After closing on a mortgage, many new homeowners notice a significant increase in the amount of unsolicited mail, often referred to as "junk mail." Here's why this happens and what you can expect: Why You Receive More Junk Mail Public Records: When you close on a mortgage, the transaction becomes a matter of public record. Companies that sell products and services related to homeownership often purchase these public records to target new homeowners. Credit Inquiries: Mortgage lenders typically make a hard inquiry on your credit report when you apply for a mortgage. Credit reporting agencies may sell information about these inquiries to marketers. Service Providers: Various service providers (such as insurance companies, home security firms, and maintenance services) use information from public records and credit inquiries to market their products to new homeowners. Types of Junk Mail You Might Receive Mortgage Protection Insurance: Offers for insurance to cover your mortgage payments in case of death, disability, or job loss. Homeowner's Insurance: Solicitations from insurance companies offering to insure your new home. Home Improvement Services: Flyers and brochures from contractors, landscapers, and other home improvement service providers. Security Systems: Offers for home security systems and monitoring services. Financial Services: Credit card offers, refinancing options, and other financial products targeting new homeowners. Address Change Services: Notifications and advertisements from companies offering services related to your change of address. Managing Junk Mail Opt-Out Services: You can use services like the Direct Marketing Association's Mail Preference Service (DMAchoice) to reduce unsolicited mail. Credit Reporting Agencies: Opt out of pre-approved credit offers through the official website OptOutPrescreen.com or by calling 1-888-5-OPT-OUT. Public Records: Some counties and states offer ways to opt-out or restrict the sharing of your public records for marketing purposes. Check with your local county clerk's office for options. Return to Sender: Mark unwanted mail "Return to Sender" and send it back. This might not always be effective, but it can sometimes help reduce future mail from the same sender. Shredding: Be sure to shred any junk mail that contains personal information to protect yourself from identity theft. While it can be frustrating to receive a lot of junk mail after closing on a mortgage, taking these steps can help reduce the volume and manage the influx of unsolicited offers. tune in and learn at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 DDA Mortgage nmls#324329

Mortgage rates have leveled off in the past week, according to data on HousingWire‘s Mortgage Rates Center . The average 30-year rate for conforming loans sat at 7.08% on Tuesday, unchanged from one week ago, while the 15-year rate rose 1 basis point to 6.63% during the week.  There has been considerable downward movement in rates over the past few months after the 30-year rate peaked at 7.58% in early May. This has been sparked by a recent decline in the 10-year Treasury yield, a narrowing of the spread between the 30-year rate and the 10-year yield, and consistency from the Federal Reserve on the policy front. HousingWire Lead Analyst Logan Mohtashami indicated that he does not expect much short-term movement in rates. He pointed to recent comments from Fed Governor Michelle Bowman, who does not anticipate any cuts this year to benchmark rates. Bowman is not the only policymaker who shares this view. Last week, 11 of 19 Fed officials predicted one cut or fewer in 2024, a dramatic change from the 10 of 19 officials who anticipated three cuts in March. Mohtashami noted that the new-home sales report to be released Wednesday, as well as the Personal Consumption Expenditures (PCE) inflation report that comes out Friday, could influence rates this week. Last week, Mohtashami wrote that mortgage application data is signaling increased demand. Purchase loan applications, in particular, saw positive growth during consecutive weeks for the first time since mid-March. But applications remain down since the start of the year, Mohtashami noted. “This suggests that we’re not experiencing real mortgage demand growth at high rates and the fluctuations we see in the data are merely rebounds from low levels,“ he wrote. Mike Simonsen, president of Altos Research , wrote earlier this week that “higher for longer” mortgage rates have taken a toll on home sales. Altos reported that 67,000 new contracts for single-family home transactions were started during the past week, down 2.7% from the prior week and 3.3% than the same time last year. “The takeaway from the pending sales data is that any growth in sales volume we might have seen early in the year is gone,“ Simonsen wrote. “This is a function of mortgage rates staying in the 7s. There’s just no incentive for buyers to jump now. Unless and until mortgage rates drop, we’re in this holding pattern.“ But Altos data also shows that a large share of homes (36.9%) include cuts to the original list price, a sign that inventory is rising and sellers are having a more difficult time locating a buyer. Simonsen noted that markets on Florida’s Gulf Coast, as well as pandemic-era boomtowns in the West such as Austin, Phoenix and Denver, have seen price cuts become more common of late. “You have elements like property taxes and insurance costs that are way up, so you have a lot more sellers,“ Simonsen wrote.