On today's episode of the Townstone Financial Show, Barry and Zach dive into the hot topics shaping the mortgage market on the eve of Election Day! With the final votes being cast tomorrow, they discuss how the potential election results might impact mortgage rates, the housing market, and the financial landscape as a whole. Will new policies or economic shifts come into play? And what should homeowners, buyers, and investors expect? Barry and Zach bring their expert insight and analysis to help listeners prepare for what’s to come. Don't miss this timely conversation!

On today’s Halloween episode of the Townstone Financial Show, Zach and Barry tackle some of the "spookiest" misconceptions haunting the mortgage and housing markets. From fears of skyrocketing rates to concerns about an impending market “crash,” they shed light on the truth behind these eerie assumptions. Plus, they’ll reveal why some “tricks” in the industry may have hidden “treats” for savvy buyers and homeowners. Grab your favorite Halloween candy and tune in for a show filled with facts, fun, and financial insight—no tricks here!

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Townstone is still helping our customers close on their purchases, home equity lines/loans, and refinances in 30 days or less. With our 24 hour prequalification guarantee, there is still time to purchase your dream home or condo before the end of the year!

Consumer credit cards continue to hit record balances and record interest rates! If you have equity in your property, we can help you with a new home equity line of credit or home equity loan to consolidate your debt, lower your monthly payment, and put you on the best possible financial footing before we hit 2025. Call Zach at 312-896-2114 to discuss your scenario. A preliminary chat only takes 5-10 minutes and is FREE with absolutely zero commitment.

We start the week with stocks showing moderate weakness while the 10 Year Treasury Yield is fighting to stay below 4.2%. With the next FED announcement still over 2 weeks away, the odds of further cuts has dropped to 85% according to the CME FedWatch, with 15% of respondents expecting no further cuts at the next meeting.

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The S&P 500 hits another record high along with Barry’s favorite Nvidia. Gold is also trading at a record high on election and inflation uncertainty.

The 10 year Treasury yield is back above 4% after better-than-expected retail sales and a drop in jobless claims. Does this impact the trajectory of future possible Fed rate cuts?

FTC announces new “Click to Cancel” rule helping consumers with those pesky subscriptions that are easy to signup for but seemingly impossible to cancel. Highlights:

“Important information must be truthful, clear, and easy to find. People have to know what they’re agreeing to before they sign up. Sellers have to be able to show that people knew what they agreed to before they signed up. There always has to be a way to cancel that’s as quick and easy as it was to sign up. Sign up online? Click to cancel. Signed up in person? Cancel online or over the phone. Violators can be liable for redress and civil penalties.”

Zach likes it, Barry….?

12 million pounds of ready-to-eat chicken products recalled over listeria risk?!?! The company BrucePac is responsible, but they don’t sell directly to consumers. They supply the chicken used in products sold by Trader Joe’s, Wegmans, 7-Eleven, Kroger, Walmart, Aldi, Meijer, Giant Eagle, Amazon, Target, and more. Some of the recalled chicken was even distributed to schools! You can find the list of recalled products online at the USDA’s website, but good luck scrolling through those 343 pages of products….

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U.S. Treasurys aren’t trading today, and the USPS isn’t delivering mail. But the stock market and pretty much everything else is open, making this one of the least observed Federal holidays on the calendar.

This week Zach and Barry do their best to stay on topic and discuss the current housing market, interest rate trends, and money saving tips as we head towards the holiday season.

We’ll remind you that Townstone Financial is the #1 independent mortgage company offering our clients the lowest rates and closing costs combined with the best customer service. So head to www.townstone.com for a FREE consultation. We’re offering same-day prequalification for purchases, debt-consolidation refinances, home equity lines, home equity loans… You name it and we offer it or can refer you to someone who does.

Last week’s payroll report showed:

Nonfarm payrolls surging by 254,000 in September, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast.

The unemployment rate falling to 4.1%, down 0.1%, as the survey of household employment showed an even stronger picture, with a gain of 430,000.

Average hourly earnings increased 0.4% on the month and were up 4% from a year ago. Both figures were ahead of respective estimates.

And this weekend, Goldman Sachs lowered their odds of a recession to just 15%, meaning there’s no better chance of a recession now than there is under any other normal circumstances.

This might all seem like GOOD news, and it is for the country at large. But those of us in the mortgage world, see things a bit differently. Good news for jobs, payrolls, and recession risk is BAD news for those of you hoping for lower interest rates. As a result, mortgage rates are higher today vs. just a week ago and lots of people have been sitting on the sidelines watching rates drop and holding off on their purchases and refinances because they were expecting rates to drop further.

Here at Townstone, we don’t pretend to be fortune tellers, but we have been advising our clients to lock-in over the past few weeks knowing that rates are never guaranteed to go down.

The one thing we WILL promise you: complete transparency on your next mortgage transaction. The best possible rate at any given time in the market. The lowest closing costs. The best mortgage process and customer service in the country.

We’ve been doing this for over 22 years and our results speak for themselves.

Fill out your request for a FREE consultation today at: www.townstone.com

Barry and Zach are live with the latest in mortgages, real estate, finance, and everything else!

With a current Fed Funds rate of 525-550, CME FedWatch is now predicting for the 9/18/24 meeting:

a 61% drop to 475-500

a 39% drop to 500-525

That’s a complete reversal from last week when the market likelihood was 70% for 500-525 and only 30% for 475-500.

So what has changed in the last 7 days?

The 10 year treasury yield has pretty much stayed below 3.7% for the last two weeks. Are we due for a reversal or will it continue to trend downward?

Finally, we are now offering higher maximum conforming loan limits! $802,650 and lower for a 1-unit residence is now considered “conforming” and not a “jumbo mortgage”.

So visit www.townstone.com for a FREE 1 on 1 consultation for your next purchase, refinance, home equity loan, reverse mortgage, or home equity line of credit. We have the best rates, the lowest closing costs, and unparalleled customer service. See for yourself why we’re the #1 independent mortgage company for over 20 years.

It’s Barry vs. Zach every week talking mortgages, real estate, finance, and going on tangents. Actually, the tangents are probably 90% or more of the show’s runtime.

Inflation appears to be cooling according to the U.S. Bureau of Labor Statistics.

We have Apples down 14%, Gasoline down 10%, Used cars/trucks down 10%

Other products don’t seem to be moving much like new cars, utility gas service, and breakfast cereal (or dinner cereal depending on the time of day you eat it)

Social Security recipients could be seeing a low cost-of-living adjustment this year at 2.5%, says independent analyst Mary Johnson. Compare that to a 5.9% increase in 2022, 8.7% increase in 2023, and 3.2% increase in 2024.

Remember to visit www.townstone.com for a FREE mortgage consultation. We'll help you on your next purchase, refinance, home equity product, reverse mortgage... basically all of your residential real estate financing needs under one roof!

Happy Monday! Stocks are up, Bond Yields are down, Oil is still below $70 per barrel, and Zach and Barry are LIVE!

The Chicago Bears edged out the Titans to start the season 1-0 while both American finalists in the U.S. Open (tennis) came in 2nd…

Apple, the maker of iPhones/iPads/Etc… (not the fruit) announces new watches, AirPods, and iPhones. Zach is excited, Barry is indifferent.

Fill out a FREE consultation at www.townstone.com for your next purchase, refinance, home equity product, reverse mortgage, or with tips for Zach’s upcoming trip to Italy.

Payrolls, Payrolls, Payrolls!

We all love Rolls. Dinner Rolls. Cinnamon Rolls. Tootsie Rolls.... But today, Barry and Zach are discussing PAYROLLS! According to ADP, private sector payrolls grew at the weakest pace in more than 3½ years in August, providing yet another sign of a deteriorating labor market. But Barry says to "hold your horses" because ADP's numbers are often wrong. What we're REALLY looking at is the upcoming jobs report from the Labor Department which may set the tone for Federal Reserve policy and possible rate cuts through the end of the year. Remember to visit townstone.com for your FREE mortgage consultation. We've been the #1 independent mortgage company since 2002 and will make sure to get you the loan and customer service that you deserve!