Sunrise Homes & Renovations, Inc.

What’s Ahead For Mortgage Rates This Week – August 23, 2021

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What's Ahead For Mortgage Rates This Week - August 23, 2021Last week’s economic news included readings from the National Association of Home Builders on housing market conditions and Commerce Department readings on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.

NAHB: August Builder Confidence Fell to Lowest Level in 13 Months

Homebuilder confidence fell to its lowest level since July 2020 according to the National Association of Home Builder’s Housing Market Index for August. The HMI reading for August was 75; analysts expected a reading of 80 based on July’s index reading of 80. Readings over 50 represent positive sentiment among homebuilders surveyed. Ongoing obstacles to builder confidence included high materials costs, supply chain issues, and lack of skilled labor. Shortages of available homes and rapidly rising home prices sidelined buyers and dampened builder confidence.

Component readings of the Housing Market Index were lower in two categories as builder confidence slipped five points to an index reading of 81 for builder confidence in current market conditions and also fell five points to 60 for builder confidence in buyer traffic in new housing developments. Builder confidence in housing market conditions over the next six months was unchanged at an index reading of 81. Regional readings for builder confidence were also lower. The Midwestern region reported an index reading of 68 and was two points lower than in July. Builders in the Northeastern region reported their confidence reading slipped one point to 74. Homebuilder confidence in the South fell three points to 82; builder confidence in the West fell two points to an index reading of 85.

New home starts reflected builder hesitancy as they slipped from a seasonally-adjusted annual rate of 1.64 million starts in June to 1.53 million starts in July. Building permits rose to a seasonally-adjusted annual pace of 1.64 million permits issued in July as compared to June’s reading of 1.59 million building permits issued.

Mortgage Rates and Jobless Claims

Freddie Mac reported little change in average mortgage rates last week. Rates for 30-year fixed-rate mortgages averaged 2.86 percent and were one basis point lower than for the previous week. Rates for 15-year fixed-rate mortgages averaged 2.16 percent and were one basis point higher. Rates for 5/1 adjustable rate mortgages averaged one basis point lower at 2.43 percent. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages averaged 0.30 percent.

Fewer jobless claims were filed last week; 348,000 new claims were filed as compared to the previous week’s reading of 377,000 initial jobless claims filed. Continuing jobless claims also dropped last week with 2.82 million ongoing claims filed as compared to the prior week’s reading of 2.90 million continuing jobless claims filed.

What’s Ahead

This week’s scheduled economic reports include reports on new and existing home sales, consumer spending, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.

Tiny, but Cozy: 3 Ways to Furnish Small Spaces to Make Them Feel Much Larger

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Tiny, but Cozy: 3 Ways to Furnish Small Spaces to Make Them Feel Much LargerWhen decorating a small space, there is a general desire to make the space look and feel larger than it is while also meeting basic functional needs in the room. For example, there may be a need to accommodate seating for a group of people in a living room, but there also may be a desire to provide ample space for foot traffic so the area does not feel cramped. By following a few important tips, it is possible to furnish smaller spaces so that they are functional and do not feel cramped.

Think About Decorative Storage Solutions

One of the most common factors that will make a small space seem cramped and uncomfortable relates to clutter, and because of this, focusing on storage solutions can go a long way toward making the space feel larger than it is. Storage solutions can be decorative, and they can be a true benefit to the décor in the room. Think about functional storage features like an ottoman with hidden storage features, an entertainment center with cabinets and shelves or a tall bookshelf that can hold many of the items that are needed in the room.

Decorate The Space Vertically

For most people, there is a general inclination to decorate a room horizontally and to fill the floor space with furnishings, but this can be detrimental when decorating a smaller room. In a smaller space, decorating the space vertically by using bookshelves, storage cabinets and other features that rise above the ground rather than that sprawl across the ground can be beneficial. The goal should be to decorate the room fully while leaving ample space for foot traffic to maneuver through the room comfortably.

Use Lighter Colors

Darker colors used in a smaller room can make the space feel closed off and cramped. Using lighter colors can brighten the space and make it seem more airy. While using shades of white and beige throughout a space may not be ideal in all rooms, these can be incorporated into various aspects of the décor to improve the spacious feel of the room.

Smaller spaces can be challenging to decorate, but there are different tips and tricks that can be used to make the space look and feel larger than it is. Some tips help improve the functional use of the space, while others simply play tricks and create the illusion of space. All can be used together to create the feeling of a larger, more inviting room.

Taking A Look At The Top Trends In Bathroom Design

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Taking A Look At The Top Trends In Bathroom DesignIt is important to make the bathroom a relaxing, peaceful, and stress-free location. Many people view their bathrooms as a sanctuary, and it is important to treat them as such. What are a few popular trends that are taking place in bathroom design? 

Customized Tiles In The Bathroom

Many people enjoy customizing the tiles they use in their bathrooms. These are commonly called affinity tiles, which are concrete tiles with creative scenes and prints on them. They come in a wide variety of colors, designs, and styles. Many homeowners like to use these types of tiles to create a bold pattern in the bathroom. They are commonly used on the floor, near the bathtub, or in the shower. 

Floating Sinks And Vanities

One popular trend that is taking place is a floating vanity. This is a sink that looks like it is floating above the ground. Instead of having a pillar that connects the sink to the ground, the sink sits on a shelf. Then, the pipe is relatively short, making it difficult to spot. From a standing height, this makes it look like the sink is floating, creating a crisp, clean appearance in the bathroom.

A Natural Theme

Many homeowners are creating natural things in their bathrooms by using botanical wallpaper. The reality is that right now, bold patterns are in. During renovation projects, many homeowners are showcasing their personal styles in their bathrooms. For example, a large botanical print often includes colorful leaves and flowers. This makes it easier for homeowners to make a statement. Then, the flowers and leaves are printed on either a light or dark background, allowing the nature scene to stand out. This creates a relaxing feeling that many people love when they spend time in the bathroom. 

Bring The Styles Together

Finally, homeowners should remember that these options are not mutually exclusive. There are plenty of fusion designs that can bring all of these together. That way, everyone will feel more comfortable while occupying the bathroom. Renovating a bathroom could also be a great way to add more value to the home. 

 

What To Know About Home Loans for Renovation Projects

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What To Know About Home Loans for Renovation ProjectsWhen people are looking for a home, they are often looking for something that is move-in ready. While this might make the process easier, this can also make the home much more expensive. It is still possible to find a dream home even if the house requires a bit of renovation. This is also a great opportunity for homeowners to customize the home to meet their needs. What do potential homeowners need to know about taking out a mortgage to renovate a fixer-upper when compared to a conventional home loan? Take a look at some helpful information below.

When Buying A Fixer-Upper Is The Right Decision

There are several situations where buying a renovation project might seem like the logical decision. Remember that these projects are going to take time and money, so homeowners need to have both of these resources to complete the project. Of course, these projects are going to require a lot of construction skills, so it is important to either have the equipment and expertise or be willing to hire someone to do this. Furthermore, it is critical to look at the value of the property once the project is done. What type of return should homeowners expect after they finish the project? It should meet the needs of the homeowner while also providing a significant return.

Understanding The Financing Options

Homeowners are unlikely to have the cash to pay for all of these out of pocket, so it is important to take a look at a few financing options. An FHA 203k Mortgage is often a great option for those with a credit score of 580 or higher. These loans can cover a diverse array of construction projects.

There are also Fannie Mae HomeStyle Renovation Loans, which allow people to borrow up to 50 percent of the total value of the home for the project. Homeowners can also borrow against projected equity instead of having to wait to take out a traditional cash-out home refinance. This loan requires a credit score of 680 or higher and the renovation must be completed in less than 12 months.

These two loan options could be helpful for those who are looking to complete a home renovation project.

How to Improve Your Landscape and Gardens Before Showing Your Home

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Staging 101: How to Improve Your Landscape and Gardens Before Showing Your HomeCurb appeal is often neglected by sellers. So much attention is spent getting the inside of a home cleaned up that the outside is left until last. This is a mistake. Landscaping and gardens are the first things a prospective buyer sees. Following these tips ensures homes look their best and give a positive first impression.

Spruce Up Mulch

A fresh layer of mulch brings out the color in a garden and makes gardens look well-tended. Homes on the market in the spring, summer, or fall benefit from a fresh application of mulch prior to putting a home on the market.

Clean Up

Cluttered yards full of toys and tools are unattractive. Pick up any clutter and place it out of sight of prospective buyers.

Branches, leaves, and other debris are equally unsightly. Rake leaves and eliminate brush to give lawns a clean, manicured appeal. This is important year round.

Renting a power washer to clean driveways and walkways is also advisable. A clean driveway and gleaming walkways invite prospective buyers to picture themselves strolling through the yard.

Trim Grass And Shrubs

Overgrown grass and shrubs look unkempt. Take the time to cut the grass and sweep or blow the clippings off of driveways and walkways. Trim shrubs and trees to desired shape and height, and clean up all trimmings.

Don’t worry about trimming out of season. Well-manicured landscapes suggest that the rest of the house is equally well maintained.

Fresh Plantings

Add a little color in the garden to increase its appeal with some fresh flowers. A new planting ensures blooms look their best, especially against that new application of mulch.

Tend To All Garden Beds

This is the time to spruce up all garden beds. Remove weeds and trim up perennials to create a well-maintained appearance. Remove or trim back any plants that look dead or otherwise unhealthy.

Address Water Issues

Yards with fountains, faucets, pools, and irrigation systems require additional care. The time to fix issues is before the showing.

Resolve any issues with irrigation systems. Clean fountains and pools of algae and leaves. Fix leaky faucets as they suggest issues elsewhere with plumbing.

Fixing up the outside is just as important as a clean interior. Making gardens, lawns, and landscaping appear attractive and well maintained gives prospective buyers a positive first impression.

Don’t wait until the day of the showing. Start working on landscape staging a month before putting a home on the market. Call your trusted real estate agent today for more staging tips.

What’s Ahead For Mortgage Rates This Week – August 16, 2021

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What's Ahead For Mortgage Rates This Week - August 16, 2021Last week’s economic reporting included readings on job openings, inflation, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

Job Openings Rise as Inflation Rate Falls

The Labor Department reported a record number of job openings for the fourth consecutive month in June. Job openings rose to 10.1 million available jobs from May’s reading of 9.5 million job openings. Analysts expected job openings to decrease to 9.1 million jobs in June. 

Analysts said that previous headwinds to hiring including generous unemployment benefits and childcare issues may be easing. Workers took advantage of the rising demand for employees to negotiate higher wages and switch jobs for better offers. 

The Consumer Price Index fell by 0.40 percent in July to 0.50 percent as compared to June’s reading of 0.90 percent. The pace of year-over-year inflation remained at 5.40 percent  Core inflation, which excludes volatile food and fuel sectors, fell to 0.30 percent from 0.90 percent. July’s reading showed the impact of food and gas prices on inflation in recent months.

Mortgage Rates Rise, Jobless Claims and Consumer Sentiment Index Fall

Average mortgage rates rose last week as the rate for 30-year fixed-rate mortgages rose by 10 basis points to 2.87 percent. Rates for 15-year fixed-rate mortgages averaged 2.15 percent and were five basis points higher; rates for 5/1 adjustable rate mortgages averaged four basis points higher at 2.44 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages. 

Initial jobless claims fell to 375,000 new claims filed as compared to the prior week’s reading of 387,000 first-time claims filed. Continuing jobless claims also fell; 2.87 million ongoing claims were filed last week as compared to the prior week’s reading of 2.98 million continuing jobless claims filed.

The University of Michigan reported its lowest reading for consumer sentiment since 2011. The preliminary reading for August fell to an index reading of 70.2 in August as compared to July’s reading of 81.2. Analysts expected an index reading of 81.3 for August, but rising covid 19 cases attributed to the highly contagious Delta form of the virus tanked consumer sentiment as mask requirements and social distancing guidelines re-emerged in some areas.

What’s Ahead

This week’s scheduled economic releases include readings from the National Association of Home Builders on housing markets, government readings on housing starts, and building permits issued. Retail sales will also be reported.