As the Mortgage World Turns, rates have drifted higher over the past couple weeks. But, are holding fairly steady, outside of multiple daily adjustments, around the high 3’s to right at 4, close to par on a 30 yr. fixed, conforming. Refinances have been added to the pipelines and therefore starting to effect the turn-around times. But, as always, purchase business always receives top priority. This will give a little indication of what to expect when the CFPB changes occur on Aug. 1st, 2015.

With rates so low, where are the FTHB? Well, according to a recent study, homeownership among Millennials has dropped to 36.8% from its peak of 43.1% in 2004. More young adults (20’s to early 30’s) are renting with friends to offset the cost of living expenses or are living at home – over 25% say they are not ready to financially own a home. I say they need a good chat with a financial advisor, real estate professional and mortgage advisor to show them that now is the time to jump in. It appears that most Millennials are delaying marriage as well, but by the age of 35-39, they are ready for both the married life and a home.

So realtors, look for your next clients in the age range of 35-40 and refer them to me for a mortgage BorrowSmart analysis, then I’ll refer them to their perfect financial advisor – everybody wins!!!