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Understanding The Federal Reserve Rate Hikes

The Federal Reserve raised the federal funds rate by 0.75 percentage point for the fourth time in early November, marking an unprecedented pace of rate hikes.

The benchmark short-term borrowing rate has been raised six times this year in an effort to cool down inflation, which is still near 40-year highs and causing most consumers to feel increasingly cash strapped.

The Fed noted in a policy statement that the “cumulative” impact of its hikes are being considered relative to determining future rate increases. Economists are hoping this
signals plans to “step-down” the pace of increases going forward, which could mean a half point hike at the December 13-14 meeting and then a few smaller increases in 2023.

What The Federal Funds Rate Means To You
The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers
pay, the Fed’s decisions affect the borrowing and saving rates they see every day.

By raising rates, the Fed makes it more costly to use financing, causing people to borrow and spend less, effectively pumping the brakes on the economy and slowing down the pace of price increases.

“Unfortunately, the economy will slow much faster than inflation, so we’ll feel the pain well before we see any gain,” said Greg McBride, Bankrate.com’s chief financial analyst.

Already, “mortgage rates have rocketed to 16-year highs, home equity lines of credit are the highest in 14 years, and car loan rates are at 11-year highs,” said McBride.

How Higher Rates Affect Borrowers
Even though 15-year and 30-year mortgage rates are fixed and tied to Treasury yields and the economy, anyone shopping for a home has lost considerable purchasing power in part because of inflation and the Fed’s rate hikes.

30 Year Fixed Rate Mortgage Comparison For A $300,000 Loan
Dec 2021                                     Nov 2022
Rate / Payment                          Rate / Payment
3.11% / $1,283                           7.08% / $2,012
That’s an extra $729 a month, an increase of $8,748 per year, and $262,440 more over the lifetime of the loan, according to LendingTree.

The increase in mortgage rates since the start of 2022 has the same impact on affordability as a 35% increase in home prices, according to McBride’s analysis.
“If you had been approved for a $300,000 mortgage in the beginning of the year, that’s the equivalent of less than $200,000 today.”

Interest rates for adjustable rate mortgages and home equity lines of credit are pegged to the prime rate, and will also eventually increase. Most ARMs adjust once a year, but a HELOC adjusts right away.

Meanwhile, consider boosting your emergency savings since savings rates have also increased. Sleep better at night knowing you have some money tucked away just in case.

Call me to discuss your options for a refinance or financing your next home!
Source: www.cnbc.com

Posted in: Buyers, News and Announcements, Sellers Tagged: Buyers, Buying, Buying a Home, Buying A New Home, Colorado, Colorado Real Estate, Finance, financial, First Time Homebuyers, Fort Collins, Fort Collins Real Estate, Greeley, home, Home Buyers, Home Buying, Housing Market, Loveland, Moving, northern colorado, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Sellers, Selling, Selling a Home, Windsor

Understanding Inflation and Mortgage Rates

This year, inflation reached a high not seen in forty years. The average consumer felt
the pinch at the gas pump and in the grocery store. It has also impacted the ability
of some buyers to save money to buy a home.

When the inflation rate was higher than expected in late summer, concerns about
recession were fueled, prompting the Federal Reserve’s decision to raise the Federal
Funds Rate in late September.

Fortune magazine explains:
“As the Federal Reserve moved into inflation-fighting mode, financial markets quickly put
upward pressure on mortgage rates. Those elevated mortgage rates … coupled with skyhigh home prices, threw cold water onto the housing boom.”

The Rise of Mortgage Rates
In light of growing economic pressures, the average 30-year fixed rate mortgage
recently surpassed 6% for the first time in well over a decade.

The mortgage rate increases this year are the big reason buyer demand has pulled
back in recent months. As rates rose, so did the cost of buying a home and some
buyers were priced out of the market.

Looking Ahead
The relationship between inflation and mortgage rates is simple.

When inflation is low, mortgage rates tend to be lower. When inflation is high, rates
tend to be higher.

Sam Khater, Chief Economist at Freddie Mac, commented:

“Mortgage rates remained volatile due to the tug of war between inflationary pressures and
a clear slowdown in economic growth. The high uncertainty surrounding inflation and
other factors will likely cause rates to remain variable…”

Bottom Line
Rising inflation and higher mortgage rates have had a clear impact on housing.
Contact me for insights on the latest trends in the housing market and what they
mean for you.

www.keepingcurrentmatters.com

Posted in: Buyers, News and Announcements, RE/MAX Advanced, Sellers Tagged: Buyers, Buying, Buying a Home, Buying A New Home, Colorado, Colorado Real Estate, Finance, financial, First Time Homebuyers, Fort Collins, Fort Collins Real Estate, home, Home Buyers, Home Buying, Housing Market, Loveland, Moving, northern colorado, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Sellers, Selling, Selling a Home, Windsor

Signs of Market Easing

While inflation, interest rates and talk of a global recession have real estate markets in flux, there are also signs of market easing.

Affordability
Lawrence Yun, National Association of REALTORS® chief economist, recently testified on Capitol Hill concerning the current real estate market. Yun’s main points included:
• The inventory crunch will continue to chip away at affordability and sideline more buyers.
• Though growth in home prices is slowing, a nationwide decline is unlikely.
• While the potential for weaker sales may help increase housing inventory in some markets, it won’t be enough to ease affordability constraints.

Research commissioned by the National Association of REALTORS® indicates a national deficit of 6 million housing units. This decades-in-the-making phenomenon has helped sustain year over-year price growth for a record 124 consecutive months, according to NAR housing reports.

In his Capitol Hill comments, Yun said, “This affordability crunch is felt most acutely as we move down the income scale and by minority households… That is why housing supply must be addressed to moderate gains in home prices and rents.”

Home Prices
Higher mortgage rates and an increase in housing supply are factors that typically put downward pressure on home prices. But the market continues to be quite resilient, and costly In June, the national median listing price for single-family homes was $450,000, up 16.9% from the same time last year and more than 31% from
June 2020, according to Realtor.com.

With homes nearing half a million dollars, some buyers have stepped back from the market.

Mortgage applications dropped to the lowest level at the end of June, marking the biggest slump in 22 years, according to the Mortgage Bankers Association (MBA).

Despite some homes with higher list prices showing signs of extended time on the market, the overall lack of inventory is still leading to price gains. “Even after
reductions, prices are still higher compared to one year ago and much higher compared to before the pandemic,” Yun indicates.

Inflation And Interest Rates
Inflation eased slightly in July, which could bode well for the housing market in the months ahead, says Yun. Yun notes that interest rates, which had been consistently in the 4% to 5% range in the decade preceding COVID-19, hovered near record lows of around 3% throughout much of 2020 and 2021.

Consumer price inflation showed signs of deceleration in early summer.

Could the worst of sky-high inflation be behind Americans? Yun thinks so. By midsummer, gasoline prices began to decline, and there was more production of
apartments and single-family homes.

Yun predicts that consumer prices will pull back, encouraging the Federal Reserve policy to be less aggressive, resulting in lower mortgage rates.

The 10-year Treasury yield in mid-August stood at 2.7%. “That should translate into 30-year mortgage rates pulling back to under 5%,” Yun says. Some recent potential
home buyers who were pushed out of the market may then be able to qualify for a mortgage and a new home.

Inventory And Market Easing
There are bright spots in the market, such as gradually increasing inventory, which is good news for consumers.

Market trends point to a shift towards a more healthy market where both sellers and buyers have advantages.

Homebuyers are finding more selection and a little more time to make decisions. Sellers are adjusting to having their home on the market longer, and pricing their
home to align with the current market.

With so many variables affecting the current real estate market, let’s talk about how to accomplish your goals with your next home purchase or sale!

Sources: magazine.realtor, www.globeandmail.com, www.forbes.com 

Posted in: Buyers, News and Announcements, RE/MAX Advanced, Sellers Tagged: Buyers, Buying, Buying a Home, Buying A New Home, Colorado, Colorado Real Estate, Finance, financial, First Time Homebuyers, Fort Collins, Fort Collins Real Estate, Greeley, home, Home Buyers, Home Buying, Housing Market, Loveland, Moving, northern colorado, Northern Colorado Market, RE/MAX, RE/MAX Advanced, Real Estate, Real Estate Market, Sellers, Selling, Selling a Home, Windsor

New Commercial Developments in Northern Colorado

Information about new commercial projects in Northern Colorado.

 

Posted in: News and Announcements, RE/MAX Advanced Tagged: Colorado, Colorado Real Estate, Commercial Development, Fort Collins, northern colorado, RE/MAX, RE/MAX Advanced, Real Estate

Northern Colorado Happy Hours

 

 

 

 

Happy Hour may be the best hour of the day!
Check out these Northern Colorado Happy Hours!

FORT COLLINS:

  • 3 Margaritas

4010 South College Avenue

3pm-6pm weekdays

Choose from a selection of imported beer & domestic beers, margaritas, cocktails, and various drinks.  Wed-Mexican Beer $2.99 and Thurs-Well Drinks $1.99

  • 415

415 South Mason Street

3pm-6pm every day (closed Mondays)

House Cocktails $8, Microdrafts $4, Pacifico $3, Wind of the Day $6

  • Austins

100 W Mountain/2815 E Harmony

3pm-6pm

$3 Domestics, $3.50 Micros, $5 Cocktails & Wine

  • BJ’s Restaurant and Brewhouse

2670 E Harmony Rd

3pm-7pm, 10pm-12am (Excludes Saturdays)

$1 off draft beer, $4 BJs beer, House win specials.  ½ off most ap ps and mini-pizzas

  • Black Bottle Brewery

1611 S College Avenue, Suite 1609

2pm-5pm Tues-Sun

$1 off Black Bottle Beers, $5 Moscow Mules, $3 Wells

  • Blind Pig Pub

214 Linden Street

Monday (ALL DAY)

Tues-Friday (2pm-7pm)

$2.50 Domestics, $3 select Micros, $4 House Wine

  • Blue Agave

201 S College

3pm-6pm

$2 House Margs 3pm-6pm, $1 off beer, $1.50 off Margs, $2 off spirits

  • Cacciatore

1939 Jessup Dr #110

Monday-Friday 2pm-6pm

Saturday-Sunday 11am-4pm

Mon-Thurs: $5 beer and wine on tap

Sat-Sun: $5 Mimosas, Blood Marys, Sangrias

  • Café Athens

2842 Council Tree Avenue

3pm-6pm Daily

$1 off wine and beer

  • Canino’s

613 S College Ave

4-6pm/Sunday all day

Wine $1 off CO Drafts $3

  • Colorado Room

642 S College Ave

3pm-6pm weekdays

$1 off Craft Drafts, $2 Domestics, $3 Well Drinks, $3 Flavored Pinnacle &

3 Olives Vodka, $4 Mile High Spirits, Food-$2.50 Pork Sammy’s, $3 Poutin

  • Domenic’s

931 E. Harmony

4pm – 6pm

$2 off Wines by the Glass, $1 off Drafts, $1 off Spirits, $2 off Martinis.
Wed – Martini Madness $2 off.
Thurs – Flight Night, wine flights $2 off.

  • Elevation 5003 Distillery

2501 South Lemay Ave #8

4pm-6pm

$5 select cocktails

  • Elliot’s Martini Bar

234 Linden St

4:30-7pm

$2 off Martinis and Tapas

  • The Farmhouse at Jessup Farm

1957 Jessup Dr.

2pm-6pm Tues-Sun

$1  beer, wine , cocktails and $1 off select appetizers.

  • Forge Pub

232 Walnut St.

4pm – 6pm

$2 off drafts
Note: Cash only pub!

  • Fuzzy’s Taco Shop

1335 W Elizabeth St

Mon: 9pm-12am, T-F all day

Mon: $3 18 oz Micros, $1 Tacos, Tues:$3 Rock Smarts Wed: $2 wells, Thurs: $4 Frozen Margs, $3 Micros, Fri: $3 Mexican Beer, W/E: $2 domestics, $3 Micros

  • Fuzzy’s Taco Shop South

2909 E Harmony Rd

3pm – 6pm

$2 Wells, Domestics $3 Micros, Calls.
Sat: $2 NBB pints all day.

  • Garlic Knot

2601 S Lemay Ave.

11am – 9pm

Tues: $2 Drafts, Wed: $2 Wine

  • High Point

146 N. College Ave.

4pm – 7pm

Mon: $2.50 Fat Tire & 90 Shilling Pints ,Tues: $3 Wells All Night, Wed: $2.50 Isolation & Accumulation Pints
Thurs: $3.50 Odell IPA Pints & $3.50 Jameson, Fri: $6.50 Moscow Mule & $5 Old Fashioned, Sat: $3 Modelo Pints & $3 Hornitos

  • HuHot Mongolian Grill

249 S. College Ave.

2pm-5pm

1/2 off drafts with dinner purchase. 1/2 off apps.
Mon (4-7): $1 select bottle beer w/ dinner purchase.

  • Illegal Pete’s

320 Walnut St.

3pm – 8pm

$1 off signature drinks, $3 wells, $3.50 craft beers, $4 house margs

  • Island Grill

2601 S. Lemay

3pm-7pm

$3 Domestic Pints, Shot Specials, $3.25 Well Drinks, $4 Micro Beer Pints, House Wines, $4.25 House Martinis & Margaritas
*Everyday from 4pm-6pm
Buy one Island Snack appetizer and 2nd is 50% off

  • Jax Fish House

123 N. College Ave.

4pm – 6pm

$3 Drafts, $4 Wells, $4 Cocktails
Mon: Deals offered all night.

  • Locality

2350 E Harmony Rd.

11am – 6pm

CO Drafts $4 | Select Wine $5 | Various Cocktails $5-6 | Other specials
Appetizers 3pm-6pm

  • Los Tarascos

622 S. College Ave.

4pm – 6pm

Lots of 2 for 1s

  • Matador

1823 E. Harmony Rd.

All Day

“Longest Happy Hour in Fort Collins.  $1.41 Beer — All Beer, All Day,   Every Day.”

  • Match Ups

625 S. Mason St.

All Day

Every day: $6.50 Martinis, M: Micros $2.50, T: Fat Tire $2.50, W/Sat: All vodka drinks $2.50, Th: Margaritas $2.50, F: All rum drinks $2.50, Sun: Bud/Bud Light draws $2.50

  • Mo Jeaux’s

820 City Park Ave.

4pm-7pm/10pm-close

$2 Single & $4 Double Well Cocktails, $2 Coors, Coors Light, & Bud Drafts, and $3 Select Micros.
Cheap Eats always available when the kitchen is open from our Pub Grub Menu (all items $4-$5)

  • Moot House

2626 S. College Ave.

3pm-6pm

$1.50 off Drafts, $5 Select Wines, $5.50/6 Cocktails, lots of food!

  • Old Town Putt

244 N College Ave

3 pm -7 pm / All day Thurs

$1 off draft beer, $1 off frozen cocktails

  • Otto Pint

1100 Oakridge Dr.

3pm-6pm, 8pm-10pm

$1 0ff every drink

  • Pinball Jones

107 Linden St.

5pm-close*hours vary

Mon: $2 PBR, Wed: $1 off Odell’s, Thurs:$1 off New Belgium, Fri:$1 off select Bottles, $3 select Drafts

  • Pour Brothers

220 Linden St.

Open – 6pm

$1 off Drafts, $3.50 Wells, $5 Grilled Cheese

  • R Bar

107 E. Laurel St.

4pm-7pm

$3.50 Wells $4 red/white sangria, $5 cheese board, hummus plate, chips/salsa/queso and any single crepe.

  • Ramen Master

144 N. Mason St.

3pm-5pm

BOGO 1/2 off drinks.

  • Rare Italian

101 S. College Ave.

4pm-6pm

$2 off Beer, $6 Cocktails and Wine, $18 Carafe of Wine, $2-$10 selected apps.

  • Rio Grande

143 W. Mountain Ave.

3pm-6pm

$1 off Margs, $3 Drafts, and special priced apps.

  • Road 34

1213 W Elizabeth St.

4pm-8pm, All Day Sunday

$3 New Belgium and Odell Drafts, Tuesday is BOGO sandwich day.

  • Steak Out

152 W. Mountain Ave.

2pm-pm/All Day Sat. & Sun.

$2.50 Drafts and Wells, $3.50-5.50 Micros

  • Stuft

210 S. College Ave.

3pm-6pm

$3 Wells, Drafts, and Wines

  • Surfside 7

238 Linden St.

11am-7pm

$1 off Micros, $3 Wells, $5 Cheese Slice w/Pint, $15 Cheese Pizza w/Pitcher

  • Tap and Handle

307 S. College Ave.

11:30 am-6pm

$1 off ALL beers.

  • Texas Roadhouse

4633 S. Timberline Road

4pm-6pm

$3 Domestics, Margs $3.50 Micros, $5 apps

  • The Regional

130 S. Mason St.

3-6PM

$6 house wines and cocktails, $5 well drinks, $4 canned beer, $1 off draft beer.
$1.50 raw oysters, $6 shared plates, $8 Reggie Burger (add a well shot and beer for $2)

  • The Reserve Old Elk Distillery

253 Linden Street

2-6pm

All highball cocktails only $5

  • The Still Whiskey Steaks

151 N. College

3pm -6pm

$2 OFF Specialty Cocktails, $1 OFF Draft Beer, $5 House Red Wine, $5 House White Wine, $5 House Sparkelin Wine, Various Food

  • The Town Pump

124 N. College Ave.

3pm-8pm

Wells $3.00, most beers $1 off

  • The Trailhead Tavern

148 W. Mountain Ave.

11am – 7pm

$2 PBR and Domestic Pints, $2.50 Micros and Wells, $3 Mico Premium Pints, Pitchers $6, Micro Pitcher $8, $10 Premium Micro Pitcher

  • The Yeti

23 Old Town Sq.

4pm-6pm

$2 off food and drinks.

  • Tony’s

224 S. College Ave.

10:30am* – 7pm

$1 off select drafts, $2 domestic drafts,  $3 wells and Freshies, $5 Moscow Mules, Selected Apps

  • Union

250 Jefferson Street

3pm – 6pm Everyday / All Day Wednesday

House Rose, White, Red $5
Pear Cider (GF) $4
Rotating Beer $4
Other Selected Drinks $5-$6

  • Vato’s Tacos & Tequila

234 N College Ave Unit A-2

3pm – 6pm

$2 OFF our Vato House Margarita (rocks or frozen), Vato Macho Margarita, and ALL draft beer

  • The Whiskey

214 S. College Ave.

11am – 6pm

$5 House Cocktails, Mules and apps.

 

LOVELAND

  • Bent Fork The Grill

110 E 29th St

3pm-6pm Daily

  • Henry’s Pub

234 E 4th St

3pm-6pm Daily

  • Laureate Publick House

548 N Lincoln Avenue

4pm-6pm Daily

  • Nordy’s BBQ and Grill

4360 St Cloud Drive

3pm-6pm Daily

  • The Pourhouse

124 E 4th St

11-6 except Saturday

All Day Sunday

  • Tilted Barrel Brew Pub

110 E 29th St

2pm-6pm Daily

 

WINDSOR

  • The Grillhouse at Pelican Lakes

1600 Pelican Lakes Point

4pm-5pm Daily

  • Hearth

205 ½ 4th St

3pm-6pm Daily

  • Windsor Mill Tavern

301 Main St

3pm-5pm Weekdays

 

*Happy hour times and specials are subject to change.

 

 

 

Posted in: Buyers, News and Announcements, RE/MAX Advanced, Sellers Tagged: Buyers, cheers, Colorado, Fort Collins, Happy Hour, Kitchen, Loveland, northern colorado, RE/MAX, RE/MAX Advanced, Sellers, Windsor

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RE/MAX Advanced, Inc. | 1018 Centre Avenue, Fort Collins, CO 80526 | 970.221.5995

© 2023 · Ft Collins Homes | RE/MAX Advanced, Inc. · Information deemed reliable but not guaranteed. All Rights Reserved.

Accessibility: RE/MAX Advanced is conducting periodic site audits in order to identify potential accessibility issues and is implementing changes to improve accessibility. For more information, contact RE/MAX Advanced.