Tuesday Raleigh Mortgage News – 9/29/2015
Mortgage Rates lowest since May, TRID coming October 3rd, and more…
Rain, rain, go away. It was a wet weekend, and is looking like a wet week ahead for what Zillow recently named as one of the “10 Best Cities for Love.” Here’s to hoping it clears up before World of Bluegrass this weekend. And if you missed Raleigh Beer Week, there’s one more event this Thursday at Big Boss that’s well worth attending; the fifth annual Casktoberfest.
The Fed didn’t hike rates on September 17th, but “Federal Reserve Bank of New York President William Dudley echoed Janet Yellen by saying he expects the first rate hike to happen before 2016” (per Forbes). That potential hike would happen in late October or mid December. That being said, rates have been stronger in the past few days than they have since May.
Finally, TRID starts this week. The biggest difference is that the forms will change. The Loan Estimate will look the same as the Closing Disclosure. The experts are projecting it to take more time to close, but I wouldn’t expect that to change too much (at least where I work).
As always, for a rate quote, or more information on anything mentioned here or elsewhere, feel free to contact me with any questions/queries.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Mortgage Rates Back Near Recent Lows as Stocks Slide
“Mortgage rates moved noticeably lower Monday, getting the average lender back in line with some of last week’s best levels. Many borrowers will still be seeing the same rates compared to Friday, with the gains being seen in the form of lower closing costs or higher lender credit. There have only been a handful of better days for rates since early May 2015.” Read more from Mortgage News Daily
2. Triangle home sales up 8 percent in August
“The Triangle housing market continued its strong performance this summer, with sales increasing 8 percent in August compared with the same period a year ago. There were 2,634 homes sold in Durham, Johnston, Orange and Wake counties last month, Triangle Multiple Listing Services data show. Pending sales were up 10 percent.” Read more from the N&O
3. Will the New Mortgage Disclosure Laws Delay Your Home Purchase?
“Beginning October 3, 2015, home buyers applying for a mortgage will receive new rate and fee quote forms from lenders. These federally required consumer disclosures, which go by the name TILA-RESPA Integrated Disclosures (or TRID), will make it easier for you to understand rate and fee quotes from lenders. However, they will also slow down your home-buying process. Lenders must not only deliver these new rate and fee disclosures to you twice during the home loans process — after application and before closing — but also must comply with disclosure timing rules in the beginning and end of the loan process.” Read more from Fox Business
4. Abandoned development plan in Garner refreshed, expanded
“A Raleigh developer is one step closer to building a 660-lot subdivision mixed with single- and multi-family homes on the U.S. 401 corridor. The developer, Jim Anthony, CEO of Colliers International Raleigh, is also proposing 35,000 square feet of office and retail space, residential apartments and more than 120 acres of open space, giving the neighborhood a unique appeal not seen in other subdivisions.” Read more from the N&O
5. Texas investor bids $5 million for 1.1-acre lot in downtown Raleigh
“The latest round of bidding for the 1.18-acre, city-owned parking lot site across from the Campbell University Law School building in downtown Raleigh has exceeded $5 million. Like the two rounds before it, the highest bidder has been deemed an investment partnership formed by Aspen Heights Partners of Austin, Texas. The group bid $5.14 million for the land at 301 Hillsborough St. and 320 W. Morgan St., which was the highest of five offers submitted by the city’s deadline on Thursday.” Read more from the TBJ