James Goodman, Insurance Agent

Today, every day, and particularly Thanksgiving...

🏡 Mortgage demand slowed as interest rates continue to rise, reaching the slowest pace since 1995. But there's a new trend emerging—adjustable-rate mortgages (ARMs) are seeing increased demand.

▪️ Total application volume dropped 1% last week compared to the previous week.
▪️ ARMs, which offer slightly lower rates, now account for 9.5% of total demand, the highest level in nearly a year.
▪️ The average contract interest rate for 30-year fixed-rate mortgages increased to 7.90%.
▪️ The average contract interest rate for 5/1 ARMs increased to 6.99%.
▪️ Applications to refinance a home loan increased by 2%.
▪️ Applications for a mortgage to purchase a home fell by 2% and were 22% lower than the same week last year.
▪️ Buyers are facing higher mortgage rates and limited housing supply, making the market for existing homes even more competitive.



Source:

Adjustable-rate mortgage demand hits highest level in nearly a year as interest rates continue to climb Mortgage demand has essentially stalled at the slowest pace since 1995, as mortgage interest rates continue to rise.

Not just on November 11th, but everyday...

IT'T THAT TIME...

DON'T FORGET...

Here's a thought about monthly expenses. Tell me what do you think?

Buffett's right!👍🏽 THINK BIG...

Despite what's come out of the recent Fed meetings, many market participants feel that the Fed is done raising interest rates. More than that, they project that the next five Fed meetings will keep interest rates the same, before ultimately trending lower. While Fed Chair Jerome Powell has hinted that inflation isn't under control just yet, it remains to be seen as to whether interest rates have reached their peak.

Connect to National Hispanic Heritage Month by getting creative in the kitchen. TODAY has the recipes:

Celebrate Hispanic Heritage Month with 25 recipes from Mexico, Puerto Rico, Spain and more Make these flavorful recipes for everything from ropa vieja to birria to tembleque to kick off Hispanic Heritage Month.