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My Mortgage Team @ Waterman Bank

We deliver the absolute best lending experience through knowledge and true fiduciary service for your home mortgage needs.

Our Mission

Our team's mission is to help our clients and their families get the best residential mortgage banking options offered. We educate anyone we work with so understanding the decisions that are made puts everyone we work in the most financially strategic position they can be in.



Mortgage News

Mortgage Applications Decline, Rates Back Over 7%

February 21 2024

Higher interest rates continued to depress mortgage applications last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 10.6 percent on a seasonally adjusted basis during the week ended February 16. The volume declined 8.0 percent before adjustment. The Refinance Index declined by 11.0 percent compared to the previous week but eked out a 0.1 percent gain from the level one year earlier. Refinance applications accounted for 32.6 percent of the total, down from 34.0 percent the previous week.   [refiappschart] The seasonally adjusted Purchase Index dropped 10 percent week-over-week and was down 6 percent before adjustment. Purchase applications lagged the same week in 2023 by 13.0 percent.   [purchaseappschart] "Mortgage rates moved back above 7 percent last week following news that inflation picked up in January, dimming hopes of a near-term rate cut,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Mortgage applications dropped as a result with a larger decline in refinance applications. Potential homebuyers are quite sensitive to these rate changes , as affordability is strained with both higher rates and higher home values in this supply-constrained market." Other Highlights from MBA’s Weekly Mortgage Applications Survey Loan sizes were changed only slightly, to an average of $381,800 for all submissions and $440,700 for purchase mortgages. The FHA share of applications decreased to 13.2 percent from 13.5 percent and the VA share decreased to 12.1 percent from 13.3 percent. USDA applications accounted for 0.5 percent of the total. The average contract interest rate for conforming 30-year fixed-rate mortgages (FRM) increased to 7.06 percent from 6.87 percent, with points inching up to 0.66 from 0.65. Thirty-year FRM with jumbo loan balances had a rate of 7.16 percent with 0.45 point. The prior week the rate was 7.00 percent with 0.39 point. The average rate for FHA-backed 30-year FRM jumped to 6.91 percent from 6.68 percent and points increased to 1.03 from 0.89. Fifteen-year FRM saw an increase of 8 basis points to an average rate of 6.61 percent while points dropped to 0.77 from 0.94. The average contract interest rate for 5/1 adjustable-rate mortgages (ARM) increased to 6.37 percent from 6.30 percent, with points increasing to 0.71 from 0.60. The ARM share of activity increased from 7.0 to 7.4 percent of total applications.

Construction Numbers Don’t Mirror Growing  Builder Optimism

February 16 2024

Even though the National Association of Home Builders (NAHB) reported the third consecutive increase in its measure of home builder confidence, actual residential construction activity fell. The residential construction report for January shows both the rate of permitting and housing starts declined from the previous month, the second straight loss for starts. The U.S. Census Bureau and the Department of Housing and Urban Development said construction began on residential properties at a seasonally adjusted annual rate of 1.331 million units. This was down 14.8 percent from the December rate of 1.562 million. The December rate was, however, a substantial upgrade from the 1.460 million units originally reported. On a year-over-year basis, starts were almost flat, with a decline of 0.7 percent. Single-family starts fell 4.7 percent to an annual rate of 1.004 million units but that was an improvement of 22.0 percent from the prior January. Multifamily starts, at 314,000 units, were down 35.8 percent from December and 37.9 percent on an annual basis. On an unadjusted basis, the report says there were 93,700 units started during the month, 68,700 of them single-family houses. The December numbers were 108,800 and 72,300, respectively. The setback for permitting was more modest. Total authorizations were at an annual rate of 1.470 million, a 1.5 percent dip from 1.493 million in December and an increase of 8.6 percent for the year. The 1.015-million-unit rate for single-family houses marked a 1.6 percent gain for the month and 35.7 percent year-over-year. The permitting rate for multifamily units dropped 9.0 percent and 26.6 percent.

Mortgage Applications Stall on Higher Rates

February 14 2024

Higher mortgage rates hindered application activity during the week ended February 9. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier although it did gain 2.0 percent on an unadjusted basis. The Refinance Index was 2,0 percent lower than the prior week and 12.0 percent higher than the same week one year ago. The refinancing share of mortgage applications made up 34.2 percent of the total, down from 35.4 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 3.0 percent from one week earlier and was 4.0 percent higher before adjustment. The number of applications declined by 12 percent year-over-year. [purchaseappschart] “Application activity was weaker last week, as mortgage rates moved higher across the board. The 30year fixed mortgage rate was up to 6.87 percent – the highest rate since early December 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago .” Additional Data from MBA’s Weekly Mortgage Applications Survey  The overall size of mortgage loans increased only slightly from the previous week to an average of $382,000 but the purchase mortgage amount jumped to $441,300 from $434,800. The FHA share of applications increased to 13.4 percent from 13.1 percent and the VA share dipped 1 percentage point to 13.1 percent. The USDA share of total applications was unchanged at 0.4 percent. The conforming mortgage interest rate of 6.87 percent was 7 basis points higher than the prior week and points increased to 0.65 from 0.59. The average rate for jumbo 30-year fixed-rate mortgages (FRM) was 7.00 percent, up from 6.88 percent, with points decreasing to 0.39 from 0.47. The 30-year FRM with FHA guarantees had a rate of 6.68 percent with 0.89 point. The prior week's rates averaged 6.57 percent with 0.84 point. The average for 15-year FRM jumped 12 basis points to 6.53 percent and points moved to 0.94 from 0.71. The rate for 5/1 adjustable-rate mortgages (ARMs) rose to 6.30 percent from 6.14 percent, with points increasing to 0.6 from 0.48. The ARM share of activity increased to 7.0 percent of total applications from 6.4 percent the prior week.

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