Inside Lending | Marketing Snapshot for the Week of January 13, 2025

January 13, 2025/
  QUOTE OF THE WEEK
“Let’s have some new cliches.”—Samuel Goldwyn, Polish-born American film producer
  NATIONAL MARKET UPDATE
Mortgage applications slowed the first week of the year, but homebuyers stay interested. A weekly report from an online real estate database found that weekly home tour activity rose over December and year-over-year. Realtor.com reports the median price of homes for sale in December was down almost 2% from a year ago, and the inventory and market share of smaller, more affordable homes continued to grow. Fannie Mae reported housing optimism came in relatively high in December. Their Home Purchase Sentiment Index trended upward for the month, ending “substantially above year-ago levels.”
  REVIEW OF LAST WEEK
JOBS SINK STOCKS… A better-than-expected 256,000 new nonfarm payrolls in December was bad news for the three big stock indexes, as traders feared labor market strength would put the brakes on Fed rate cuts. More reason for the Fed to hold on cuts came with evidence inflation remains a major problem. The ISM Non-Manufacturing report’s prices index rose to the highest level in almost two years. Plus, University of Michigan Consumer Sentiment reported folks remain worried about inflation. And the economy isn’t yet in need of rate cuts to stave off recession—December vehicle sales were up a healthy 5.5% from a year ago. The week ended with the Dow down 1.9%, to 41,938; the S&P 500 also down 1.9%, to 5,827; and the Nasdaq down 2.3%, to 19,162. Meanwhile, the bond market slid overall, the 30-Year UMBS 5.5%, ending down 0.15, to $98.05. Freddie Mac’s Primary Mortgage Market Survey reported the national average 30-year fixed mortgage rate was up a tad from the prior week. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up-to-the-minute information. DID YOU KNOW… A new report from an online real estate database found housing affordability improved in 2024 for the first time in four years “because wage growth outpaced the growth in monthly housing payments.”
  THIS WEEK’S FORECAST
HOME BUILDING, INFLATION, RETAIL SALES… December should show builders more active, with an increase in Housing Starts, though Building Permits are forecast to come in slightly lower. Unfortunately, inflation is expected to remain in its holding pattern according to the Consumer Price Index (CPI). And those higher prices will contribute to some of the predicted bump in December Retail Sales.
  FEDERAL RESERVE WATCH
Forecasting Federal Reserve policy changes in coming months. Fed watchers now expect no rate cuts at the next three FOMC meets. Note: In the lower chart, the 2,7% probability of change is a 97.3% probability the rate will stay the same. Current rate is 4.25%-4.50%. AFTER FOMC MEETING ON: CONSENSUS Jan 29 4.25%-4.50% Mar 19 4.25%-4.50% May 7 4.25%-4.50%   Probability of change from current policy: AFTER FOMC MEETING ON: CONSENSUS Jan 29 2.7% Mar 19 22.1% May 7 34.7%
  BUSINESS TIP OF THE WEEK
Instead of worrying about results that are ultimately beyond your control, focus on the footwork you need to do to get those results. Rather than obsessing about closing the deal, focus on providing the exceptional service that will make it happen.
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

Email Me

This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.