Thursday, February 24, 2022

3 Reasons Why Rates May Have Peaked

There have been some recent fluctuations in interest rates. Our mortgage lender at Lake of the Ozarks keeps a close eye on the rates. Rates reached a two-year high in recent weeks but have already started the descent back down. Does this mean that rates have peaked and are heading back down again? Team Lasson is here to help analyze what these changes may mean for those applying for a mortgage loan near Osage Beach, MO. Check out these points from a recent Mortgage Market Guide article:

1.) Financial Conditions Have Already Tightened

Part of the Fed's mandate is to maintain price stability (inflation). The Fed helps lower inflation by raising the Fed Funds Rate, which tightens monetary conditions and slows economic demand. If demand slows, prices come down.

Even though the next Fed Meeting is still one month away, and the Fed has not hiked rates since 2018, financial conditions have already tightened. The hawkish rhetoric and threats of multiple rate hikes have pushed up rates over the past 2 months to the highest levels in years. This has already had an impact on housing.

Of course, refinance mortgage activity is down sharply and that is to be expected with 30-yr rates up nearly 1% this year.

Now we are seeing an impact on new home sales. When you combine the lumber inflation, additional supply chain-related costs, and the recent uptick in rates, the National Association of Homebuilders reports that nearly 7 out of 10 borrowers can't afford a new median-priced home. This is an unsustainable trend. Either rates must come down a little to provide relief or home prices must come down or a combination of both.

Last Summer, in front of Congress, Fed Chair Jerome Powell was heavily criticized for creating "froth" in the housing market by purchasing mortgage-backed securities every month. What we don't know is how much "froth" the Fed wants to remove from the housing market. It's hard to imagine the Fed tightening conditions and allowing mortgage rates to increase so much that housing sees a sharp slowdown.

2.) Things Are Not All That Peachy

In addition to the inflation problem, the economy is decelerating. Economic growth is slowing. The consumer is assuming more credit card debt to pay for items and fuel costs are soaring. This is a very difficult environment for the Fed to hike rates aggressively.

Moreover, consumer sentiment and small business sentiment are down sharply with the former at 11-year lows. In this environment with high inflation and low consumer sentiment, the Fed may try to be more patient with a hike rate and wait before approaching. Seeing the 10-yr Note yield decline beneath 2.00% suggests the bond market is not worried about runaway inflation but may be looking at the notion of slower economic times ahead.

3.) Russia/Ukraine Remains Unresolved

Uncertainty around Russia and Ukraine continues. When uncertain geopolitical events take center stage, the investment community adopts a risk-off trade and buys US-denominated assets like the US Dollar, Treasuries, and even MBS.

There is a fear Russia will indeed invade Ukraine and this will send the price of oil above $100 quickly. High oil prices are a killer. It's a tax on consumers that goes uncollected. Should the Russia/Ukraine story escalate, and oil prices head higher, the Fed will have to soften its tone and be more dovish or accommodative. The opposite is true – if Russia/Ukraine comes to a political resolution, we could easily see rates pop back higher as the uncertainty is lifted. The longer this story lingers the less likely the Fed can be hawkish and hike rates.


The slowing of the economy in some sectors seem to be giving some relief to the interest rate. These conditions can shift at any time, which could send rates back up. That's why now is a great time to lock in your interest rate when you apply for a home loan at Lake of the Ozarks. If you're curious about what you would qualify for, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 

Thursday, February 17, 2022

Tips for Buying a Home in an Aggressive Real Estate Market

The real estate market at Lake of the Ozarks is on fire. This aggressive market requires the right strategies for buying a home near Osage Beach, MO. Our Lake of the Ozarks mortgage lender is here to offer some advice on how to buy a home in a market such as this. 

Get Pre-Approved For Your Loan

A pre-approval from a mortgage lender proves that you are a serious buyer. With a pre-approval in hand, you've already taken the steps upfront to know how much money you are able to borrow for the purchase of your home. This gives you a leg up if multiple buyers are making offers on the same property. 


Be Strategic With Your Budget

Consider looking for homes below or toward the bottom of your budget. This gives you negotiation power to make an offer close to or above the asking price. This makes you a more competitive buyer in current market conditions. 


Don't Get Discouraged When House Hunting

The home buying process is full of emotions. You're searching for the place where you and your family will spend most of your time, after all! It's a big deal! Try to keep a positive attitude during the whole process. The turnaround in this market is fast! Just because your ideal properties are selling before you have a chance to look at them or make an offer doesn't mean you'll never find your dream home. Just as quickly as homes are selling, more are coming on the market. 


Be Ready to Act Quick

In order to find your dream home, you'll need to be aggressive in this market. Be ready to check out new listings as soon as possible. You will also want to be quick in making your decisions on a property. If you want to make an offer, it's best to do so in a timely manner before another buyer comes in and takes the property under contract.  

Put these tips into play when you buy a home at Lake of the Ozarks in 2022. The first step in the buying process is to get a pre-approval, especially in this market. If you're ready to secure your mortgage pre-approval at Lake of the Ozarks, contact Team Lasson today. Give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com. We look forward to helping you buy your dream home!

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 

Friday, February 11, 2022

Home Upgrade Ideas for Spring

Spring will be here before we know it! You may have some home upgrades on your mind. Whether you're preparing to sell or you're wanting to create a space that makes the most sense for you and your family, our mortgage lender at Lake of the Ozarks is here for you. You may be thinking that you don't have the cash readily available to take on a major project around your home. You're not alone! Refinancing your home near Osage Beach, MO is an effective way to get the money you need out of the equity you've built in your home to reinvest in your space. Refinancing may seem like an intimidating process but it's really not! Team Lasson will walk you through every step in the process. Here are just a few home improvement ideas that can increase the value of your home and make it a more enjoyable place for your friends and family to spend time!

Add Parking

Many lake homes have very limited parking available. From shared driveways to narrow street parking, it can be difficult to have enough parking for you and your guests at your home. Often times a large retaining wall is needed to increase the size of your parking footprint. Adding parking space can be a big undertaking and quite costly, but if it makes your home a better place for you and your crew, it's worth the investment!


Large Deck

If you love to entertain outside, a deck or patio is a fantastic way to improve your space. Provide your friends with the perfect place for a BBQ or a great spot to catch the breathtaking sunset. No matter your reasoning, a larger deck or outdoor space is an ideal upgrade for your home! 


Upgrade Your Space

New finishes throughout your home can make it a better place for your specific needs. From new carpet to changing out the old wood panel for sheetrock, upgrades can make your space feel like a whole new place! If you're dreaming of an upgrade to your home, we can help make your dream a reality.


Additional Bedrooms

Some homes around the area are cozy and cabin-like. If your family or vacation crew is growing, an addition to your existing home may make more sense than trying to buy a larger home, especially in the demanding real estate market. 


Update Kitchen

The kitchen is the heart of the home and if yours isn't speaking to your heart -- it's time for an update! New cabinets, new finishes, new flooring, new appliances -- these items add up very quickly for a homeowner to tackle without a loan or refinance backing. Updated kitchens are a huge selling point if you're thinking about investing to sell!

If any of these home improvement projects pique your interest, a home refinance at Lake of the Ozarks may be the way to go! If you're curious as to how much you could get out of a refinance, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com.

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Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 

Friday, February 4, 2022

February Happenings at the Lake

The snow is falling & it's really feeling like February out there! As the new month rolls in, our mortgage lender at Lake of the Ozarks knows you're excited about the upcoming events our area has to offer. Many people think living at Lake of the Ozarks means there are only fun events during the summer months, but we're here to showcase some of the awesome off-season events! Check out the FUN February happenings below:

BRIDAL CAVE WEDDING VOWS RENEWAL

Feb 13, 2022

Bridal Cave

526 Bridal Cave Rd

Camdenton, MO 65020

Phone: 573-346-2676

Email: info@bridalcave.com

Hours of Operation:

9 am to 4 pm

Don't miss the Annual FREE Vow Renewal Ceremony at Bridal Cave! No reservations are required and they’ll be offered throughout the entire day. There will be goodie bags, professional portrait, and LIFETIME passes for the couples. Please bring a non perishable food item to benefit the Eldon Food Bank.


LAKE PUB CRAWL

Feb 18, 2022 - Feb 21, 2022

Various Locations

Osage Beach, MO 65065

Phone: 573-964-1008

Email: info@lakeareachamber.com

The world's largest Mardi Gras Pub Crawl will take place February 18 - 21, 2022 at Lake of the Ozarks. Visit www.LakePubCrawl.com for all the details about this exciting event. 


HOME, BUSINESS AND LAKE LIVING EXPO

Feb 25, 2022 - Feb 26, 2022

The Regalia Hotel and Conference Center

250 Racquet Club Dr.

Lake Ozark, MO 65049

Phone: 573-346-2227

Email: info@camdentonchamber.com

The Home, Business, and Lake Living EXPO is “the place to be” for the latest innovations, offerings, and ideas related to personal and business services as well as in the home building, landscaping and remodeling industries!


POLAR PLUNGE LAKE OF THE OZARKS

Feb 26, 2022

Grand Glaize Beach/Public Beach #2

711 Public Beach Rd

Osage Beach, MO 65065

Email: cschuster@somo.org

This "unbearable" event is a unique opportunity to show your bravery as you support local Special Olympics athletes by walking, running or crawling into the frigid winter waters. In 2021, Lake of the Ozarks Plunge had 204 plungers and raised more than $74,000! This one-of-a-kind event promises a fun atmosphere complete with music, funny costumes, and lasting memories for everyone!

Our Osage Beach, MO mortgage lender is excited about the upcoming events this month. If you're one of the people who always wanted to relocate to Lake of the Ozarks but worried about what to do in the winter months, wait no longer! It's a great time to look to purchase a home at Lake of the Ozarks to enjoy the off-season activities, as well as the awesome summer excitement that will be here before long. If you're curious as to how much of a home you can get approved for, give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com.

LIKE my Facebook PageFollow me on Twitter or Connect on LinkedIn



Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.