Mortgage Market Update 3.17.23 for Dallas Texas
Mortgage Market Update for Dallas Texas March 17, 2023.
Mortgage rates declined this week by roughly 0.375% due to news from the banking sector. Several of my 190+ lenders that I shop my clients mortgages with this week lowered rates. Some are more cautious than other, waiting to see if the volatility will subside before dropping rates.
As you may have heard, there have been some bank failures and seizures this week in the USA and Europe. Fortunately, governments have stepped up and guaranteed depositor funds even above the FDIC insurance limits. This has calmed the markets somewhat, but the mortgage market is taking a wait-and-see approach.
This news has caused many investors to take money out of the riskier stock market and convert that investment into bonds and mortgage-backed securities. When that happens, normally, the price of the mortgage bond goes down and mortgage rates fall.
That is one of the competitive advantages I have over my bank and credit union competitors is that I have many more options and can shop the best rates and fees for my home buyers and refinance clients. When they compete for my business and my company’s business, my clients win. As the nation’s largest mortgage broker we get the very best offers. Here are today’s mortgage rates.
*Assumes borrower has a credit score of 740+ and can fully verify income and assets and has job stability to be able to qualify for the program selected. Licensed by the Texas Department of Savings and Mortgage Lending (SML) Mortgage Banker Registration. NEXA Mortgage is an Equal Housing Lender. This is not an offer of credit or commitment to lend. Loans are subject to buyer and property qualifications. Rates and fees are subject to change without notice.
Good News You Should Know
“FHFA has decided to delay the effective date of the DTI ratio-based fee by three months to August 1, 2023, to ensure a level playing field for all lenders to have sufficient time to deploy the fee,” FHFA Director Sandra Thompson said in a statement Wednesday. This was a fee that Fannie Mae and Freddie Mac, conventional mortgages, were set to implement that increased the borrower cost for mortgage borrowers that had a debt-to-income-ration of 40% or higher. That means that home buyers have until 2024 to lower their debt level.
If you would like to take a look at your ability to qualify or your debt-to-income level, just give me a call at (214) 945-1066 or complete an online application here.
Richard Woodward
Branch Manager, NMLS 217454
Your 5-Star Rated Mortgage Lender
Voice/Text: (214) 945-1066
Nexa Mortgage NMLS# 1660690
7820 Hague Ct Plano, TX 75025
