Written by Chase Majerus
Welcome to This Week Today, your go-to newsletter for the latest in mortgage, real estate, and finance! This week, we’re diving into the recent stonk market mayhem, the surge in refinance activity, and expert tips on how refinancing can positively impact your financial future. Stay informed, stay ahead, and let’s navigate these volatile times together!
A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.
Mortgage rates dipped last week, and homeowners leapt at the chance to refinance, like kids (or me) chasing an ice cream truck in summer for a Good Humor Strawberry Shortcake (look it up).
That sugar rush has the refinance index soaring by 16%, and year-over-year, a 59% boost. Meanwhile, new home purchase applications limped along with a measly 1% increase, reminiscent of a cat reluctantly getting out of its summer sunspot.
Despite the overall uptick in mortgage applications, homebuyers seem to be playing a waiting game, possibly for even lower rates or just enjoying their summer break. The refinance frenzy pushed the refi share of applications to over 41%, with VA loans leading the charge like enthusiastic party crashers.
We wish everyone knew about everything refinance and it’s hidden value. So let’s look at 4 ways refinancing your home can make a hugely positive impact on your financial future:
Learn about your refinancing options HERE or check out our VIDEO!
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I’m sure you’ve heard the news.
On Monday August 5th, the Dow Jones Industrial Average posted its worst day in nearly two years, falling over 1,000 points. This was after Japan’s stock market experienced its steepest decline since Wall Street’s Black Monday in 1987, and this has everyone panicking over global market instability.
How did this happen?
Fears of a U.S. recession triggered a global market meltdown after Friday’s disappointing July jobs report, and investors are worried that the Federal Reserve is not cutting interest rates quickly enough, having kept them at the highest level in two decades last week.
But that was Monday.
On Tuesday the 6th, the Dow rallied 400 points, all 11 sectors of the broad market index were positive for the day, and Japanese stocks, specifically the Nikkei 225, posted its best day since October 2008.
What happens from here? Probably more volatility.
Oddly enough, this freakout should be good for mortgages. Falling bond yields and interest rates might benefit the U.S. mortgage market, we know this because loan originators are already quoting lower prices. And analysts are predicting that mortgage rates could drop significantly, offering a ton of potential savings for borrowers.
Our advice?
Don’t try to “time the market” to get the lowest rate if you’re looking to purchase a home this year. This could end up burning you and your wallet. Talking with a trusted mortgage advisor from Synergy One Lending is going to be the best move for purchasing a home in 2024, especially during this market volatility.
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