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WCR, Newport, RI (2026)

01/31/2025

No Surprises from the Fed...

This week brought plenty of economic news, but nothing too shocking. The Fed meeting came and went without much impact on mortgage markets, and inflation data landed right in line with expectations. The result? Mortgage rates ended the week slightly lower.

The Fed’s go-to inflation measure, the PCE price index, showed Core PCE rising 0.2% in December—exactly what economists expected. Year-over-year, it’s up 2.8%, the same as last month. While inflation has come down a lot from its peak, getting it to the Fed’s 2.0% target is proving to be the tricky part. On the economic growth front, GDP for Q4 2024 came in at 2.3%—a bit below the 2.6% forecast and down from 3.1% in Q3. Consumer and government spending helped boost growth, but a drop in business investment and inventory levels dragged it down. As expected, the Fed left rates unchanged, and their post-meeting statement didn’t have any big surprises. Investors did notice a small wording change about inflation progress, but Chair Powell quickly reassured everyone that it wasn’t signaling a shift in policy.

For now, the Fed is sticking to a data-driven approach when deciding what’s next. Looking ahead, all eyes will be on key economic reports next week, including job openings, employment data, and updates on manufacturing and services. These could give us a clearer picture of where the economy—and mortgage rates—might be headed. If you’re ready to open the doors to your dream home, reach out to our team today—we’re here to help!

01/29/2025

Did you know you can regain liquidity after purchasing a home with cash? With a delayed financing cash-out refinance, you can recoup your funds while keeping your financial goals on track. Whether you're planning your next investment or simply want more flexibility, this option could be the perfect fit. Connect with my team and I today to explore how delayed financing works and if it could benefit you!

01/29/2025

CNBC's Rick Santelli and Diana Olick report on the latest economic data to cross the tape.

01/25/2025

*Home Sales on the Rise!*

It was a quiet week for mortgage markets as investors looked ahead to the upcoming Fed meeting, leaving mortgage rates nearly unchanged.

Home sales, however, showed some positive momentum. December’s existing home sales hit their highest level since February, up 9% from last year. The median home price climbed to $404,400, a 6% increase. Inventory remains tight at a 3.3-month supply—well below a balanced market—but it’s still 16% higher than a year ago.

New home construction surged 16% in December, but most of that came from multi-family units, which jumped 58%. Single-family starts rose just 3%, with permits, a sign of future construction, showing only a slight increase. Meanwhile, builder sentiment remained steady.
Mortgage applications saw mixed results. Purchase applications rose 1% from last week and are slightly higher than last year. Refinance applications dipped 3% week over week but are still up a massive 42% from this time last year.

Looking ahead, the Fed meets on Wednesday, with no rate change expected. Investors will be watching closely for any signals on future policy. Key reports to watch next week include New Home Sales, fourth-quarter GDP, and the Fed’s go-to inflation measure, the PCE price index. If you’re ready to open the doors to your dream home, reach out to our team today—we’re here to help!

01/23/2025

Unlock the equity in your current home and open the door to your new dream home! With our Bridge financing, you can eliminate the burden of your existing loan and access the cash needed for a down payment. Gain a competitive edge in today’s market by making a confident, non-contingent offer.

Key Loan Terms:
• Loan amounts available up to $3,000,000.
• Balloon payment due in 12 months with no monthly payments required.
• Bridge financing only available in conjunction with financing on the new home purchase.
• Loan approval is subject to lender credit approval.
• Financing options subject to product restrictions and availability
*Please note this product is not offered in all states*

Contact one of our mortgage professionals to see if you are eligible today!

01/22/2025

Opening doors to homeownership starts with having the right knowledge! If you're a first-time homebuyer and not sure where to begin, we've got you covered. Check out our quick video for 8 tips that’ll make your journey to homeownership a lot smoother.

Ready to take the first step? Hit play and let us help you unlock that door to your new home!

01/21/2025

Discover seamless solutions for all your home, mortgage, and insurance needs with William Raveis! We're not just your lender, we're your trusted partner throughout the entire homeownership journey. Whether you're buying your first home or refinancing, our comprehensive suite of services has got you covered. From listing and staging your current home to securing a loan for your new one, handling renovations, or even finding the perfect insurance plan, we make sure every step is simple and stress-free.

At William Raveis, we believe in making the complex process of real estate as smooth and convenient as possible. Our team of experienced professionals works tirelessly to provide personalized solutions tailored to your unique situation. So, why juggle multiple providers when you can have everything you need under one roof?

Trust the family that gets real estate to guide you every step of the way. Your dream home is just a call away, let us help you open the doors today!

01/17/2025

Inflation Eases and Rates Dip

This week brought some good news for mortgage markets as key inflation data came in lower than expected, leading to a slight drop in mortgage rates. Consumer spending also fell short of predictions, adding to the favorable market conditions.

The Consumer Price Index (CPI), a critical monthly measure of inflation, showed that core CPI—excluding volatile food and energy prices—rose just 3.2% year-over-year in December. This is the lowest annual increase since April 2021 and well below the peak of 6.6% from September 2022. While this decline is promising, it's worth noting that inflation remains higher than the Fed's 2.0% target, largely due to rising housing and car prices. Another inflation gauge, the Producer Price Index (PPI), also came in lower than expected, staying flat from November. Despite the ongoing challenges of higher prices, consumer spending has remained resilient, with December retail sales up 0.4% from the previous month and 3.9% higher year-over-year, driven by strong performance in categories like furniture and autos.

Looking ahead, all eyes will be on the Fed's next moves regarding monetary policy, while this coming week will be light on economic reports. Stay tuned for updates on Existing Home Sales, set to be released Friday. Note that mortgage markets will be closed Monday in observance of MLK Day.

If you’re ready to open the doors to your dream home, reach out to my team today—we’re here to help!

01/15/2025

Tips Tuesday: Unlock your home's potential with a HELOC!

A Home Equity Line of Credit gives you the flexibility to tap into your home’s equity for things like home improvements, paying off debt, or covering life’s unexpected expenses. Ready to explore how a HELOC can work for you? My team and I are here to answer any questions!

01/11/2025

This week brought a wave of stronger-than-expected economic data, which has stirred up concerns about rising inflation and caused mortgage rates to hit their highest levels since April.

December's job market performance was a real standout. The economy added 256,000 jobs, far surpassing the anticipated 160,000. Retail, health care, and leisure/hospitality were the sectors showing the most strength. On top of that, the unemployment rate dropped from 4.2% to 4.1%, which was quite a surprise. Wages have also seen a solid increase, with average hourly earnings up 3.9% compared to a year ago.

On the business front, there's an interesting contrast between the service and manufacturing sectors. The service sector is doing well, with the ISM index climbing to 54.1, indicating expansion. However, manufacturing is still facing challenges, despite a slight rise to 49.3, marking its ninth straight month below the expansion threshold.

The minutes from the Fed’s December meeting gave us some insight into their more cautious stance on future monetary policy. Persistent inflation and uncertainties around trade and immigration policies have led to a revised outlook with fewer rate cuts expected this year.

Looking ahead, we’ll be paying close attention to the Consumer Price Index report on Wednesday, which will offer more clues about inflation trends. Later in the week, Retail Sales data on Thursday and Housing Starts on Friday will give us a better picture of the economy’s overall health. Stay tuned for weekly updates on mortgage trends and insights! If you’re ready to take the next step toward your dream home, reach out to my team and I today—we’re here to help!

01/08/2025

Did you know that your on-time rent payments could help you qualify for a mortgage? If you've been responsible with your rent, you may already be on the path to homeownership! A solid rental history is something many overlook when thinking about buying a home, but it can actually make a big difference in your ability to get approved for a mortgage.

If you're wondering how this works, don't hesitate to reach my team and I today. We're here to help you understand how your positive rental history might be the key to opening the doors to homeownership.

WCR

01/31/2025

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