Get The Scoop On Economic News Report Plus Affordable Home Tips!

Hey folks, Dan Frio here with your market update for December 3rd, 2024. So in today's caption, we're gonna talk about where interest rates are going. They're pretty humdrum right now and there's not that much economic news coming up, but I'm gonna go through it with you. And then we're gonna talk about home affordability. Where are the top 10 places, 10 places that you might be able to afford a house. And then we're also gonna look, are those areas ready to crash or not? So that's what we're gonna talk about in today's video. And then at the end of the video, I'll give you all my information because my name is Dan Frio. I do this report every day and I'm a loan officer trying to win your business. So when people reach out to me like, hey Dan, you know a mortgage company that I can reach out to? It's me. So that's why I do these videos. So without further ado, let's get over to the news. So right through here, here's where mortgage rates ended yesterday. These are the top six programs people use. Now these aren't my rates. These aren't any individual banks rates. What these are, is these people have five things in common. Okay, so the five things are this. They're buying their first house. It's a single family home and they're first time home buyers. Okay, so that's what that looks like. So right over here, did I say all the same thing? So they're buying their first house. It's a single family home and they're gonna live there. That's what the criteria is. There's two more pieces of that. If you dig into the details, it's right down through here. These people are putting down 25%. So they have a 75% loan to value and their FICO score, their credit score is a 780 or higher. So if that's you, well then most likely that's your rate. If that's not you, check out my information at the end of this video so you can reach out to me to see if you can maybe buy one of these affordable homes. So let's get to the news. Right now on the economic front, we have the Jolt Index coming out and that's just coming out shortly. I tried to get my video out early this morning so I got a lot of work to do today. So the Jolt Index tells us how many job openings there are and transfers. It's not really expected to kind of go out of the norm. So we'll see how that is and I'll report on that at the closing bell to see if this made any market changes and then oil stocks. So there's really nothing today. And then tomorrow we start getting the employment numbers and a bunch of other things that you're really focusing in on and that's what the Federal Reserve's focusing in on. Right now the bond market's up nine ticks. That means mortgage rates might ease just a little bit right through here. So we might be at 6.89 maybe by the end of the day, but depends on that Jolt, how that Jolt Index comes in. So that's basically where the bond market is right now. There's really, like I said, there's really not much information. The Jolt Index comes out by the end of this video. I'll show you what it is. Okay, so then we go over to the CME FedWatch tool. This is actually telling us within two weeks the Federal Reserve is meeting. What are they gonna do? Well, the consensus still is about 75% that they're gonna cut rates a quarter percent. Okay, so that's right through here. The federal funds rate right now is 4.75 to four and a half. So they're expected to cut 25 base points right through here. Well, here's the thing that's kind of spooking the market. About two months ago, the Federal Reserve came in and said we're gonna cut rates probably 10 times, 10 times. Well, that was gonna put the federal funds rate kind of down in this area through here. And those are off the table right now. So there's only, looks like there might be about three more rate cuts coming for us. So keep watching every day. I'll explain to you guys what's going on and why it's going. So that's our news for today. So let's get over to this. So what I did is I just Googled what are the 10 most affordable homes or areas to live in. Now, I know these are, you could just see the names, but in the background, it kind of gives you the percentages and the price. We're just gonna go down through here. We got Philadelphia, St. Louis, Buffalo, Detroit, Indianapolis, Baltimore, Cleveland, Birmingham, Alabama, Cincinnati, Philadelphia, Kansas City, and Minneapolis. So these are the top areas or most affordable areas that you can buy in the country. So now some of these, I watch a lot of videos from people throughout some of these areas through here, and some of them were saying, well, there's gonna be a crash and things like that. For example, like Baltimore, they expected a crash there. I never expected a crash, but let's see how these homes are faring over the last, let's say year, when it comes to appreciation. So if we go down through here, you can see some correlation here. Let's go through, let's say Pittsburgh. Let's just pick a couple of them. Pittsburgh, Baltimore, and Philadelphia. So let's go over to here. We go to Zillow data, and we're gonna go and see what these home prices have done over the last year. Pittsburgh, up 2%. I apologize, what was the next one? Indianapolis, did we say? And we're in Philadelphia. So Indianapolis, let's see where's Indianapolis on this chart. Ooh, it's right there as well. It's up 2%, 2.6%. And Philadelphia, let's see, where is Philadelphia? Am I missing it? If you guys see it, Philadelphia, all the way up top right here, up 4.6%. So these areas aren't crashing. They didn't crash, and they're one of the most affordable areas in the country right now. So just, you could Google it, and you're gonna find exactly the same things. So I was born and raised right around the Pittsburgh area. I love it. It is a little expensive. The taxes are high. St. Louis, Missouri, nice place there. Buffalo, New York, I have some family there. Indianapolis, got family there. Baltimore, Maryland, Cleveland, Philadelphia, and the mix goes on. So these are the areas that are most affordable to people these days. So the housing market isn't crashing, didn't crash, and these are the top areas where people can afford homes. So again, you can go through here. This is Zillow data. So all you need to do is go to zillow.com slash research slash data. It'll pull up all these properties. So this is how much appreciation houses have gone or actually received over the past year. Now, if you wanna really take a deep dive or deeper dive into home sale prices, check out Altos Research. I got the link down below, but you can also get information from the federal government. So if you go to Fred and just look up this, home prices, okay, this is, you're gonna come up with all kinds of stuff. So here's all kinds of charts you can use. Okay, so we're just gonna click right through here. All transaction home prices index for the United States. So all transaction of home prices. Let's see how they fared over the last year. Well, it doesn't also look like right through there that there was a crash as well. Here's what home prices have done since the 1975, up, up, up, up, up, up, up, up, and then we had that crash. Remember 2008, you gotta understand what happened because that's why you have to learn from the past. So we had that debacle back then, and then from there, up, up, and then we had a huge spike, and then a lot of people were saying, okay, there's the peak, now we're gonna crash. Well, it went down a tad, and then it went back up, and this is what I've been calling all along. And I've been an outcast from a lot of people because a lot of people were predicting a crash. I'm not predicting a crash this year. I'm not predicting a crash, well, find out at my forecast for 2025 that's coming out next week. So that's it for today, folks. I told you I would tell you who I am, what I am. If you're out there trying to buy that first house, maybe try to buy that first rental property. Maybe you're looking to refinance. We have people coming in saying, Dan, I'm at like 7.75% rates. Can I get 6 point something? And we can help you do that as well. So check out our website. It's theretupdate.com. You can put in your application right through here. You can check out some grants. If you're looking to buy that first house, make sure you check out these grants. We handpicked those. And then over here, we just added this, a schedule, a one-on-one consultation where you can choose from me, David, and Alan. There's only three of us. We all have over 20 years of experience in the business, and we all work on one team. So that's that portion of it right there. Then if you go down through here, we added a new section right through here, rate watch. It's gonna, there's gonna be some captions there right now, but you can actually click into there and actually put in your information. It'll come to me asking if this, if the interest rates hit this amount, Dan, please reach out to me. I'd love to refinance. So if you want to put in your data right through there, you can do that. And I'll only reach out to you once the rates hit that, hit that point. But if you want to scroll down right through here, you can give us a call or email me directly. And that information is right there. It's 844-775-5626, or you can reach me personally at danatherateupdate.com. So thanks for watching, guys. Hold on one second. Let's go back and see if the Jolt Index came in yet. It is not. It's coming in two minutes. I apologize, guys. I will cover that at the closing bell. Thanks for watching. God bless. See you later today. Bye-bye.