Review Mortgage Lenders

Mortgage Depot

Mortgage Depot

Here's a commercial I produced for Mortgage Depot featuring the "Debt Monkey"

Housing stocks get hit hard amid weak data and worries on Wall Street about rising interest rates

The home construction ETF is down more than 9 percent in October, its worst month since February, on fears about higher interest rates slowing demand. KB Home is down more than 12.6 percent this month.

Credit Suisse analyst Seth Sigman downgraded Home Depot and Lowe's to neutral from outperform. Sigman also lowered his price target on Home Depot to $204 per share from $222 and his Lowe's target to $111 from $115. Home Depot and Lowe's traded around $185 and $102, respectively.

"Our key concern is that home prices will continue to moderate, at least temporarily, as higher rates weigh on affordability, and inventory creeps up," Sigman said in a note. "Why is this important? Home prices have been a key driver of big ticket projects, supporting strong average ticket growth (similar to this point in prior cycles), and driving nearly all of the comps growth as of late."

The 10-year Treasury note yield — which is used as a benchmark for mortgage rates —rose to 3.26 percent last week, its highest level since October 2011. The rise in rates pushed the average rate for 30-year fixed-rate mortgages up to its highest level February 2011 . This led to weekly mortgage applications tanking by 7.1 percent last week.

US housing starts sank 5.3 percent in September

WASHINGTON — U.S. home construction fell 5.3 percent in September, a sign that recent hurricanes and rising mortgage rates may be weighing on the market.

The Commerce Department said Wednesday that housing starts slipped last month to a seasonally adjusted annual rate of 1.2 million, down from 1.27 million in August. So far this year, starts have increased 6.4 percent. But the pace of homebuilding has downshifted since May

September ground breakings were also likely hurt by Hurricane Florence striking North Carolina — and ground breakings could possibly be depressed in October after Hurricane Michael hit the Florida panhandle.

“Starts are stagnating as the housing market slows, though September’s numbers were suppressed by the hurricane affecting the Carolinas,” said Tendayi Kapfidze, chief economist at Lending Tree, an online loan broker.

Homebuyers are facing new cost pressures that could be dampening demand.

Mortgage buyer Freddie Mac says that the average 30-year fixed-rate mortgage jumped to 4.9 percent last week, the highest level since 2011. The combination of higher borrowing costs and rising home values has made home ownership less affordable.

anyone use Lowe's/Home Depot for kitchen installation?

hubby and i will be inheriting a house from grandma and, well, it's stuck in 1953. everything is original to the house, including the appliances, rugs, etc.