about Martin Luther King Jr.

In honor of Martin Luther King Jr.’s birthday, my colleague Ricardo Cobos (aka; the Raleigh Mortgage Guy) wrote a pretty cool blog that I wanted to share with my readers.

What’s your favorite MLK fun fact?

mortgage loans raleigh nc | FHA - USDA - Jumbo Loans

This holiday, which occurs on the third Monday in January each year, was established to serve as a time for Americans to reflect on the principles of racial equality and nonviolent social change espoused by Dr. Martin Luther King, Jr.

It took 15 years to create the federal Martin Luther King, Jr. holiday. Congressman John Conyers, Democrat from Michigan, first introduced legislation for a commemorative holiday four days after King was assassinated in 1968. A number of states resisted celebrating the holiday. Some opponents said King did not deserve his own holiday, contending that the entire civil rights movement rather than one individual, however instrumental, should be honored. Congress passed the holiday legislation in 1983, which was then signed into law by President Ronald Reagan,  Republican  from California.

My five favorite facts about MLK:

1. At the age of thirteen, King denied the bodily resurrection of Jesus during Sunday school. From…

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Tips for Building a Healthy Credit Score

Below is a great article on “Quest for the Perfect Credit Score” that you may find helpful!

Quest for the Perfect Credit Score
by Ismat Sarah Mangla
CNNMoney.com

A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.