Hey, Friends!
I’ve got 5 fun facts for you today. I have fewer visuals than normal and just some boring “text facts” today. However, I thought they were good enough to share so I hope you are intrigued. Have a great weekend!
Blessings,
Andrew
Fun Fact 1:
This week, a 50-year mortgage idea has shifted from a congressional bill to an active Trump administration initiative led by FHFA Director Bill Pulte, aiming to have Fannie Mae and Freddie Mac back these longer terms for affordability. (A few causes for this wild idea are in the next two fun facts.)
Source: AP News; Breitbart
Links to articles if interested: APNEWS, BREITBART
Fun Fact 2:
The mortgage rates offered to homeowners during the pandemic were a historical anomaly. Those who had access are hanging on tight. The Federal Housing Finance Agency (FHFA) estimates that current dynamics have prevented 1.7 million transactions between 2022 and 2024. And this trend is unlikely to change course.
Source: Cotality
Fun Fact 3:
The FHFA says that every 1-point gap between your old 3% mortgage and today’s 7% market rate slashes your chance of selling by 18%, locking 1.72 million homes off the market since mid-2022. That lost supply actually pushed U.S. home prices up 7% even as higher rates tried to pull them down 5.6%. Bottom line: 57% of America is happily “stuck” in a sub-4% loan, leaving first-timers and move-up buyers fighting over crumbs.
Source: FHFA Staff Working Paper “The Lock-In Effect of Rising Mortgage Rates” Link if you are interested: https://www.fhfa.gov/document/wp2403.pdf
Fun Fact 4:
New and existing homes appreciation rates are slowing at near same rate which is not uncommon during these circumstances.
Source: Cotality
Fun Fact 5:
Printed book sales dominated e-books sales in 2021. (I wonder if that is still the case now?)
Source: Statista
Quote I’m pondering:
“What looks like a talent gap is often a focus gap. The “all-star” is often an average to above-average performer who spends more time working on what is important and less time on distractions. The talent is staying focused.” – James Clear
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Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, an offer to buy or sell any security, or to buy or sell real estate property. Read our full disclosures HERE.