American Pacific Mortgage

American Pacific Mortgage

Thursday, December 15, 2022

Interest Rates Trending Lower!

With the Christmas season upon us, we want to wish you all a safe and joyous holiday

MARKET AND RATE OUTLOOK

While this year has been stressful in many ways, interest rates have improved over the past two months and home prices have continued to drop.  These combine to make it much more attractive for homebuyers to move forward!  Although we still have a shortage of inventory, we are definitely seeing sellers who are willing to work with buyers on credits to closing costs and rate buydowns. 

Most economists see us entering recession sometime next year.  There is no agreement on the timing of recession, however.  Whether sooner or later in the year and short or lasting for a longer time period, it will bring interest rates down.

2022 INCOME TAXES

We always urge clients to allow us to review draft taxes PRIOR to filing.  This is particularly poignant for self-employed individuals or those who own rental properties.

If you are planning a refinance or a home purchase in the next year or two, it is essential to strategize with your tax and finance professionals to ensure a successful transaction.  Oftentimes we work with clients for over a year to be well-positioned for a new mortgage transaction.

1031 EXCHANGE

We have handled these in the past and are currently working with three 1031 exchange situations.  If you have a rental property to sell, we can assist with financing the purchase.

ADVENTURES


Steve and I recently completed two legs of an epic sailing journey with friends.  Our friends are relocating their sailboat from Dana Point to Ft. Lauderdale.  This involves quite a long trip through the Panama Canal.  The first leg we sailed was down the coast to Cabo San Lucas.  This leg took ten days with stops in three bays.  The second leg was from Loreto across the Sea of Cortez to Mazatl├ín and was fairly quick.  We will be joining the boat again next April for the trip through the Canal and onto the Cayman Islands.  Some scuba diving may be involved!


Thank you again to all our wonderful clients and partners!  We appreciate you more than you know!  We wish you all a fabulous holiday and a prosperous 2023!