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How The Government Shutdown Affects The Housing Market
Even with the government shutdown, the housing market is still moving forward! FHA and VA loans are being processed, and while USDA loans and some flood insurance renewals are on pause, most transactions are still making their way to the finish line. If you’ve been affected by furloughs or missed paychecks, reach out to me as soon as possible, as there may be options to help you stay on track!
The good news is that mortgage rates have dipped to the low 6s, depending on the loan product, opening doors for more buyers to jump in. We’re here to help you navigate the process and make the most of the opportunities this market brings! 1
US Fed Meeting: Explained
The Federal Reserve, or “the Fed,” is the U.S. economy’s thermostat, working to keep things balanced, neither too hot with inflation nor too cold with slow growth. It sets monetary policy, regulates banks, and strives to maintain stable prices and maximum employment. What the Fed does directly affects mortgage rates. When it raises the Federal Funds rate, borrowing costs go up, and when it lowers rates, mortgages become more affordable.
For homebuyers and homeowners, this means the Fed’s decisions can impact how much house you can afford or whether refinancing makes sense. Staying informed and keeping your financial documents ready ensures you can act quickly when opportunities arise. The next Federal Reserve meeting is scheduled for the 9th and 10th of December, and as your lender, our team is here to help you understand how these shifts in the market could affect your buying or refinancing journey. 2
Did You Know?
Did you know that nearly 40% of Americans don’t have enough savings to cover a $400 emergency, which means that even a small unexpected expense can lead to debt. Building a modest emergency fund can help you stay financially secure and avoid stress during these situations!
Budgeting for the Upcoming Holidays
Planning ahead can make the holiday season less stressful and more affordable! Start by making a list of everyone you’re shopping for, what you’ll buy, and your spending limit for each person. Shop strategically to find bargains and reduce shipping costs, and stick to your list to curb impulse purchases. Include other holiday expenses like shipping, decorations, food, and travel in your budget.
Review past holiday spending to set realistic limits, track current receipts, and monitor your totals. If using credit cards, bring only what you need, check statements for unauthorized charges, and report them promptly. Following these steps can help ensure a joyful and financially stress-free holiday season! 4
How a VA Loan Helps Active-Duty Military and Veterans
VA loans are a powerful benefit for eligible active-duty service members and veterans, offering as low as 0% down payment, competitive interest rates, and no private mortgage insurance. These loans make homeownership more accessible and financially manageable, even for those who move frequently due to Permanent Change of Station (PCS) orders. Qualified active-duty members can use a VA loan multiple times, whether buying, upgrading, refinancing, or tapping into home equity.
Beyond the financial perks, VA loans provide stability, flexibility, and the freedom to create a home that fits your lifestyle. By working with us, our team will help you take full advantage of your VA loan benefits and make homeownership achievable at any point in your military journey. Plus, as a thank-you for your service, I can offer a $650 credit toward your closing costs! 5
| Sources: 1 yahoofinance.com, 2 federalreserve.gov, 3 cnbc.com, 4 aba.com, 5 rwmloans.com |
