Mortgage rate: As Labor Day approaches, the mortgage rate hovers at yet another three year low.  This week, the 30-year fixed-rate mortgage rate averaged 3.55%.   To put it simply, Freddie Mac Primary Mortgage Market Survey reported that the average U.S. mortgage rate for a 30-year fixed mortgage fell to another three-year low this week.

Great News: the Mortgage Rate is Down

We finished on August 22, 2019, at a lower rate of 3.6%.  Good news for buyers:  “That’s almost a percentage point lower than its 2018 average of 4.53%.”

Palm State’s “Happy Labor Day” List of Reasons to be Happy:

The American Work Ethic Lives on.

Happily, Freddie Mac Chief Economist Sam Khater said the drop in mortgage rates continues to stimulate the real estate market and the economy.  Freddie Mac data lists several facts behind this statement:

1.      “Home purchase demand is up 5% from a year ago and has noticeably strengthened since the early summer months…

2.      Likewise refinances surged to their highest share in three and a half years,” Khater said.  Furthermore, “Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.”

3.      He added a summary which is sure to make you proud of your part in the labor market and your self-reward of homeownership.  “The benefit of lower mortgage rates is not only shoring up home sales but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity,” Khater said.

Mortgage Rate:  A Deeper Dive into Data

Statistics also proved that the 15-year FRM (First Time Residental Mortgage) averaged 3.03% this week, retreating from last week’s 3.07%.  To put this in perspective, consider that last year’s 15-year FRM was  3.98%.

Likewise, we are happy to report the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.32%.  This is a bit lower than the rate of 3.35%.  But check this fact:  This rate is much lower than the 2018 stat when it averaged 3.82%.

While we treat you to all these numbers, let us remind you that if you are currently house hunting, your upcoming mortgage deal will depend on your current financial health as well as the interest rates.

Special Edition:  Labor Day Fun is Just Around the Corner

Labor Day and the Mortgage Rate Go Hand in Hand.

Celebrate: Labor Day Honors You.

Picnics…Parades…Parties…The Last Week-End of summer:  These are the thoughts evoked by the coming Labor Day Weekend. Palm State Mortgage Company clients, friends and families are planning the last Happy Summer Holiday Get-aways of Summer 2019

Remember to Honor the Labor Force Amidst the Fun September 2

You might be staying in your own back-yard barbecue or you might be flying across the state. Perhaps you and your family are visiting Orlando’s Disney World or you might be visiting Grandma.

At Palm State Mortgage, we are sure that you deserve a little R and R after the Back-To-School rush.  While you are planning all the fun and good times, we hope you give due respect and praise to average American workers. The roughly 155 million American workers who enrich our country today with their strong work ethics get our best wishes.

Labor Day Fun Facts (Other than the Mortgage Rate)

Did you ever wonder how this great American Holiday originated?  We enjoy telling this mini-story every year.  The first real American Labor Day was in New York City.  Its roots were in politics and human rights.   A parade of protest was instigated by 10,000 marching men who objected to the regular ten-hour workday.  Surprisingly, the parade, protests, and speeches culminated in several massive picnics after the picketing!  Many of the protests leading up to this one were not so happily ended.  But now you know why we now celebrate this event with parades, picnics, and cook-outs.

The above described NYC event happened on September 5, 1882, but we had to wait until 1916 for the eight-hour workday to become legal, by the authority of the Adamson Act.  We honor Oregon as the first state to make Labor Day a Legal Holiday in 1887.

Palm State Brings You Home Security Hints From Your Favorite Home Mortgage Company

When Your Away, Be Sure Your Home is Safe.

For the benefit of many of our clients who have become homeowners, we want to review some home security tips before you take off for your Labor Day Holiday.  If you are leaving for a three-day vacation, do not forget to take some very simple security precautions to guard that house you have transformed into a home with your labor and your love.

“Don’t let the anticipation of a well-deserved vacation blind you to the risks of leaving your home unprotected.  Go ahead and plan your camping, beach, or city shopping holiday, but take precautions before you leave.”

Labor Day Vacation Tips from Palm State Mortgage Company

  1. Hire a House Sitter!  (If you are a home-owner, this is money well-spent.)
  2. Or “Hire” A House Checker! A friend or relative might just drop by your home and check on the place a couple of times, just to make sure everything is fine.
  3. Set your Security System, Timers or Alarms. (In the rush of planning your brief get-away, anyone can easily forget this.
  4. This might be the most difficult tip to follow. Do not advertise you are leaving for Labor Day, or at least be vague about when you are leaving, how far away you are going, and how long you will be leaving the house. Be careful with those Facebook remarks! Telling too many people you will be totally absent from your property for three days can have unfortunate consequences.”
  5. The Labor-Day Put-Away:
    “Put away those bikes and barbecues, so from thieving eyes do not see they are unused this week-end.
  6. Your Labor before Labor Day:  Mow Before You Go!As you know safety and security is one of the prime reasons you became a home-owner and shouldered the mortgage responsibility.  Brush and grass can cloak thieves, attract creatures and cause fires.  Thus, it’s best to give the yard a good cleaning, trimming and cutting before you leave.

Thus, we would be remiss if we did not remind you that this is a dangerous week-end for traffic, so would like to make “drink responsibly,” everyone’s favorite Labor Day motto.  Just designate a sober driver, so everyone can return to the safety and security of their own happy, well-mortgaged home!

Terrific Takeaways for the Labor Day Holiday

The American Worker Makes and Profits From a Low Mortgage Rate

Celebrate Labor Day: Careers and Workers.

We thought you’d like a few more statistics to help you celebrate.  After all, here at Palm State Mortgage, we love stats, data, and percentages.

And if you cannot think of anything special to celebrate this Labor Day, consider these historical and important points:

“Labor Day’s roots can be traced back to the streets of 1880s New York City, where rival union leaders joined forces to protest the unfair labor practices that plagued industry at the time.  This fact might help you cherish the holiday even more:  Keep in mind the “industrial fatality rate has fallen by roughly 94% since the early 1900s.”

Happy Labor Day! We know you work hard, so enjoy the last big summer holiday.