MORTGAGE BLOG

Market Update: Fed Cuts Benchmark Interest Rate by 0.5%, Marking the First Reduction in Four Years

Blog posted On September 18, 2024

This afternoon, the Federal Open Market Committee (FOMC) voted to cut the benchmark interest rate by 0.5%. The cut comes as welcome relief to consumers after 2.5 years of rate increases.

Why Lower Interest Rates Won’t Solve the Affordability Challenge for Home Buyers

Blog posted On September 13, 2024

Mortgage rates may have come down slightly, but affordability remains a significant challenge for home buyers, particularly as home prices continue to climb. Typically, rising rates cause home prices to cool, however the current market is anything but typical. The latest U.S. National Home Price Index from S&P CoreLogic and Case-Shiller shows that home prices reached record highs in June, despite rising interest rates.

CMG Financial Celebrates 7 Years of HomeFundIt™ with Over $700 Million of Real Estate Purchased

News posted On September 13, 2024

San Ramon, CA – CMG Financial, a leading privately-held mortgage banking firm, is commemorating seven years since the launch of HomeFundIt™, the nation’s first and only down payment gifting platform. Since 2017, HomeFundIt has helped over 2,500 families purchase a collective $700 million in real estate.

How Pets Are Shaping Home Buying and Renovation Decisions

Blog posted On September 12, 2024

Pets are becoming a significant factor in home buying and renovation decisions. With over 66% of households including at least one pet, buyers are increasingly prioritizing pet-friendly features when choosing homes and making renovations.

CMG Home Loans Welcomes Corey McGuire, Area Sales Manager (NMLS ID# 258143)

News posted On September 10, 2024

BOZEMAN, MT – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Area Sales Manager, Corey McGuire. A skilled mortgage professional, McGuire has formidably grown purchase share in the Montana region, leading successful teams for over 25 years.

Down Payment Costs Rise by 15% Annually: Here’s How to Keep Yours Low

Blog posted On September 06, 2024

According to Redfin, home buyers are now putting down an average of $67,000, which marks a nearly 15% increase compared to a year ago. This put the typical home buyer’s down payment at a whopping 18.6% of the purchase price, the highest level in over ten years. With this recent surge, prospective homeowners, realtors, and lenders alike are all wondering what this means for the future. And how can we still succeed in the home buying market despite record highs?

CMG Home Loans Adds Reverse Mortgage Operations Manager, Kari Van Kleef to its Growing Team

News posted On September 03, 2024

Maryville, TN – CMG Home Loans, the retail division of CMG Financial, a leading privately-held mortgage banking firm, announced today the new hire of Kari Van Kleef, a decorated Reverse Mortgage Operations Manager with years of reverse-specific experience. Van Kleef is one of several industry veterans who will be directing the dedicated Reverse Mortgage department at CMG.

How to Spot and Avoid Real Estate Scams as a Home Buyer

Blog posted On August 29, 2024

Buying a home is probably one of the biggest financial investments you’ll make in your life, making you an appealing target for hackers and fraudsters. From wire fraud to email fraud to solicitation calls, there are several ways people might try to get your personal information and/or money. So in this blog, we’ll explore some of the most common real estate scams and how to avoid them.

Market Update: Fed Chair Jerome Powell Says it’s Time to Start Cutting Rates

Blog posted On August 23, 2024

The time has come! Today marks the second-to-last day of the Jackson Hole Symposium, which is a big central banking conference that takes place this time each year. This morning, Federal Reserve Chairman Jerome Powell took the stage for a highly anticipated speech about the current economic state and future Fed outlook. Though Powell is known for his elusive answers during press conferences, he had a straightforward message this morning: “The time has come for policy to adjust.” In other words, it’s time for rates cuts.

The Importance of a Real Estate Agent in Today's Market

Blog posted On August 22, 2024

A staple of the mortgage industry is the need for a REALTOR® during your home buying (or selling!) process. Many potential homeowners are questioning whether utilizing a real estate agent is even needed these days, believing they can just save the money and do the legwork themselves. Fortunately, there are still a multitude of reasons to work with a REALTOR® — why don’t we tackle a few of them?

Effective August 17th: Preparing for NAR's Upcoming Industry Changes

Blog posted On August 15, 2024

The National Association of REALTORS® (NAR) are implementing practice changes, effective on Saturday, August 17^th. Some of these changes include updates to compensation offers, written agreements, and communications with communities and consumers. These updates will affect anyone involved with real estate, including home buyers and real estate professionals. With this deadline fast approaching, let’s take a look at these practice changes one by one and what to expect going forward.

CMG Home Loans Announces New Hire of Michael Griffin, Regional Sales Manager

News posted On August 13, 2024

St. Louis, MO – CMG Home Loans, the retail division of well-capitalized privately held mortgage lending firm, CMG Financial, announced today the hire of Regional Sales Manager, Michael Griffin (NMLS #248018). Griffin, a skilled mortgage expert with over 26 years of industry experience, has formidably grown purchase share and admirably developed outstanding teams in all of his prior roles at Guaranteed Rate, Nations Reliable Lending, and Mid America Mortgage. His skillset will prove invaluable in driving the lending market in CMG’s Central Division and all throughout the Midwest.

Market Update: Refinance Applications Surge Following Rate Drop

Blog posted On August 09, 2024

Following last week’s downward trend in mortgage rates, the number of refinance application submissions surged 16% week-over-week. Compared to the same period last year, the Refinance Index was up 59%. Lower rates mean more people could benefit from refinancing their mortgage and saving on their monthly mortgage payment

Key Things Buyers Should Consider When Purchasing a Home

Blog posted On August 08, 2024

After years of saving bit by bit, chipping away at debt, and boosting your credit score in preparation for buying a home, you’ve finally gotten to a good place. It’s time to wave goodbye to landlords and purchase your new home! Where do you even begin? It’s such a big life decision, and you want to make sure you find a home that checks your most important boxes while avoiding money-draining surprises. To help you determine your future home with confidence and clarity, let’s look through home buying green and red flags.

CMG Home Loans Welcomes Laurenn’ Allee, Area Sales Manager

News posted On August 06, 2024

St. Louis, MO – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, announced today the hire of Area Sales Manager, Laurenn’ Allee (NMLS #260541). Allee, a skilled mortgage expert with over 17 years of industry experience in Missouri, will be driving the CMG market in that area. Her ability to strategically strengthen teams and notably bolster production will prove useful to CMG’s Central Division and clients across the Midwest.

5 Strategies for Navigating a Low Affordability Housing Market

Blog posted On August 02, 2024

What are some of the biggest homeownership hurdles holding you back? Well, high interest rates and historically high home prices to start! It’s understandable to ask, “WHY are people buying now, and HOW are people affording homes?” Instead of holding off and continuing to wait for rates to drop, this may be the best time to buy, especially with the help of loan programs like Rate Rebound. According to MarketWatch, buying now is key—once the Fed finally starts cutting interest rates, the lack of home supply will remain, meaning that “high home prices today could soar.” Let’s tackle five strategies that can put you ahead of the game in this low affordability market.

Market Update: Rates Drop to Lowest Levels of the Year After Fed Announcement

Blog posted On August 01, 2024

We rounded out the last few days in July with a nice downward trend mortgage rates. Though we’re still waiting for some key employment reports to come out tomorrow, this week has been full of good news for rates and housing. Let’s dive in!

Addressing Affordability Challenges in Today's Housing Market: Effective Financing and Marketing Strategies for New Home Builders

Blog posted On July 31, 2024

By Contributing Author Anthony Grasst, VP National Builder Division

Current Market Issues and Challenges

The housing market is facing significant challenges. According to a recent survey by the Mortgage Bankers Association, many potential home buyers are waiting to purchase in hopes that interest rates will go down. The decision for many to wait is causing an overall drop in mortgage demand. This trend is exacerbated by rising home prices and high mortgage rates, both of which have contributed to a decrease in affordability and buyer hesitation.

CMG Home Loans Announces New Hire of Dawn Robinson Naya, Area Sales Manager

News posted On July 30, 2024

Honolulu, HI – CMG Home Loans, the retail division of well-capitalized privately held mortgage banking firm, CMG Financial, has welcomed Area Sales Manager Dawn Robinson Naya (NMLS #316268). Dawn, a well-established originator in Hawaii, has dedicated her career working as a trusted resource among clients and associates in her prior roles at loanDepot and HomeStreet Bank. Her ability to develop strong relationships with home buyers and bolster production will prove useful for CMG’s Honolulu-Moana SW, HI branch.

80 Years: The History and Impact of the VA Loan

Blog posted On July 25, 2024

The VA home loan was created through the G.I. Bill, also known as the Servicemen’s Readjustment Act of 1944. Signed into law by President Franklin D. Roosevelt on June 22^nd, this legislation ensured an enduring legacy that continues to provide Veterans with vital resources, fostering a brighter future for generations to come. The VA Loan played a critical role in that development.

7 Popular Home Trends This Summer

Blog posted On July 18, 2024

The summer heatwave is rising, and so are these hot home décor trends! Whether it’s the Scandinavian and Japanese “Japandi-style” minimalist sensibilities, the “dark academia” reading rooms, or the growing popularity of dopamine design, there’s something for everyone in these home trends. Let’s walk through the seven trends taking the home design world by storm.

Market Update: Are Rate Cuts on the Horizon for the Fed?

Blog posted On July 17, 2024

This morning, we got news about the housing starts and building permits from June. Though both numbers were higher than expected, the increases are largely due to multifamily building. The more hopeful news of the week came from this morning’s comments from Fed members and yesterday’s National Association of Home Builders (NAHB) housing market sentiment index.

Market Update: Rates Hit Four-Month Low Following Cool Inflation News

Blog posted On July 11, 2024

Three cheers for the consumer price index (CPI)! This morning, the CPI for June showed that inflation is going down. As a result, MBS prices are significantly stronger, which has resulted in lower mortgage rate movement for the day. In fact, the drop has brought the average 30-year fixed mortgage rate to the lowest level since March. 

CMG Home Loans Announces New Guam Branch, Expanding Homeownership Opportunities Across the Pacific

News posted On July 09, 2024

Guam – CMG Home Loans, the retail lending arm of the well-capitalized and privately held mortgage banking firm, CMG Financial, has announced the addition of a new branch in Guam. The expansion comes as a second wave to CMG’s Norcom retail acquisition earlier in the year.

Market Update: Rates Inch Higher but Could Reverse the Trend with Upcoming Jobs Data

Blog posted On July 03, 2024

Mortgage rates have inched higher in recent weeks after starting June out with a nice winning streak. However, with the upcoming jobs reports, they could trend lower once again. Aside from inflation, jobs reports are the most influential set of economic data when it comes to mortgage rate trends. Weaker job markets tend to correlate to lower rates, and vice versa.