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What is a Mortgage?

A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home.

Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.

Mortgage News
Two Ways to Look at Residential Construction Slowdown
November 19 2024
The most common interval for scheduled economic data is "monthly."  That means that things like inflation, sentiment, job counts, unemployment, retail sales, and many other economic metrics are updated and released every month, even when nothing very interesting is happening. On that note, there are several regularly scheduled housing related reports.  This month's installment of New Residential Construction is today's example and, as you may have guessed, nothing very interesting is happening.   At a glance details: Housing Starts (1st phase of actual construction) 1.311 million annual pace vs  1.33m forecast, 1.353m previously Building Permits 1.416m vs 1.430m forecast, 1.425m previously Neither measurement stands out on a longer term chart.  Both have dialed back from the long-term highs seen between late 2020 and early 2022, but both remain in strong territory relative to 2019.  This is the first way to view the slowdown in construction. The other way to view the slowdown is to focus solely on the slowdown in greater detail and attempt to connect it to another variable.  That ends up being fairly easy if we merely consider the massive rate spike that coincided with the rapid contraction in building permits. In not so many words, construction metrics have been bouncing around their current levels ever since mortgage rates spiked to the 6-8% range. This isn't to say that interest rates are the exclusive reason for the slowdown, but the rate spike coincides with other headwinds.  Those include things like affordability, labor costs, machinery/material costs, and financing costs for builders.
Like Many Housing Metrics, Builder Confidence is Just Waiting For Lower Rates
November 18 2024
Historically low interest rates may not have guaranteed historically high levels of housing activity, but exceptionally high rates have definitely muted activity in a measurable way.  We've cataloged this incessantly when it comes to refinance activity, but there's a correlation with home sales as well.  The Housing Market Index (HMI) from the National Association of Homebuilders is just another way to see it. A de facto measurement of builder confidence/sentiment, the HMI had been flying high (all time highs, actually) shortly after the initial covid lockdowns.  At the time, rates were at all-time lows and pent-up buying demand was being unleashed.  Notably, that level of confidence was achieved despite housing starts only being about 2/3rds of their 2005 peak. Just as notable, as seen in the chart above, housing starts merely fell back to levels there were still higher than most of 2019 (a time when builder confidence was fairly close to all-time highs). So why would builder confidence swoon so much more than the activity level in the homebuilding sector would suggest? If the title and intro wasn't a giveaway, we'll make it clear: RATES!  We could review a chart of rates compared to builder confidence, but that would look like an ink blot test with each line moving in opposite directions.  Instead, the chart below uses the price of mortgage-backed-securities (MBS)--the bonds that dictate mortgage rates.  The convenience of MBS in this context is that they'll move exactly like mortgage rates, but in the inverse (thus allowing us to more easily see the correlation between rate movement and the confidence swan dive).