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UK Brexit and How It Will Affect Mortgage Rates

The UK voted by a small majority (less than 4 percentage points) to leave the European Union. Not unexpectedly, the pound, which was once trading above $1.50, has crashed. At the time of the report it was down a record 10 percent against its US counterpart at $1.35, its lowest level since 1985. In addition to the dollar, the Swiss franc and Japanese yen have seen increased investments as investors dive out of the British pound and into cash that is perceived as safe at the expense of the euro and higher yielding currencies. Investors also sought safety in gold driving up the price, and in US Treasuries also driving up the price and increasing the demand for this government debt. This increased demand and price of US treasuries is pushing the yield on the benchmark 10-year note to a new four year low, yields fall as bond prices rise. High demand for government debt pulls down interest rates. Though mortgage rates have already hit rock bottom this year; with fixed mortgage rates reaching three year lows just in the past month. The UK’s vote to leave the European Union is expected to drive mortgage rates even lower as the high demand for government bonds pulls down interest rates. Treasury rates have already dropped about 20 basis points by Friday morning.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com
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New Listing! Beautiful 3 Bedroom 3 Bath Home

1068291
Beautiful SCULPTURES Home!! This Custom home features large dine-in Kitchen with additional storage and Reverse Osmosis System . Master Bath & Guest Bath feature cultured Marble shower surfaces. Home incudes Laminate flooring, Crown Molding, newer Carpet and Plantation Shutters. Sun Room features French door, Tile, Plantation Shutters leading to beautiful Garden area. Rose Garden & Fruit Trees (Lemon, Apple) complete this wonderful back yard. NEW Furnace and Lennox Air Conditioner unit. Extra-long insulated finished Garage. Shows like a Model Home! Close to the Pioneer High School.
Shea Hutchinson 805.260.6322

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Foxwood Estates Home

1068274
Easy living in Foxenwoods Estates. This four bedroom, expanded home offers over 3,000 sq ft of beauty on a small cul-de-sac. A sweeping staircase greets you at the door with a formal dining and living room off to the left. The kitchen offers newer granite, cabinets and appliances with ample storage. One expanded guest room and 3/4 bath is also located downstairs. You’ll also find a huge added on great room complete with wet bar off of the family room and a large inside laundry room with added on private office/work area. Upstairs features two nicely sized guest rooms, and an owner’s suite with two closets, plenty of counter space and a private bath/shower area. You’ll find scraped ceilings, crown moldings and lots of attention to detail when your tour this resort style home…Great out door atmosphere with covered patio, built in BBQ, in ground pool and side yard – great for kids or pets! RV area, too!
Wendy Teixera 805.310.3505

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New Listing! Southpoint Estates Home

1068194
Southpoint Estates – this hard to find four bedroom, two bath, one story home has a beautifully remodeled kitchen and bath along with loads of upgrades. The family room offers tile flooring, cathedral ceilings, recessed lighting, lots of sunlight and a beautifully tiled fireplace. You’ll find a small sitting area off the entry perfect for an office for those searching for extra space. The kitchen has tons of storage and features an eat in dining area open to the sliding glass door to the oversized backyard. It’s a must see. Located on a corner lot with two driveways, it’s also located within a gated community walking distance to Old Orcutt.
Wendy Teixeira 805.310.3505

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Charming Cayucos Home

1068311
Charming, old town Cayucos with expansive ocean views. Four split levels offering opportunities for single or multi-family living, or two separate living areas for extended family. Two bedrooms, 2.5 baths with living room and large family room/studio. Open beam cedar ceilings on two levels and laminate flooring. Gas fireplace upstairs in family room and separate heating units in each room. This owner-built custom home was rebuilt and enlarged for the original owner in 2005, permitted and approved engineering, electrical, plumbing, and new sewer hook-up. Brand new interior paint, outdoor railings, and carpeting in the bedrooms. Just blocks to downtown and beach access.
Kelly Vandelheuvel 805.471.1046

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New Listing! Country Club Estates

1068168
Country Club Estates – This lovely home is nestled against the hillside open space. All east facing rooms offer vistas of the Santa Lucia Hills & Edna Valley. With 4 bedrooms 3 baths and an added bonus room, all spaces are handsomely proportioned offering everyone and everything a place. The family room has a wood burning fireplace with comfy hearth. It is adjacent to the fabulous cooks kitchen with a walk in pantry, double ovens, ample cabinetry, and granite & Corian surfaces. There is a casual built in dining nook. These spaces open to a fenced yard and beautiful hillside views. Moving upstairs, you’ll find the spacious master suite with vaulted ceilings, fireplace and walk in closet. The master is completed by a spa like bathroom that has a deck overlooking the hillside. The next three bedrooms are located on the second floor, as is the bonus room with its endless uses and can be accessed from both the first and second floor. Solar panels will cut energy costs by 90%.
LeeAnne & George Fisher 805.440.0251

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New Listing! Charming 2 Bedroom 2 Bath Home

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Charming, well maintained home! Beautiful yard. New interior and exterior paint. Several Dual pane windows. 2 bedrooms,2 baths with indoor laundry. 1,629 square feet. 2 car garage. Large living room open to the dining room. Bright and sunny kitchen. New flooring in kitchen and bathroom. Built-in storage through out the home. Includes washer, dryer and refrigerator. Roof @7 years old. Alarm system. Backyard-Block wall fence. Move-in and enjoy. Well built home! www.1021westalvin.net
Kristi Donati 805.459.3099

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New Listing! Custom Home in Arroyo Grande

1068239
Fabulous northeast Arroyo Grande custom home located on 3.12 acres. This single level home has stunning views all the way to the ocean! The exquisite features include gorgeous African Sapele hardwood floors, Anderson French doors, custom cabinetry, plantation shutters, vinyl/wood-clad windows, California Closet organizers, and newer lighting, fixtures, and drywall. The designer kitchen is a gourmet cook’s dream with granite counters, tiled backsplash, double gas ovens, five-burner Dacor cook top, and sun-drenched breakfast area. The formal dining room and living room, with custom fireplace, open to an expansive, south-facing patio. The master suite comes complete with views, two walk-in closets, picturesque soaking tub and dual vanities. A total of 4 bedrooms, three bathrooms, 3,500 sq. ft. of living space, TWO 2-car garages, horse facilities, fruit orchard, RV parking, and ultimate privacy. www.871Noyes.net
Sandra Lee 805.550.6052

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New Listing! Margarita Farms Estate Home

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Fantastic custom executive estate within exclusive Margarita Farms. Over 5300 square feet of living space make this luxury home feel abundantly spacious all within a rural ranch setting just 15 minutes to Downtown SLO. With 2.73 acres, the options include horses, swimming pool/spa, barn or even a secondary unit. This custom estate features 4 bedrooms plus a large office and 4 baths, which includes guest quarters above the garage with kitchenette and gas fireplace. Includes stainless steel Thermador Professional appliance package, cathedral ceilings with ceiling fans throughout, media room, wet bar, wine bar, security system, granite/marble countertops, travertine tile and hardwood floors, all new interior paint/carpet, and an outdoor kitchen & BBQ area. Gorgeous master suite with gas fireplace, huge walk-in closet, master bath with dual vanities plus both shower and tub. All this with a customized gated entrance! Cut/paste for tour! https://my.matterport.com/show/?m=9ENtQicESQt&brand=0
Cody Wilcoxson 805.748.2477

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FOMC Meeting

FOMC Meeting

The FOMC is holding its target rate range at 0.25 to 0.50 percent. Job gains were described as having diminished; business investments were also described as being negative and soft. However, there were some positives in the statement following the FOMC meeting. Household spending, the heart of the nation’s economy was upgraded from moderate in April to now having strengthened. The FOMC quarterly forecasts were also released showing policy makers still see two rate hikes this year but at a slower path over the next two years. Expectations for GDP growth are still centered near two percent but edged slightly lower to a 1.7 percent midpoint. The decision to keep rates unchanged was unanimous 10-0.

Janet Yellen Speaks

May’s miniscule 38,000 gain in nonfarm payroll along with April’s unimpressive rise of 123,000 are below what is needed to maintain stability in the labor market. Janet Yellen, the Federal Reserve Chairperson, did point out that this is only one month of data and one month of data is just that, hinting that upward revisions to payrolls are a possibility. She cited other indications including jobless claims and job openings as all positives. Yellen did suggest that the possibility that strength in the yet to be released June employment report could lead to a rate hike at the next FOMC meeting in July. Yellen stressed that there is no timetable for the Fed to raise rates, and that that decision will be data dependent. She stated inflation has been running low, but like the rest of the FOMC, sees it rising toward the 2 percent goal overtime. Yellen pointed to low productivity growth as a key factor for the decision of the FOMC to lower GDP expectations as well as downgrade their expected path of future rate hikes. She repeated again that the Fed’s decisions will be entirely data dependent and not dependent on politics when touching upon the election and the possibility that rate hikes may be affected as November approaches. A rate hike at the July meeting will be entirely based off of the June employment report, where enormous strength could keep chances of a hike alive.

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805.543.LOAN info@centralcoastlending.com