Did You Know?

DID YOU KNOW? Total mortgage application volume was 22% lower than a year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 5.16% from 5.17%, with points decreasing to 0.48 from 0.55 (including the origination fee) for loans with 20% down payments. Refinance applications hit an 18-year low, 40% lower than a year ago (CNBC).

DID YOU KNOW? Yesterday's market turbulence may have caused you some indigestion. Fear not. Corrections are to be expected and we have no idea how this will play out yet although we do know the economy fundamentals remain strong. JP Morgan economists said the economy should grow at a slower pace of 1.9% from the 4th quarter's year over year rate of 3.1%. That may be slower but it is FAR from bad. We have all seen how extreme escalations usually are followed by equally extreme pull-backs. So why now? This is often a time of the year when many investors adjust their portfolios. Some point to reduced stimulus from fiscal and monetary policy and the negative drag from trade policy.JP Morgan's economists expect the Fed to raise interest rates four more times (remind buyers!), and consumer inflation to run at a pace of 2.3%....real estate is a great asset during times of inflation. The best day to judge 2018 might be December 31st: we are a good 39 days away.....
DID YOU KNOW? The DOW dropped yesterday to 24,465, yet let's not forget it was 17,800 just 3 years ago....still up 27% in case anyone is complaining too much....

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The Hardesty Team are pioneers in the industry and trusted advisors with a solution driven mindset. The Hardesty Team empowers their clients, helping everyone from the first-time buyers to seasoned sellers, make better, more informed decisions.
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