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The Mortgage Blog Of Ricky Khamis

Economy Shows Further Signs Of Strengthening

Unemployment rates fell last week and consumer confidence improved. The number of people filing for unemployment payments fell, declining to levels not seen in approximately seven years. Firings are also declining as many companies are preparing for an increase in sales due to the recovering economy. Manufacturing has also improved, showing more signs of a healthier and continually improving U.S. economy. Brian Jones, senior U.S. economist at Societe Generale said, “the labor market is getting better, you’re going to see it improve further as we go through the balance of the year.” More here

Mortgage Applications Rise After 4 Week Fall

According to the Mortgage Bankers Association, mortgage applications jumped by 4.3% this week, making this the first increase in four weeks. The Market Composite index increased 4.3%; the Refinance Index rose 7%, and the refinance share of mortgage activity jumped to 52%. Additionally, the national average contract interest rate for the 30-year fixed-rate mortgage with conforming loan balances fell .09%, and the national average 30-year fixed-rate mortgage with jumbo loan balances decreased .10% from last week. More here

Mortgage Rates Decrease

Average fixed-rate mortgages declined this week in the United States, according to Freddie Mac. The national average 30-year loan decreased 0.7% averaging 4.34% while the national average 15-year mortgage fell 0.9% averaging 3.38%.  Home prices are expected to rise by single digits this year, and inventory may fall after the spring buying season. Experts suggest that low inventory rates and rising prices may slightly hurt the market, but expect positive results as long as mortgage rates remain low. More here

Apartment Availability Declines

According to Fitch Ratings’ annual U.S. CMBS loan default study, commercial mortgage backed securitization defaults fell for the fourth year in a row, decreasing to the lowest level seen in six years. The study found that apartment availability is also declining, causing rent to jump in many areas. The national apartment vacancy rate fell .03% from 2012, averaging 4.2%. A Fitch expert said, “significant amounts of new supply are beginning to come online in many markets, which could temper additional rent growth and drive up vacancy. Demographic trends continue to favor a strong rental housing market with a growing population of young Americans, who traditionally rent. Fitch expects multifamily defaults in legacy CMBS to stabilize near current levels.” More here

Parents Advised To Educate Children On Reverse Mortgage Options

Reverse mortgage and elder law experts are saying that many children of parents who are considering a reverse mortgage are openly opposed to the idea, and influence their parents to decline the option. Experts say it is logical for children to be concerned with their inheritance, but many older adults have no other financial option. It is advised that parents, who choose to involve their children, educate them thoroughly about reverse mortgages. Elder law attorney, Deborah S. Ball suggests that when children are completely informed about reverse mortgages, they are more likely to support the decision. More here

Mortgage Rates Ease

According to the latest Primary Mortgage Market Survey released by Freddie Mac, mortgage rates have fallen slightly. The national average 30-year fixed-rate mortgage fell 0.7% from last week, averaging 4.34% this week. The national average 15-year, fixed-rate mortgage decreased 0.9% from last week, averaging 3.38%. Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09%, and the 1-year Treasury-index ARM came in at 2.41%.  Frank Nothaft, the vice president and chief economist at Freddie Mac said, “mortgage rates eased a bit following the decline in 10-year Treasury yields. Also, the economy added 192,000 jobs in March, which was below the market consensus forecast, but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” More here

Housing Inventory Grows

Housing market inventory has increased for the first time in four years, and home prices continue to rise. A new report found that the median price per square foot jumped 7.1% from March 2013, and increased 23.2% from 2012. Many markets are experiencing a year-over-year median list per square foot price increase. Inventory is on the rise and has increased considerably since last year, though still remains 40% below March 2010. More here

High-End Home Sales Increase

As consumer confidence continues to increase, and jumbo loan rates look more like conventional loan rates, expensive home sales are rising. According to the National Association of Realtors the number of home sales priced at $500,000 to $750,000 grew by 15% from January 2013 to January 2014. The time it takes to sell a house has shortened recently, making this an attractive time to sell for many.  Additionally, prices for high-end homes also remain lower than in the past, according to CoreLogic economist Sam Khater. More here

Housing Market Confidence Jumps

The number of homebuyers who believe that now is a good time to sell a home is increasing, according to new information from a Fannie Mae survey. Mortgages are also considered much easier to get at present when compared to recent years. Fannie Mae’s Nation Housing Survey states that the number of participants who consider now a good time to sell a home jumped to 38% last month, and 52% of participants think it is easier to get a mortgage. The senior vice president and chief economist at Fannie Mae, Doug Duncan said, “we see several positive signs going into this year’s spring home buying season, compared with last year. For example, consumers are less pessimistic about their personal finances, and more optimistic about the current selling environment and their ability to get a mortgage.” More here

Boomers Aid Housing Market

A recent Realtor survey suggests that many older people in or approaching their retirement years are making plans to buy a new home. The survey found that 57% of baby boomers have plans of moving out of their current residence. Boomers have, on average, become more confident about their retirement and believe they can achieve their ideal retirement plans. The survey also states that many boomers are likely to buy a second home or vacation home. Boomers are expected to fuel the housing market over the coming years. More here

About Ricky:

Ricky Khamis was born and raised in Phoenix, Arizona. Ricky served four years with the 82nd Airborne Division (Paratrooper Creed), stationed at Fort Bragg North Carolina. During his tenure with Alpha Company 3-505th PIR he earned Soldier of the Month out of 15,000 Soldiers in all Infantry Divisions. Earned highest peace time award and several other awards including the Army Commendation Medal, and several Army Achievement Medals. He valiantly served as an Airborne Infantry Soldier carrying an M249 S.A.W with a total of 48 Jumps during his time with the 82nd. He decided to return to his home state, start a family and a career in the business world. Ricky began his career in the mortgage industry in 1999. He is married with 5 children: DeShawn his wife, Jalen 15, Aryana 13, Austin 13, Drake 8 and Kaden 5.

Ricky quickly moved up the ranks and opened his own branch office under Great Southwest Mortgage. Because of his business savvy and true desire to help people he earned a Certified Mortgage Planning Specialist designation. This proved instrumental to his success, at a time when some loan officers in the industry were approving loans with less discretion, Ricky was ensuring that his clientele were truly prepared for their new debt.

Ricky has ranked among the top 10% of his loan officer peers throughout his career due to the unyielding desire to help families own a home, and successfully manage that obligation to build long term stability and wealth. He has managed and coached dozens of loan officers and support staff and continued to produce at the highest levels, earning a spot as Platinum Producer, an honor reserved for only a few in his previous company.

In addition to his CMPS designation, which requires 40 hours of continuing education each year to stay in tune with the changes in federal and state law, taxation and financial planning, he is also Arizona's only Instructor for"The Value of Being Seen" which educates Arizona Real Estate Agents the true power of first page of Google Marketing.

Contact:

Ricky Khamis
Branch Manager | Corporate
AZ|CA Licensed Senior Loan Officer
NMLS# 173141
CADOC 173141
LO-0911814
BK0013635
Amerifirst Financial, Inc.
Company NMLS# 145368
1550 E. McKellips Road, Suite 117
Mesa, AZ 85203
Direct 480-344-1900
Cell Phone: 602-758-7425
Fax: 480-907-1451

My Website | Email Me

 

 

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