Josh Moody

Goldwater Bank - Branch Manager

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What’s Ahead For Mortgage Rates This Week – March 8, 2021

March 8, 2021 by Josh Moody

What's Ahead For Mortgage Rates This Week - March 8, 2021Last week’s scheduled economic news included readings on construction spending and labor sector reports on public and private sector jobs. The national unemployment rate was published along with weekly readings on mortgage rates and jobless claims. Federal Reserve Chair Jerome Powell also spoke at a jobs summit.

Construction Spending Rises in January

U.S construction spending rose at a seasonally-adjusted annual pace of 1.70 percent in January as compared to 1.10 percent growth reported in December. Year-over-year construction spending was 5.80 percent higher in January 2021.  Residential construction spending reported in January rose to $713 billion on a seasonally-adjusted annual basis as compared to December 2020’s construction spending pace of $695.70 billion.

Non-residential construction spending in the private sector rose to a seasonally-adjusted annual rate of $447 billion in January as compared to December 2020’s pace of $445.2 billion.

High demand for single-family homes persists as inventories of available homes fall. This scenario contributes to affordability issues that are also influenced by rising building materials costs.

Mortgage Rates, Jobless Claims Mixed

Freddie Mac reported higher rates for 30-year fixed-rate mortgages, which rose by five basis points and averaged 3.02 percent. Rates for 15-year fixed-rate mortgages were unchanged from the prior week and averaged 2.34 percent. Mortgage rates for 5/1 adjustable rate mortgages dropped by 26 basis points and averaged 2.73 percent. Discount points averaged 0.60 percent for 30-year fixed-rate mortgages and 0.70 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

First-time jobless claims rose to 745,000 new claims filed as compared to the prior week’s reading of 736,000 new claims filed. Ongoing jobless claims fell last week with 4.30 million continuing claims filed; 4.42 million ongoing claims were filed during the prior week.

Private- Sector Jobs Fall as Public-Sector Jobs Increase

ADP reported 117,000 private-sector jobs added in February as compared to January’s reading of 195,000 private-sector jobs added. The government’s Non-Farm Payrolls report for February showed 379,000 public and private sector jobs added in February; 166,000 public and private-sector jobs were added in January. The national unemployment rate fell to 6.20 percent as compared to January’s reading of 6.30 percent.

Fed Chair Promised to Hold Steady on Monetary Policy

Fed Chair Jerome Powell promised to maintain accommodative monetary policies for the foreseeable future as the Federal Reserve continues striving toward its dual mandate of achieving maximum employment and annual inflation of two percent. When asked about rising long-term rates, Mr. Powell said that he could not commit to reducing the Fed’s asset purchases as he thought that the Fed’s goal of achieving maximum employment was “highly unlikely.”

What’s Ahead

This week’s economic reporting includes readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.

Filed Under: Financial Reports Tagged With: Economic News, Financial Report, Jobless Claims

Key Points To Note When Drafting A Contract For A Remodeling Contract

March 5, 2021 by Josh Moody

Key Points To Note When Drafting A Contract For A Remodeling ContractThere are a lot of homeowners who are thinking about carrying out a home remodel during the current era; however, it is important to understand what goes into a home remodel contract. Even though it can be expensive to get the contract reviewed by an attorney, it is critical to take a close look at the contract to make sure the language is correct.

What are some of the most important points that homeowners should keep in mind when it comes to a contract for a home remodel?

Understand The Basics Of A Home Remodel Contract

First, it is important to understand the basics. The home remodel contract will have a lot of numbers and it can be challenging to understand. In general, the home remodel contract must state that the contractor is going to secure any and all necessary permits and approvals, the payment schedule, when the project will start, and when the project will end. Any home remodel contract should also contact the license number of the contractor and include a few days to rescind the contract without penalty should the homeowner change his or her mind.

Review The Payment Schedule

In addition to understanding the start and end dates, read the payment schedule carefully. The first payment should never be any more than 10 percent of the total cost of the job while the final payment should be approximately a third of the total cost of the project to ensure the contractor actually comes back to fix any issues should something go wrong with the project. The final details of a home remodel are important.

Don’t Jump On The Warranty

Finally, do not jump on the warranty even if it sounds great. A warranty for a home remodel is usually packed with a punch of exclusions that are instituted in favor of the contractor and not the homeowner. There are probably state statutes in place that provide much better protection than any warranty that is offered by a contractor. Furthermore, accepting the warranty will remove this protection from the state. Unless a lawyer says to take the warranty, it is better to turn this down and go with state regulations.

Filed Under: Mortgage Tagged With: Contractors, Remodel, Warranty

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Josh Moody

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Regional Manager | Residential Mortgage Loan Originator
Goldwater Bank
Call 979-997-2899
Josh.Moody@goldwaterbank.com
NMLS ID 139695
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