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Can Rates Continue their Downward Momentum?
January 2024 Update
Nathan Udomsri
January 19, 2024
🌊 Riding the Rate Wave Down
The next Fed meeting is coming soon. If they pause, that would be the 4th meeting in a row.
📈+📉 CPI is up but Core CPI Inflation is down: CPI (Consumer Price Index) came in higher than expected at 3.4% (a 0.3% increase mainly due to Energy). Core CPI declined from 4% to 3.9%, which we haven’t seen since Oct 2021. Remember Core CPI removes Food and Energy. Overall the market reacted positively!
📁 Mortgage Applications rose 9.9%: When compared to the prior week, the increase in applications means there’s more people looking to get Pre-Approved. Last month had a similar trend too!
🧭 The Weeks ahead: The next Fed Meeting (FOMC) is scheduled for January 30th-31st, 2024. They’ll decide on what to do with the Federal Funds Rate (⬇️, ⏸️ or ⬆️).
Thank you for tuning in to our second newsletter, starting 2024 strong! I appreciate the feedback you have given so far, and I hope to make each one better for you.
Talk soon,
Nathan
👇️ PS - More Below
ADU (Accessory Dwelling Unit) Rental Income
📋 Generally, Lending Guidelines do not equal Tax Guidelines.
📢 There was a recent Policy update (for Conventional and FHA Loans) that will allow you to use ADU Income. Normally it’s used to offset your mortgage, and it can help qualifications in certain cases.
⏪ Prior to this Policy update, it was on the more difficult side to use ADU income for qualification purposes.
🤝 Who could this help? Someone who wants to offset their mortgage, but doesn’t want to go the full blown multi family route.
📅 January 23, 2024 - Our team is presenting a deeper dive on this very topic! Reach out if you’d like to attend.
With the new year rolling in 🎉, you might not have received your 2023 W2 yet. I’ve always found it helpful to save your final year-to-date paystub as a backup 📄. Some loan programs allow the use of this paystub instead of your most recent W2, just in case you haven’t received it yet!
This holiday season, I dove into the world of board games 🎲 and discovered “Do You Really Know Your Family”? It's a game full of surprises and laughter. It’s definitely a good test of who will get a good present next year 🎁.
🎾 Pickleball naturally became the highlight while I was home for the holidays. We embarked on a family tournament 🏆! I learned that positioning is much more crucial than speed 🏃💨, especially as I was sweating and my parents weren't even breaking a sweat! My skills were definitely put to the test, but as for my winning streak? It's still a work in progress! 😅