MORTGAGE BLOG

Mortgage Rates Spike: Affordability Strains, But Opportunities Remain

Blog posted On November 08, 2024

Market Update: With rates now averaging 7.13%, buyers face higher costs while builders navigate an affordability crunch. Here’s how we can turn these challenges into sales opportunities.

Mortgage rates increased to 7.13% after the election, a jump that highlights the financial pressures impacting buyers and builders alike. The recent rise in rates reflects broader economic trends, including inflation concerns and Treasury yield shifts, which have kept rates elevated. This high-rate environment is dampening buyer affordability and weighing on builders, with monthly payments on a $400,000 home now up 11% since early September.

Two CMG Leaders Recognized as 2024 HousingWire Tech Trendsetters

News posted On November 01, 2024

SAN RAMON, CA – CMG Financial, a well-capitalized and privately held mortgage banking firm based in San Ramon, CA, announced today that two of its executive leaders were named 2024 HousingWire Tech Trendsetters. This is the second time that Chief Strategy Officer, Paul Akinmade, has been recognized as a Tech Trendsetter. This is the inaugural Tech Trendsetter recognition for Courtney Thompson, EVP, Head of Servicing.

Are Sellers Pulling Back? Examining Recent Inventory Challenges

Blog posted On October 31, 2024

Is it true that some sellers are throwing in the towel? Due to the rising mortgage rates of last year and this year, the percentage of price cuts for homes have risen. Along with the price-cut increase, listings are also receding, which has led to this surge of sellers calling it quits. Thankfully, there are loan programs out there that can benefit sellers and buyers alike.

Homeowners Are Cashing In: Exploring the Recent Home Equity Boom

Blog posted On October 24, 2024

Recently, growing numbers of homeowners have been taking advantage of their home equity. Due to home values soaring, many are starting to understand the importance of dipping into the equity they’ve built up over the years.

Is Now the Right Time to Refinance?

Blog posted On October 17, 2024

If you’re a homeowner, you’ve likely been paying attention to the news, waiting for any positive shifts in the housing market. And with the Fed’s recent benchmark rate drop, you’re probably wondering, is now the right time to refinance? Let’s help you figure out when a refi could make the most financial sense for you to pursue and when to hold off and evaluate your other options.

Navigating the Challenges of Selling in a Shifting Market

Blog posted On October 10, 2024

In today’s real estate market, selling a home can feel like an uphill battle, especially when faced with fluctuating interest rates and a variety of buyer circumstances. Some sellers find themselves waiting months to secure an offer, while others are challenged by unpredictable bids and shifting buyer demand. As the market continues to change throughout the fall, here are some factors that could help sellers and some ways they can improve their listing’s success.

A Bountiful Autumn: What to Expect with Seasonal Mortgage Trends

Blog posted On October 04, 2024

The end of summer heralded a shift in the real estate market. The recent Fed rate cut announcement caused ripples throughout the industry, cutting the benchmark interest rate by 0.5%. Home buyers and real estate professionals alike have been celebrating as this announcement marked the first rate reduction in four years. After a languid summer and a dragging housing market, this economic shift has aligned perfectly with the changing season. Autumn has now been injected with buying energy, and potential home buyers may finally feel ready to leap off the sidelines into the golden leaves of homeowning.

CMG Home Loans Announces the Opening of New Tampa Branch

News posted On October 03, 2024

Tampa, FL – CMG Home Loans, the retail arm of the well-capitalized and privately held mortgage lender, CMG Financial, announced today the opening of a new branch in Tampa, FL. Leading the Tampa location is Branch Manager Chris Smith (NMLS ID# 69879).

CMG Home Loans Welcomes Josh Allyn, Area Sales Manager

News posted On October 01, 2024

The Woodlands, TX – CMG Home Loans, the retail division of well-capitalized privately held mortgage lender, CMG Financial, announced today the hire of Area Sales Manager, Josh Allyn (NMLS# 213245). Allyn, a passionate mortgage expert with nearly 20 years of experience in the industry, will be bringing his commitment to excellence and personalized client solutions to the Houston area.

CMG Financial Raises Conforming Loan Limits to $802,650 ahead of FHFA’s Increase

Blog posted On September 27, 2024

CMG Financial has increased its agency conforming loan limits to $802,640, a 4.71% increase from this past year’s limits. Though the Federal Housing Finance Agency (FHFA) has not officially announced the new conforming loan limits, CMG wanted to give home buyers early access in an effort to ease some of their affordability challenges.

Fall Into Comfort: 5 Ways to Cozy Up Your Home

Blog posted On September 26, 2024

As the air turns crisp and leaves begin to fall, it's time to embrace the warmth of autumn at home. This season brings a unique opportunity to refresh your living space, making it a safe space for comfort and relaxation. Here are five easy ways to transition your decor for the cozy months ahead:

How Falling Interest Rates Could Reignite the Housing Market

Blog posted On September 20, 2024

With mortgage rates tumbling to their lowest levels in recent times, priced-out potential home buyers may start to hope again. Due to the recent lower-trending rates, refinance applications jumped starting in August. Now, with the Fed beginning its long-awaited rate cuts, home buyers could be in luck in the coming months.

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