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Mortgage rates are surging again, with Mortgage News Daily showing the average 30-year fixed at 7.63%.

If you’re buying a home right now, don’t automatically throw thousands of dollars at points to buy down your rate.

We had clients buy when rates were in the low 8s in October 2023 who have already refinanced much lower.

One is saving more than $400 per month.

High rates can potentially be refinanced later. Money spent upfront is already gone.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #MortgageRates #HousingMarket #HomeBuying #Mortgage

That 3% mortgage might not be as valuable as you think.

If you're carrying tens of thousands of dollars in credit cards, car loans or personal loans at much higher rates, you need to look at the cost of ALL your debt.

That doesn't automatically mean refinancing your first mortgage.

A HELOC, fixed second mortgage, cash-out refinance or even a second-position reverse mortgage for some homeowners 55+ could be worth evaluating.

Own a home in California and getting crushed by debt?

DM me DEBT and let's run the numbers.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate

Waiting for lower mortgage rates might make sense.

But don’t make the decision based on the rate alone.

The real question: Does the payment work for YOU today? 🏠

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #MortgageRates #HomeBuying #MortgageTips

Americans keep spending, even while consumer confidence is collapsing.

But spending more money does NOT mean you're doing better.

Inflation is eating into those dollars. Savings are falling. Income growth is slowing. And more households are leaning on credit and accumulated wealth to maintain their lifestyle.

The American consumer has been incredibly resilient.

The question is: how long can that continue?

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #Economy #ConsumerSpending #Inflation #Debt #PersonalFinance

When the big online lender asks for the SAME paystubs for the third time… 😂

There’s a big difference between being another file in a giant system and working with an independent mortgage broker who actually knows your loan.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate

#MortgageBroker #MortgageTips #HomeBuying #RealEstate #Mortgage

“What’s the interest rate?” is NOT the only question you should be asking. 🏠

I can tell you what you qualify for.

That does NOT mean you should spend that much.

Your mortgage payment still has to leave room for your actual life:

✈️ Vacations

💰 Savings

🍽️ Going out

🚗 Cars and other expenses

⚽ Kids and activities

😴 And sleeping at night without worrying about the next payment

The interest rate matters. Of course it does.

But so do the price, down payment, property taxes, insurance, HOA dues and every other expense competing for your paycheck.

And be careful about spending thousands of dollars buying down an interest rate just to make the payment work. You need to know how long it takes to earn that money back.

The goal shouldn't be to buy the most expensive house a lender will approve.

It should be to buy a home with a payment that actually fits your life.

DM me “PAYMENT” if you want help running the numbers.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate

The September jobs report just landed, and the headline is bad enough: only 29,000 jobs were added.

But look underneath the headline.

July was revised all the way down to NEGATIVE 10,000 jobs, and August was revised lower too.

That means another 60,000 jobs disappeared from previous reports.

Unemployment also moved up to 4.2%, while wage growth slowed.

And this comes right after the Federal Reserve raised interest rates because inflation remains too high.

That’s the problem: stubborn inflation and a weakening labor market are a nasty combination.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate

#JobsReport #Economy #FederalReserve #MortgageRates #Jobs

The U.S. economy was considerably stronger in the second quarter than we were originally told.

GDP growth was revised from a 1.5% annual rate all the way up to 2.2%, while consumer spending was revised higher as well.

That's a major change in the economic picture.

Consumers may SAY they're worried about the economy, but they continue to spend.

And for mortgage rates, stronger economic growth isn't necessarily good news. A resilient economy can give inflation and interest rates more reason to stay elevated.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #GDP #Economy #MortgageRates #HousingMarket #FederalReserve

🚨 FEWER LAYOFFS… BUT NOBODY'S HIRING?

The Challenger Job Cuts report looks great at first: layoffs fell sharply.

But planned September hiring just hit its LOWEST level since 2011.

Jobless Claims are low too.

So companies aren't firing people. The problem is they don't seem interested in hiring them either.

Tomorrow's jobs report just got even more important.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate

ADP says private employers added 90,000 jobs in September, beating expectations.

But that comes immediately after weaker job-opening data and a huge drop in consumer confidence.

So which report should you believe?

The bigger picture is that the labor market continues to send mixed signals. ADP is also different from the government's official employment report, which arrives Friday.

Don't make an economic prediction from one number. Watch the trend.

Russell McDonald | NMLS 290837 | Broker CA DRE 01150730
Wymac Capital Inc | NMLS 18766 | Broker CA DRE 01121628
Real Estate Broker – CA Dept of Real Estate #JobsReport #ADP #Economy #FederalReserve #MortgageRates