The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 9th, 2017

Guy looking up in color 

The Home Buyer’s Korner

Homes & Neighborhoods of Louisiana

So, 2017 appears to be starting off with mixed results. Mortgage rates have tempered, but construction spending was higher in November. Our national unemployment rate ticked upward, while hiring appears to of slowed and we have seen fewer openings for public and private sector jobs.

The Commerce Department reported that construction spending was higher in November according and reached its highest level since April 2006. The November reading was 0.90 percent higher as compared to an expected reading of 0.60 percent and October’s revised reading of 0.60 percent. 

Non-Farm Payroll report for December showed lower job openings for government and private sector employers with a reading of 156,000 jobs added against the expected reading of 180,000, while November’s reading came in at 204,000 jobs openings.

ADP reported similar results with 153,000 jobs created against November’s reading of 215,000. On average, 174,000 private-sector jobs were created monthly in 2016 as compared to a monthly average of 209,000 private sector jobs created in 2015. At a minimum America needs to produce at least 150,000 new jobs each month. The past couple of years have been welcoming news, but we still need to address wage increase, which will only come when the slack rate for employers increase. 

Weekly jobless claims came in lower last week with 235,000 new claims filed. Analyst had expected 260,000 new claims were as compared to the 263,000 new claims filed the previous week. December’s national unemployment rate rose to 4.70 percent from 4.60 percent in November.

Freddie Mac weekly mortgage survey reported lower average fixed rates mortgages last week, while average rate for a 5/1 adjustable rate mortgage jumped up. Fixed rate 30 year mortgages dropped to 4.20 percent, and the average rate for a 15-year mortgage fell to 3.44 percent. The average rate for a 5/1 adjustable rate mortgage increased to 3.33 percent.

What’s Ahead for the Week?

Economic news related to housing will be lite this week, however we will get a report on Consumer Sentiment.

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you with your home purchase

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document, click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen, you will have the option to

“Create A Printable PDF of the Presentation”.

HOME OWNERSHIP TOOLS

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

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