EDLC Notary Services, Ltd. / Tx-11412857

10/21/2024

All indicators are showing some movements in the rates, so don't wait to take advantage of rates before they decide to tick up. Call me today to get yourself pre-qualified and lock your rate as soon as you find your dream home!

Ernesto De La Cruz – Mortgage Loan Officer (NMLS #1487303) | Supreme Lending (NMLS #2129) | Cell: (214) 546-2041 | Office: (972) 646-7601 | Fax: (972) 380-3927 | Email: [email protected] | Website: ErnestoCruzLO.SupremeLending.com

https://www.nationalmortgagenews.com/news/pending-home-sales-stage-a-surprising-rebound?utm_campaign=editorial-content&utm_medium=organic&utm_source=linkedin

The Fed's short-term rate cut hasn't lowered 30-year mortgage rates, which have been flat, but some buyers had reasons to act sooner rather than later.

09/27/2024

What You Need to Know

Initial applications for jobless benefits in the latest week fell to a four-month low according to a report released by the Labor Department yesterday, seemingly flying in the face of the recent slowdown in hiring. Initial claims for benefits fell by 4,000 to 218,000, fewer than the 223,000 forecast by economists. The four-week moving average, a measure that evens out weekly volatility, fell to 224,750, the lowest level since June. Continuing claims, which count workers collecting benefits for more than a week, inched higher to 1.83 million, remaining below levels reached from June to August. The low level of initial jobless claims is consistent with a relatively low rate of firing.

Separately yesterday the National Association of Realtors (NAR) reported that its pending home sales index rose slightly higher in August from a record low in the prior month. Contract signings rose 0.6% to a reading of 70.6, missing the consensus forecast of a 1.0% rise. Pending sales, which are a leading indicator of existing home sales a month or two down the road, rose in the Midwest, South, and West, while sales in the Northeast fell to their lowest level since the start of the pandemic in 2020.

Treasury yields rose on the drop in initial jobless claims, with the benchmark U.S. 10-year note losing 4/32 in price to finish the day with a 3.80% yield, three basis points higher than Wednesday’s close. The Bureau of Economic Analysis reported this morning that the core personal consumption expenditures index (PCE), the Federal Reserve’s preferred inflation measure, rose just 0.1% in August, less than the 0.2% rise expected by economists. The core PCE was up 2.7% from a year earlier, a slight rise from July’s 2.6% rate. The PCE data has pushed Treasury yields lower across all maturities this morning. Current-coupon MBS prices are 3/32 better than yesterday’s close in early trading.

Ernesto De La Cruz – Mortgage Loan Officer (NMLS #1487303) | Supreme Lending (NMLS #2129) | Cell: (214) 546-2041 | Office: (972) 646-7601 | Fax: (972) 380-3927 | Email: [email protected] | Website: ErnestoCruzLO.SupremeLending.com

09/25/2024

Applications remain strong as we head into the fall quarter. With the recent Fed Rate Cut and the increase in loan limits, now is an excellent time to consider getting qualified for a new home or refinancing your current mortgage.

Call me today, and let's discuss your options!

Best regards,
Ernesto De La Cruz
Mortgage Loan Officer (NMLS #1487303)
Supreme Lending (NMLS #2129)
Cell: (214) 546-2041
Office: (972) 646-7601
Fax: (972) 380-3927
Email: [email protected]
Website: ErnestoCruzLO.SupremeLending.com

Purchase activity trudged along during what lenders describe as a traditional end-of-summer slump.

09/25/2024

New Conforming Loan Limits Available Now at Supreme Lending!

We are excited to announce that the new conforming loan limits are set to take effect at the end of November. However, at Supreme Lending, we're offering these new limits right now for all applications submitted on or after Wednesday, September 25, 2024!

Even better news:

We are increasing our conforming loan limits for 1-unit properties to $800,000, applicable across all states and counties!
Now is a great time to take advantage of these new limits. If you'd like more details, feel free to reach out to me directly.

Contact me today to discuss how we can help you!

Best regards,

Ernesto De La Cruz
Mortgage Loan Officer (NMLS #1487303)
Supreme Lending (NMLS #2129)
Cell: (214) 546-2041
Office: (972) 646-7601
Fax: (972) 380-3927
Email: [email protected]
Website: ErnestoCruzLO.SupremeLending.com

09/23/2024

What You Need to Know

The Federal Reserve kicked off a widely anticipated series of rate cuts last week with a 50-basis point reduction in the federal funds rate target. To the surprise of many in the public, but not to those of us in the business, 30-year mortgage rates were broadly flat to slightly higher for the week despite the higher-than-expected jumbo rate cut. This is because both bond investors and the Fed now see a higher probability of a “soft landing” for the economy where the fed funds rate eventually will fall to something around 3%, well above pre-pandemic levels. Given the soft-landing scenario, many observers believe the 10-year Treasury yield, to which fixed mortgage rates are pegged, is at or near its floor.

This view would require the economy to deteriorate further and unemployment to rise more to bring 10-year yields down further. On Friday Federal Reserve Governor Michelle Bowman said that cutting interest rates by 50 basis points may have signaled the Fed was declaring victory over inflation too soon. Bowman became the first Federal Reserve governor to dissent against a rate move since 2005 and said in a statement that “The committee’s larger policy action could be interpreted as a premature declaration of victory on our price stability mandate.” Treasury yields rose on Friday with the benchmark U.S. 10-year note losing 8/32 in price to finish the week with a 3.74% yield, three basis points higher than Thursday’s close. The 10-year yield was nine basis points higher for the week.
This morning Federal Reserve Bank of Minneapolis President Neel Kashkari wrote in an essay that he favors another 50 basis points of rate cuts by the end of the year, noting that the labor market was starting to show signs of weakness. Longer-term Treasury yields are higher this morning and current-coupon MBS prices are 1/32 worse than yesterday’s close in early trading.

Ernesto De La Cruz – Mortgage Loan Officer (NMLS #1487303) | Supreme Lending (NMLS #2129) | Cell: (214) 546-2041 | Office: (972) 646-7601 | Fax: (972) 380-3927 | Email: [email protected] | Website: ErnestoCruzLO.SupremeLending.com

09/17/2024

What You Need to Know:

Yesterday former Federal Reserve President of New York President Bill Dudley published an opinion column for Bloomberg News where he reiterated his view that the Fed should go big this week and reduce interest rates by 50 basis points. Dudley argues that the central bank’s dual objectives, price stability and maximum employment, have come into balance, requiring that monetary policy be “neutral.” At 5.5%, the fed funds rate is highly restrictive, and Dudley says, “This disparity needs to be corrected as quickly as possible.” Still, the former Fed policymaker admits that “the expectation for short-term rates matter much more than the pace of reductions,” and that market expectations have already driven longer-term yields, including mortgage rates, down. According to Dudley, with 250 basis points of rate cuts by the end of 2025 priced in, “the size of this week’s cuts shouldn’t matter much.” Treasury yields fell yesterday, with the U.S. 10-year note gaining 9/32 in price to finish the trading session with a 3.62% yield, three basis points lower than Friday’s close. This morning the Commerce Department reported that the advance read on August retail sales was better than expected, with sales rising 0.1% for the month. Economists had forecast a 0.2% drop in sales. The report indicates that consumer demand remains healthy, adding yet more suspense to tomorrow’s Federal Reserve FOMC rate decision. Longer-term Treasury yields are slightly higher this morning and current-coupon MBS prices are 2/32 worse than yesterday’s close in early trading.

Don't wait for the rates to drop to see if you qualify. Give me a call/text/email to find out what programs are available and how much you can qualify for! I look forward to helping you with all your mortgage loan needs!

Ernesto De La Cruz – Mortgage Loan Officer (NMLS #1487303) | Supreme Lending (NMLS #2129) | Cell: (214) 546-2041 | Office: (972) 646-7601 | Fax: (972) 380-3927 | Email: [email protected] | Website: ErnestoCruzLO.SupremeLending.com

08/29/2024

What You Need to Know:

Mortgage rates have been slowly declining and are now at their lowest point since April of last year, precipitating a modest increase in applications to buy a home. The Mortgage Bankers Association (MBA) reported yesterday that its mortgage applications index for purchase transactions rose 0.9% in the latest week. Still, the overall number of purchase applications remains at nearly its lowest level of the year and is down more than 8% from the same time last year. However, the MBA applications index for refinances has nearly doubled year-over-year, providing evidence that the downward trend in rates has presented homeowners with opportunities to reduce their mortgage rates or to monetize their growing home equity by taking cash out. On Friday Federal Reserve Chair Jerome Powell announced that the time has come for the Fed to reduce rates, and that the central bank’s focus has shifted toward stabilizing the labor market. That puts next Friday's August nonfarm payrolls report front and center in investor’s minds. In the meantime, recent regional Federal Reserve Bank surveys have shown that employment in the services sector is beginning to soften. Full-time employment in the Philadelphia Fed region fell this month by the most in over four years, and the Richmond Fed employment gauge showed the first back-to-back drop since 2020. Next Friday’s jobs report could be the next inflection point for the bond market. Longer-term Treasury yields rose slightly yesterday, with the benchmark U.S. 10-year finishing with a 3.83% yield, one basis point higher than Tuesday’s close. This morning the Bureau of Economic Analysis reported that the U.S. economy grew at a stronger pace in the second quarter than first reported. Gross Domestic Product (GDP) rose at a 3% annualized rate in the quarter, up from the previous estimate of 2.8%. The Labor Department reported that initial claims for jobless benefits fell by 2,000 in the latest week to 231,000, roughly in line with forecasts. Continuing claims also were right on top of the consensus estimate. Treasury yields are higher across the curve on the economic reports this morning and current-coupon MBS prices are unchanged from yesterday’s close in early trading.

Ernesto De La Cruz – Mortgage Loan Officer (NMLS #1487303) | Supreme Lending (NMLS #2129) | Cell: (214) 546-2041 | Office: (972) 646-7601 | Fax: (972) 380-3927 | Email: [email protected] | ErnestoCruzLO.SupremeLending.com

05/13/2024

Ernesto De La Cruz | Mortgage Loan Originator, NMLS #1487303 | Keystone Mortgage, NMLS #289446 | (C) 214-546-2041 | (O) 972-964-6450, ext. 230 | [email protected]

https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.nationalmortgagenews.com%2Fnews%2Fmortgage-rates-drop-as-markets-digest-fed-meeting-news&h=AT2fZHMPQimdaAI7rzWgexk7udDcHQyAqZbcb72AaKUqV9frAzo6iH_ywAhNMLGl6hk90CJN04A4Uk7P0HYny0ycXpa2moW3QiS1w5Jmkyuwz7GgUxtSyGiZF365aAhMGw&s=1

The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.

04/28/2024

Attention attorneys, title companies and/or private business owners! Are you always needing something notarized at the last minute? An affidavit, T-47 or other documents for your children's school? Well look no further, we are here to help YOU!

At EDLC Notary Services, Ltd. / Tx-11412857, we specialize in coming to you, for your convenience! Whether it is during business hours, after hours or weekends, no job is too big nor too small for us to handle.

Don't forget to ask about our Remote Online Notary (RON) services! No need to meet in person, figure a location or anything. All you need is your laptop/computer and a good time to do a video online notary session!

Call us now for more information!

ERNESTO DE LA CRUZ, OWNER OF EDLC NOTARY SERVICES LTD | (C) 214-546-2041 | (E) [email protected] | WWW.EDLCNOTARYSERVICES.COM

03/06/2024

Tired of paying rent? Tired of paying large amounts of money and not seeing any rewards? Did you know that current rents are in the neighborhood of a monthly mortgage payment? Let's talk!

Call/Text/Email me to discuss your options to getting qualified for your own home this year! What's that old saying? "You never know until you find out!".

02/16/2024

Interesting updates on what the rates are doing. Forecast is that rates should be coming down in 2024, but maybe not as fast as we first thought. Even with that said, there is light at the end of the tunnel!