Robert J. Kohlhepp, who joined Cintas Corporation in July 1967 as controller while covering a span of 50 years was promoted to positions of general manager, vice president and treasurer, executive vice president, president, and CEO joins Enterprise Radio. His new book is Building a Better Organization.
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Mortgage rates have been on a tear this month, rising yet again last week to the highest level in eight months, according to the Mortgage Bankers Association. That caused mixed demand for mortgages last week, resulting in no change from the week before.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.30% from 3.23%, with points decreasing to 0.34 from 0.35 (including the origination fee) for loans with a 20% down payment. That rate was 30 basis points lower one year ago.
As a result, refinance demand fell 2% week to week, seasonally adjusted. Volume was 26% lower than the same week one year ago. The refinance share of mortgage activity decreased to 62.2% of total applications from 63.3% the previous week.
“The increase in rates triggered the fifth straight decrease in refinance activity to the slowest weekly pace since January 2020. Higher rates continue to reduce borrowers’ incentive to refinance,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, in a release.
Mortgage applications to purchase a home increased 4% for the week but were 9% lower than the same week one year ago. As home prices continue to rise, and most of the sales are in higher price tiers, the average loan size rose to its highest level in three weeks.
“Both new and existing-home sales last month were at their strongest sales pace since early 2021, but first-time home buyers are accounting for a declining share of activity,” added Kan.
The latest read on home prices from S&P Case-Shiller showed prices up nearly 20% nationally, but the annual gain, which has been rising steadily for the past year, did not change from the previous month. That could be a sign that higher mortgage rates are taking at least a little bit of the heat out of prices.
Mortgage rates edged down slightly to start this week, but that could just be a brief reprieve before next week. The Federal Reserve is widely expected to announce next Wednesday that it will taper its purchases of mortgage-backed bonds. That should send rates even higher.
Architecture has been a significant source of tourists and international travel. Landscapes and architectural input in a region add “Aesthetic Value” and the “Indulgence Levels” of an area. Studies show that architecture has an infinite impact on a country’s tourism prospects, economy, and growth of society. Today, some of the best architectural highlights include “Innovative […]
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“Breathe. Let go. And remind yourself that this very moment is the only one you know you have for sure.” ~Oprah Winfrey
In 2012, during my community college years, I began to experience mild anxiety.
I assume it was …
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“We reach forth and strain every nerve, but we seize only a bit of the curtain that hides the infinite from us.”
With improved life quality, people are experiencing a drastic increase in depression and related issues. It has deteriorated the mental health of people all over the world.
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Cinematic songs of praise for the visible invisibilities and the silent symphonies that make life worth living.
There are signs that price growth could be cooling off in the otherwise red-hot housing market.
Prices rose 19.8% year over year in August, which was the same as the previous month, according to the S&P CoreLogic Case-Shiller Indices. That is the first time the annual gain hasn’t increased since early 2020.
The 10-city composite annual increase was 18.6%, down from 19.2% in July. The 20-city composite rose 19.7% year-over-year, down from 20% in the previous month. Prices in all cities covered are at an all-time high.
“We have previously suggested that the strength in the U.S. housing market is being driven in part by a reaction to the Covid pandemic, as potential buyers move from urban apartments to suburban homes,” said Craig Lazzara, managing director and global head of index investment strategy at S&P DJI. “August data also suggest that the growth in housing prices, while still very strong, may be beginning to decelerate.”
Phoenix, San Diego, and Tampa saw the highest year-over-year gains among the 20 cities in August. Phoenix led the way with a 33.3% year-over-year price increase, followed by San Diego with a 26.2% increase and Tampa with a 25.9% increase.
Eight of the 20 cities reported higher price increases in the year ending August 2021 versus the year ending July 2021.
Price gains were partly fueled by a drop in mortgage rates in July and August. The average rate on the popular 30-year fixed loan fell below 3% in July and stayed there until mid-September. It then began to rise sharply and is now around 3.25%, according to Mortgage News Daily. Higher interest rates could take some of the heat out of home prices in the coming months.
Home prices, however, are unlikely to cool significantly, as both homebuyer demand and investor demand are still high. The supply of homes for sale, especially at the lower end of the market, remains extremely lean. Some new supply did come on over the summer, but it is falling yet again.
“Persistently strong demand among traditional homebuyers has been amplified by an increase in demand among investors this summer,” said Selma Hepp, deputy chief economist at CoreLogic. “While strong home price appreciation rates are narrowing the pool of buyers, particularly first-time buyers, the depth of the supply and demand imbalance and robust demand among higher-income earners will continue to push prices higher.”
“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats, so you can know who you are, what you can rise from, how you can still come out of …
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Are you deciding on whether to revamp your workspace? Many businesses are choosing to make the office more attractive nowadays for lots of beneficial reasons.
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