6 reasons your house won’t sell~Just take it from the Trib!

These are reasons we tell clients everyday are the reasons that places don’t sell, but don’t take our word for it.  See it in the Chicago Tribune article below..

However, the biggest reason, being it’s not priced well.  The well priced properties are selling, so don’t be a discouraged seller.  Call us today to get the most appropriate pricing for your property.

kjpremier@atproperties.com

 

 

6 reasons your house won’t sell

By Ilyce Glink | Tribune Media Services

August 2, 2009

The spring selling season has quickly faded. Homeowners who want to sell now pin their hopes on the third quarter of 2009.

With a strong buyers’ market in place, many sellers are bound to be disappointed as buyers skip over their homes for others nearby.

Here’s my list of six reasons why your home won’t sell:

1. It looks drab in photos. Since the vast majority of home buyers start their search for a home on the Web, your house had better look fabulous in print. If it doesn’t track well online, no one will take the time to see it in person.

2. It’s overpriced for the neighborhood. If your neighborhood is filled with foreclosures and short sales, you’ll be hard-pressed to get top dollar, even if your home looks better than all the rest. However, if you have just a few foreclosures, you may be able to overcome any objections by pricing your home correctly.

In this case, correct pricing means figuring out at what price point buyers are looking in your neighborhood. If everyone is looking at homes priced at $250,000 or less, that’s the price point you want to be at.

If you can’t afford to sell at that price level, then you should consider removing your property from the market.

3. There’s no “wow” factor inside. Once you get buyers inside the house, you need them to be wowed by what they see. Hiring a professional stager can work wonders, turning a blah interior into one that looks sleek and polished, like the homes featured on HGTV.

If you don’t want or can’t afford to spend the money on a professional stager, consider watching a few staging videos online.

4. No one knows it’s there. Your agent isn’t getting the word out, either because the property isn’t listed properly on the multiple listing service, or because he or she hasn’t posted it on Craigslist, Zillow or other online search engines that don’t feed directly from the MLS posting.

Online marketing should include a Web site that has the address as the URL (you can sell it to the buyer as part of the deal) and as many photos, floor plans and video as possible.

5. Your commission isn’t high enough or the agent isn’t splitting the commission equally. Agents will tell you that they won’t push a buyer to make an offer on a house simply because it has a higher commission. But many agents see no harm in making sure their buyers see as many properties that are in the right price range.

Some agents take 60 percent. But you need to make sure your agent is splitting the commission equally.

6. Your house won’t pass inspection. If your house looks great, but the faucets leak, the windows don’t lock, the ceilings have water stains and the furnace is on its last legs, buyers may move on to the next house.

Good News for FHA Condo Buyers!

New FHA Condo Approval Process Will Mean More Options For Chicago Condo Buyers 1st July 2009 With an upcoming change, FHA will be able to finance a lot more condominiums here in the Chicago area and throughout the nation. A recent FHA mortgagee letter detailed the new process that will streamline condo project approval and will open up a lot of properties which up until now have not been eligible for FHA financing.

Over the last 2 years condo financing has become increasingly harder with tightening guidelines, restrictive mortgage insurance policies and loan level price adjustments which made condo financing much more expensive for anyone without a big down payment. Over the last 10 years almost all the condos in Chicago were financed with conventional loans and as more and more condo units came on the market through new construction or conversions from rental units, few of these properties applied for FHA project approval. The bright spot for many lower down payment condo buyers was the FHA spot loan. The FHA spot loan approval process allowed home buyers a way to buy units in condo buildings that weren’t FHA approved with the better terms that FHA offered (including competitive rates and a low 3.5% down payment), as long as the building met certain guidelines. This has been a great program, and it has helped a lot of new buyers, but there were a lot of otherwise well managed properties which have been excluded from this program.

With the new changes, set to take place on October 1st, some of the problems in the program will be fixed and more condo units will now be available for FHA financing. The FHA spot approval was a great program, but there were some glitches: Any property which had a “right of first refusal” in its Decs and By-laws was automatically rejected. Because of rules regulating how many units in a project could be FHA funded, the condo project had to have at least 5 units. This meant that all the smaller condo units, including a lot of 2 and 3 unit buildings which were converted over to condos during the housing boom, were not eligible for spot loans. The project had to be 90% sold out, meaning only well established properties were eligible, and more recent conversions or new construction condo would not be able to be approved. The spot loan was for a single unit only. If someone else bought in the same building after a spot loan had been approved, they had to go through the same process again. The new FHA condo approval process changes each of these, meaning more properties will fit the terms and be able to qualify for FHA financing. As of October 1st FHA will do away with the spot approval process and begin the new process. Under the new terms, properties won’t be restricted if they have the first right of refusal in their condo docs as long as they don’t discriminate, buildings with 2 units and up will be eligible, newer properties will work once they are 51% sold. The approval is not for the individual unit but the project itself, so once approved other units will then be eligible for FHA financing up to maximum concentrations (1 FHA financed unit in buildings of 3 units or less, and up to 30% FHA financed in larger buildings). One big change in the guidelines is that going forward the approvals will be handled by only FHA direct endorsement lenders (my company is FHA direct endorsed) with “staff knowledge and expertise in reviewing and approving condominium projects”. This means that the lender will be responsible for collecting all the documentation needed and putting together the full project approval. This means more paperwork and responsibility for the lender (though this is similar to what is needed for many conventional approvals now), but once the approval is complete the project will be added to the FHA approval list and then any FHA lender or broker will be able to do loans in the building. The company I work for is gearing up for this program by hiring a condo specialist who will work with our underwriters and processors to get these approvals out as quickly and smoothly as possible. I think this will be a big help to the market and will give buyers a lot more selection to choose from. Here are some of the particulars of the new process taken directly from the mortgagee letter:

The new rules go into effect on October 1st 2009:

Projects consist of two units or more.

Projects must be covered by hazard and liability insurance and, when applicable, flood insurance.

Right of first refusal is permitted unless it violates discriminatory conduct under the Fair Housing Act regulation in 24 CFR 100.

No more than 25 percent of the property’s total floor area in a project can be used for commercial purposes.

The commercial portion of the project must be of a nature that is homogenous with residential use, which is free of adverse conditions to the occupants of the individual condominium units.

No more than 10 percent of the units may be owned by one investor. This will apply to developers/builders that subsequently rent vacant and unsold units.

For two and three unit condominium projects, no single entity may own more than one unit within the project; all units, common elements, and facilities within the project must be 100 percent complete; and only one unit can be conveyed to non-owner occupants.

No more than 15 percent of the total units can be in arrears (more than 30 days past due) of their condominium association fee payment.

At least 50 percent of the total units must be sold prior to endorsement of any mortgage on a unit. Valid presales include an executed sales agreement and evidence that a lender is willing to make the loan.

[1] At least 50 percent of the units of a project must be owner-occupied or sold to owners who intend to occupy the units.

[2] For proposed, under construction or projects still in their initial marketing phase, FHA will allow a minimum owner occupancy amount equal to 50 percent of the number of presold units (the minimum presales requirement of 50 percent still applies). Legal Phasing is permitted for condominium processing. It is recommended that developers submit all known phases for initial project approval. For purposes of calculating the owner-occupancy percentage: a. On multi-phased projects the owner-occupancy percentage is calculated on the first declared phase and cumulatively on subsequent phases if the ownership of the condominium project b. remains the same; c. If multi-phasing includes separate ownership per phase, each phase is calculated individually; or d. Single-phase condominium project approval requests must meet the owner-occupancy percentage requirement.

· FHA Concentration a. Projects consisting of three or less units will have no more than one unit encumbered with FHA insurance. b. Projects consisting of four or more units will have no more than 30 percent of the total units encumbered with FHA insurance.

· Reserve Study – a current reserve study must be performed to assure that adequate funds are available for the funding of capital expenditures and maintenance. A current reserve study must be no more than 12 months old – if recent events or market conditions have affected the finished condition of the property that information must be included. When reviewing the reserve study, consideration must be given to items that have been replaced after the time that the reserve study was completed.

Information courtesy of:
Peter Thompson

Illinois Mortgage Broker

 

For more information about this our how to get started finding your dream home, contact us today at kjpremier@atproperties.com.

 

Do you have a C.L.U.E!

Lead- paint, mold, and asbestos raise red flags to agents and their buyers but, do you know what a CLUE Report is?

CLUE — an acronym for Comprehensive Loss Underwriting Exchange — is a national insurance industry database with more than 40 million personal property claims. A CLUE report is the equivalent of a credit report for a house, which examines all claims reported to the insurance company for a given property over a five-year period, including water damage, fires, and mold. Reports show the date of loss, type of loss, and amounts paid out.

You can order a report online through ChoiceTrust,a unit of Alpharetta, Ga.-based data provider ChoicePoint Asset Co.  Under the Fair and Accurate Credit Transactions Act of 2003, property owners can order one free report every year. 

The Clue report can be used to warn buyers of a home’s potential pit falls but, it can also be a wonderful selling point if the CLUE report is clean.   Let KJ Premier help you get a CLUE when it comes to buying or selling your home.  Contact us at kjpremier@atproperties.com

 

 

 

Experts Predict that Low Mortgage Rates Won’t Last Forever!

We’ve been hearing about historic low mortgage rates for months now, but they could be going away if buyers don’t act quickly enough. CBS 2’s Vince Gerasole explains why some analysts say those sitting on the fence may want to hurry.

Those low rates have encouraged many buyers who were hesitating to jump into the housing market, especially first time buyers. But just as more are deciding they might take the plunge, rates are heading back up. Market watchers say if buyers wait too much longer, it may cost them.

At 25, Alex Filin is buying his first place and he’s hunting down the perfect condo.

“It’s a little headache, but the adrenaline rush, the excitement is getting me going,” Filin said.

An $8,000 tax credit for first time buyers, sellers lowering their asking prices and historically low interest rates are pushing people like Filin into the mark in numbers real estate agent Paul Fortman with @properties hasn’t seen in two years.

“Just within the last four weeks I have accepted seven contracts, and I have five closings in the month of June,” Fortman said.

But buyers like Filin who have decided to jump into the market may want to act fast. Mortgage interest rates in the past week have jumped at least half a percentage point, from an almost unheard of low of 4.75 percent to a still impressive 5.25 percent. But critics caution they may not drop again.

Analysts blame rising government debts from the bailout of the auto industry, for example, that push up all sorts of long term loans including mortgages that have looked so appealing in recent months.

Keep in mind with first time home buyers every dollar in mortgage payment can make a difference in whether they can afford the house or not. For example, for a house selling for roughly $250,000, with 20 percent down, the difference between last week’s interest rate and this week’s is roughly $60 more each month in mortgage payment.

Don’t wait for your opportunity to own a home to pass you by….email us at kjpremier@atproperties.com today to find your dream home in either the suburbs or the city.

First-Time Homebuyer Credit: Scenarios

Many of our loyal readers have had questions about the first-time homebuyer credit.  Here are some scenarios that might help clear up your questions.                                                                            

Scenarios:

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A’s primary residence.

S3. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

S5. Taxpayer purchased a home on April 24, 2008, while she was separated from her husband. Later in the year, they reconciled and were living together at the end of 2008. She has not owned a home since 2004 but he owned sold his home in 2006. They remained married the entire time. Is the taxpayer eligible for the first-time homebuyer credit?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the husband had ownership interest in a principal residence within the prior three years, and the taxpayers were legally married, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The wife may not take the credit even if she filed on a separate return.

S6. have been estranged from my spouse for over three years and file married filing separate. I don’t know if my spouse has owned a main home in the last three years, but I have not. If I buy a house in 2009 that otherwise qualifies for the first-time homebuyer credit, can I claim the credit?

A. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. If your spouse has not owned a main home in the last three years, then you may claim the credit.

S7. I am separated from my spouse and considered unmarried, and qualify for the unmarried head of household filing status. My spouse has owned a main home in the last three years, but I have not. If I buy a home on May 1, 2009, that otherwise qualifies, can I claim the first-time homebuyer credit?

A. No. Section 36(c)(1) requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the three years prior to the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The taxpayer may not take the credit even if filed on a separate return.

S8. A qualifying taxpayer bought a home in August 2008 that needed a lot of work before occupying. They finished the renovations and moved in the home in January 2009. Can they claim the $8,000, since they did not occupy the home until 2009?

A. No. Taxpayers who purchase an existing home and renovate the property before moving in are eligible for the first-time homebuyer credit based on the date of purchase, not the date of occupancy.

For more info go to:
http://www.irs.gov/newsroom/article/0,,id=206294,00.html
or contact us at kjpremier@atproperties.com.

$8000 Tax Credit May Now Be Used for Down Payment!

Previously, first time buyers would not be receiving their $8000 credit until filing their tax returns, until now.   The Federal Housing Administration just announced that they would allow lenders to use the first time buyer credit as a portion or all of a buyers down payment at the closing table.

Shaun Donovan, secretary of the U.S. Dept. of Housing and Urban Development addressed a group of Realtors at the NAR mid year meeting and had some other positive things to speak about.  “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”  He also commented that the overall market was beginning to stabilize.

This is great news, both as a first time homebuyer, and as a seller looking to sell and move up.  The first time market will continue to purchase, thus allowing the buy up seller to spend in a higher price point.  To read the full story, click here.

To find out if you qualify for the first time buyer tax credit, or to help with pricing your home for a quick sell, contact us today at kjpremier@atproperties.com.

Mortgage Rates/Update

30 Yr Fixed Conforming:     5.000%     APR  5.089%

5 Yr ARM Conforming:       4.000%     APR  4.070% 

30 Yr Fixed Jumbo:          6.375%     APR  6.445% 

5 Yr ARM Jumbo:             5.625%     APR  5.695%

  

Prime Rate is at 3.250%

 

Mortgage News

Mortgage markets faced a broad sell-off last week, sparked by the Federal Reserve and consumer sentiment. 

 

This caused mortgage rates to spike from Wednesday to Friday and it caused the “lowest rates of all-time” to seem like an opportunity lost.

 

It’s the first time in 4 weeks that mortgage rates rose overall.

 

Last week was a strange week, to say the least.  Aside from the large docket of economic data, there was also:

• A Federal Reserve Meeting
• 160 of the S&P 500 firms reporting earnings
• A global public health emergency

It all combined to make for a volatile week in mortgages and the biggest losers were the people that hadn’t yet locked a mortgage rates.  Based on the current market, each quarter-percent that mortgage rates rose added $32 per month per $100,00 borrowed.

 

This week, the market should be similarly jumpy. 

 

1. If the outbreak’s intensity grows, look for Safe Haven to lower rates much like it did last Monday.

 

Also, be aware and listen for Stress Test rumors.

 

Thursday, the government is expected to release its bank Stress Test results.  However, history shows that markets often make large movements before news is ever official — mostly on rumors. As a result, expect mortgage markets to carve out wide ranges on Tuesday and Wednesday in advance of the reports, making it very hard to “time” low mortgage rates.

 

And lastly, Friday brings us April’s employment data.  There’s nothing the report can show us that we don’t already know so the biggest risk here is that employment is not as bad as we all expect it to be. 

 

If that’s the case, stock markets will rally and mortgage rates will rise.

 

Like always, mortgage markets can change in an instant — especially when there’s outside influences on “normal” trading like we’re seeing with Swine Flu and the Stress Test.  If you’re offered a rate and it fits your budget, consider locking right away.  It may not last long.

If you have further questions regarding interest rates or finding what’s right for you and your housing needs, please contact us at kjpremier@atproperties.com.

*Information provided by Guaranteed Rate.

Mary Anne Simmons voted to RisMedia Top 5

A wonderful and experienced broker in Lexington, Ky as well as 5 other states, Mary Anne Simmons, whom we partner and work with as part of our Team has been voted by RisMedia, to their prestigous Top 5 in Real Estate.

Norwalk, CT- Reaching the pinnacle of her profession nationally, MaryAnne Simmons, of Premier Real Estate & Home Services, was accepted as a Member of the Top 5 in Real Estate Network®, the most prestigious of all industry achievements. 

More than just a sales-driven recognition, the Top 5 in Real Estate Network® meets a need that heretofore has never been addressed – helping consumers identify the most professional real estate agents in North America.  To qualify, each member must first meet a stringent set of criteria, based upon performance, as well as educational and professional skills and service to the consumer.  

Members of the Network are carefully selected and managed by RISMedia, which has provided the real estate industry with objective, unbiased news for nearly 30 years. As a Member of the Top 5 Network, Simmons is among the first real estate agents to be accepted into this elite organization.  

Allan Dalton, the President of RISMedia’s Top 5 Network congratulated Simmons for earning this top status within the industry. “MaryAnne has reached the very highest level of North America’s residential real estate industry. Not only are her professional accomplishments extraordinary, she has long been a true champion for home buyers and sellers in her area.  It is a pleasure to welcome MaryAnne into this elite group of industry leaders.”   

According to John Featherston, Chairman of RISMedia, the significance of Top 5 in Real Estate is that consumers deserve full transparency regarding all matters related to the real estate transaction, which often begins with the need to select a highly competent, experienced and results-oriented real estate professional. Top 5 in Real Estate has been established to both empower consumers with leading real estate content through Top 5 members, as well as to ensure that consumers are made fully aware that there is a material difference between average and exceptional real estate professionals.

MaryAnne Simmons, a 26-year real estate professional, is a licensed broker in six states (KY, FL, SC, NC, TN, AL) presently, and is the owner/broker/president of Premier Real Estate & Home Services. Simmons is a Guild Member of The Luxury Home Marketing Institute, a Resort Second Home Property Specialist (RSPS), a Certified International Property Specialist (CIPS), a Certified Residential Specialist (CRS), an Accredited Buyers Representative (ABR), a Certified Home Marketing Specialist (CHMS), and a Consumer-Certified Real Estate Consultant (C-CREC). What sets her company apart is the Home Services Division of her brokerage which includes:  a staging/merchandising division with 3 sets of furniture (Premier Designing Details), a Concierge Service (www.Maximize), a Commercial/Investment Division with a Broker/CPA as a part of her Team, an International Sales and Marketing Division, a Second Home Division (she is a member of 52 MLS services throughout many states), an Auction Division, a New Construction/Development Division, a Property Management & Rental Division (with local rentals and vacation rentals), as well as the Residential and Luxury Residential Divisions.  What’s more, she also has her own seller videos/tours/stories website and a website translated into 13 languages with properties for sale in six states as well as Paris, France’s MLS listings for sale. For more information, call 859-296-4663 or visit www.maryannesimmons.com.
yourmoments.com

For more information on RISMedia’s Top 5 in Real Estate Network®, please visit www.top5inrealestate.com or contact Member Services at 203-853-2167 ext. 139. 

RISMedia’s Top 5 in Real Estate Network^® is a membership network of leading real estate professionals providing leading real estate information to consumers. To qualify for membership in the Top 5 in Real Estate Network, agents must meet specific criteria in five key categories: experience; results; education; information technology; and commitment to community. RISMedia, the leader in real estate information systems, has been providing the industry with news, trends and business development strategies for nearly 30 years through its flagship publication, Real Estate magazine, its leading website, RISMedia.com, and its renowned networking and educational events.

Department of Treasury Releases new Details on “Making Your Home Affordable”

Among the details released, this plan will allow home owners the ability to either apply for a loan modification due to economic hardships and a resulting decrease in salary or if you have experienced a rate adjustment which is causing your payment to be more than you can afford.  The second point is the ability to reapply for an FHA refinance when you’re home may not have previously had enough value to support a traditional re-fi.  The one point that must be taken into consideration here though, is that you must be current on your monthly payments.  Click here to see the press release in its entirety. 

The dept. is also offering a website where you can check your eligibility to see if you too can qualify for one of the loan assistance/modification programs.  These new programs are aiming to offer assistance to 7-9 million more homeowners, allowing more troubled Americans to stay in their homes, thus helping to deplete some of the surplus of housing inventory in much of the United States.  This will give another shot in the arm to the housing inventory as we go full steam into the Spring market.  To see if you qualify for one of these programs, click here.

For more questions on how to make your home more affordable or with help in finding a new one, contact us today at kjpremier@atproperties.com.

Weekly Mortgage Report

Rates for the Week Ending April 24th, 2009*

30 Yr Fixed Conforming: 5.000% APR 5.089%

5 Yr ARM Conforming: 4.250% APR 4.320%

30 Yr Fixed Jumbo: 6.250% APR 6.320%

5 Yr ARM Jumbo: 4.875% APR 4.945%

Prime Rate is at 3.250%

Mortgage News Last week, like the 3 weeks prior, mortgage markets were all over the place from day-to-day. But, also like the 3 weeks prior, when the week ended Friday, rates were right back where they started from Monday. For the 4th straight week, mortgage rates started and ended the week essentially unchanged. Whether or not this is good news depends on your perspective. For active home buyers who have yet to find the “right home”, long-term flatness like this is terrific. While interest rates stay even, buyer purchasing power holds flat and pre-approval letters stay valid. For buyers under contract or homeowners looking to refinance, though, the market’s pattern is a little more rough. Although rates are holding steady week-to-week, the day-to-day action is quite different. Bond markets are volatile and rate swings of a quarter-percent in a day have been common. How good of a rate you get depends on day on which you shop. This complicates the process of “locking a rate” and makes it very hard for people trying to time a market bottom. This week, though, the market may finally make a run and break its range. Aside from it being an unusually data-heavy week, the Federal Reserve meets Tuesday and Wednesday to discuss monetary policy. The data combined with the Fedspeak may push the markets one way or the other towards economic optimism or pessimism for the latter half of 2009. Lately, it’s been a combination of the two — a “cautious optimism” — and that’s a big reason why mortgage rates have held in a tight range for so long. Understand, though, that when mortgage rates finally do move, they’re going to move in a big way. So, if you’re among the crowd looking for lower rates, the best possible outcomes you can hope for this week are: Weak consumer confidence data (Tuesday, Friday) Weak consumer spending data (Thursday) Falling “cost of living” calculations (Thursday) Fed concerns about deflation and/or recession (Wednesday) Any of these four events would likely temper hope for a quick economic revival, sending mortgage rates lower. On the other hand, if confidence or spending is strong, or the Fed has no regard for deflation or recession, expect mortgage rates to rise.

Information Courtesy of Guaranteed Rate