1 Interest Rates - We are seeing rates move downward for the 3rd straight week. That is a good thing.
2 FHA - is shut down for mortgages, so you can’t get a case number to start the process and order the appraisal. This is also causing delays in closing with loans that are already in process. Not good.
3 VA - is also shut down for mortgages. Not good.
4 Income and identity verification - For any mortgage there must be Social Security verification as well as one year IRS taxes verified by 4506T forms from the IRS. IRS is shut down so that is not going to happen. Not good.
5 Uncertainty is making some homeowners delay putting their home on the market and some buyers unsure of making an offer on a house right now.
So even though the interest rates are going down, there will be challenges with completing the mortgage process, until the shutdown is over. Meanwhile there are fewer homes going on the market and fewer buyers making offers.
For more DeeSmith@DeeSmith.com 813-714-9737 cell