Freddie Mac reported a small bump up in the 30-year rate in their last data released, however it is predicted that the rates will come down this fall. According to the latest data, the 30-year fixed-rate average is now at 3.65 percent with an average 0.6 point and the 15-year fixed-rate is now at 3.14 percent with an average 0.5 point.

Many lackluster economic views are putting pressure on the mortgage rates to fall. Bankrate.com reported that close to three-quarters of economic experts predict the rates will fall this week. The U.S. Treasuries rose and yields have fallen. The 10-year bond dropped to 1.6 percent at the beginning of Oct. 2019 and just two weeks ago, it was reported at 1.8 percent. When U.S. bonds dip, the mortgage rates usually follow.

“Fueled by low rates and solid home-buyer demand, this fall’s mortgage market continues to be busy,” said Bob Broeksmit, MBA president and CEO. “Mortgage applications for both refinances and home purchases increased last week, and the year-over-year gains were even more impressive. With rates expected to stay around 4 percent, overall activity in the final three months of 2019 should stay solidly above last year’s levels, when borrowing costs were much higher.”

The Mortgage Bankers Association reported that mortgage applications are on the rise. Their report shows an 8.1 percent increase from the previous week’s report. The report also relayed a 14 percent jump in the refinance index and a 1 percent jump in the purchase index.

Click Here For the Source of the Information.

Come see art from artists around New Orleans in Covington.

The Northshore Invitational

When: November, 2019
10am-4pm Tue-Fri, 11am-4pm Sat

Where: St. Tammany Art Association Barranger Gallery
320 N. Columbia St.
Covington, LA 70433

What: Free to Enter.

Click Here for More Information.

Enjoy your weekend at the Northshore Food Truck Roundup in Covington.

Northshore Food Truck Roundup

When: November 1, 2019
5:30pm – 8:30pm

Where: Abita Brewing Company
166 Barbee Rd
Covington, LA 70433

What: Free to Enter.

Click Here for More Information.

This play follows a day in the life of Sam Peliczowski live in Slidell.

Fully Committed

When: November 1 – 9, 2019
Every Friday & Saturday 8pm

Where: 767 Robert Blvd
Slidell, LA 70458

What: $30 – $35

Click Here for More Information.

Chubby Carrier & Bayou Swamp Band live in TerraBella.

Friday Nites On The Square

When: November 1, 2019
5:30PM – 8:30PM

Where: Terra Bella Village
111 Terra Bella Blvd
Covington, La 70433

What:Free Event.
Bring your lawn chairs and blanket but NO outside food or beverage please!

The year is coming to an end and we have now seen the second cut in rates in 2019. The Federal Reserve announced that there will be a reduction in the key, short-term federal funds rate by 25 basis points to a top rate of 2%. The cut stems from a set of increases enacted in 2018.

Another big move on the Fed’s part was a reduction in the interest rate it pays on bank reserves. This move came in hopes to improve the ability of the Fed to target the federal funds rate in markets.

Concerns in the future economy has the Fed’s leadership in disagreement and their hold on the interest rate it pays on bank reserves in a weaker state. Fed regional presidents, members of the FOMC, had a disagreement that was the highest number since the year 2014. Three of the Fed regional presidents voted no for the change in in the rate. Two opposing it altogether and one urging a 50 basis point reduction.

Even with a few concerns the Fed’s still believe the labor market is strong and the economy is still rising at a “moderate” rate. This fares the same in the home building industry. Household spending is still going strong.

The action of reversing the high cycles of 2018 has been a positive in the decline in rates this year. This has been a net positive for what the future holds for the housing demand and home construction. This comes off the 10-year low for housing affordability that occurred last Fall.

The National Home Builders Association forecast there will be another cut before year end.

Click Here For the Source of the Information.

Enjoy Fall fun at this festival in Mandeville.

Festival Of The Lake

When: October 18 – 20, 2019
5pm – 10pm daily

Where: Our Lady of the Lake Elementary
316 Lafitte St
Mandeville, LA 70448

What: Music Line Up:
Category 6 – Friday
90 Degrees West – Saturday
Band Camp – Saturday
Next Gen V – Sunday

Click Here for More Information.

 

This is the 30th Madisonville Wooden Boat Festival.

Wooden Boat Festival

When: October 12 – 13, 2019
10am – 9pm daily

Where: 133 Mabel Drive
Madisonville, LA 70447

What:$10 Adults, $5 seniors over 65, active military and kids under 12 free; see description for add’l pricing.

Come if you dare and visit this Halloween event in Covington.

Field of Screams: Circus of Chaos Halloween Trail

When: October 12, 2019
Trick-or-Treating starts 5:30 pm; band starts 6:30 pm

Where: 4001 De Porres Road
Covington, LA 70433

What: Free event.
For More Information.

Come celebrate Halloween in Mandeville.

Trunk or Treat

When: October 31, 2019
Trick-or-Treating starts 5:30 pm; band starts 6:30 pm

Where: 675 Lafitte Street
Mandeville, LA 70448

What: Free event.
For More Information.