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The Federal Reserve, who is the authority over the control of the money supply for the United States, meets multiple times throughout the year to discuss monetary policy and the economy. They discuss ways to maintain inflation changes and maximize employment.

The most recent meeting the Federal Reserve held was on Wednesday, March 20, 2019. In this meeting it was expected that the Federal Funds Rate would remain unchanged at 2.5%. Along with this their outlook on the economy and their interest rate forecast was given in the issuance of their Monetary Policy Statement.

Their statement was definitely stimulative to the economy. As a nice surprise was forecasted for the financial markets that it would be a slower US growth and inflation which ran below their target numbers. This leads them to forecasting that there will be no more rate hikes for the rest of 2019.

With these forecasts it continues to push Stocks and long-term Bonds higher. With this push it assists to bring home loan rates to one-year lows.

Thanks to a solid economy, low rates, a positive monetary increase due to the rise in Stocks, and the Federal Reserve forecasting no more rate hikes anytime soon this shows that the spring housing market could be one of the best in years.

Source: Carrington Wholesale
Posted on 30 Mar 2019 by Citrus Lending
Home loan rates have hit the best levels of 2019 last month. Rate hikes will most likely not occur for most, if not all, of 2019 based on suggestion from the Fed Statement. The lack of rate hikes is also based on the analysis of the economies abroad slowing down and the muted inflation occurring.

Home loan rates staying low is a complete turn around from just a few months ago when Fed Chair Powell was forecasting up to 3 rate hikes this year.

With rates staying low, those who own stocks are feeling wealthier as their shares are hitting a multi-month high which is good for housing. Last month’s Jobs Report showed a growth in job creations and wages which are fundamental in having a healthy housing market.

Source: Jordan Reed with Carrington Mortgage Services
Posted on 13 Mar 2019 by Citrus Lending
The 2019 maximum VA loan limit for one-unit properties in most areas has been raised by the Federal Housing Financing Agency (FHFA) to $484,350 in 2019. This shows a significant increase of $31,250 from the $453,100 limit in 2018. The increase in the loan limit is generally a result of home values rising, an increase in the loan limits ceiling, and an increase in the loan limits baseline. The amount of the loan limit is what a qualified veteran could possibly be able to borrow without having to make a down payment. All of this results into more homes filled with happier customers in more markets!

New Limits for High-Cost Areas
*** In most high-cost areas the new ceiling loan limit will be equal to 150% of the new $484,350 limit for other areas for one-unit properties, meaning that it will be $726,525. ***

For more info visit the Federal Housing Financing Agency’s website.

Source: Vincent Chiarell with Caliber Home Loans
Posted on 07 Feb 2019 by Citrus Lending
We will be talking about market trends and mortgage news in the near future! Stay tuned!
Posted on 30 Jan 2019 by Citrus Lending
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