South Florida Mortgage Report

About South Florida Mortgage Report

South Florida's only dedicated weekly mortgage podcast. Hosted by Craig Garcia, President of Capital Partners Mortgage Services, LLC, and co-host Bill Mei. Weekly mortgage rate updates, loan program breakdowns, Florida condo market news, and real estate trends across Miami-Dade, Broward, and Palm Beach counties. Straight talk for homebuyers, investors, and real estate professionals. 🌐 cp-mtg.com 📺 youtube.com/@craiggarciamortgage Craig Garcia | NMLS #653593 | Coral Springs, FL | Equal Housing Lender

Publisher

Craig Garcia and Bill Mei

Category

news

Language

en

Explicit

No

First episode

19 Aug 2025

Latest episode

31 Oct 2026

Latest episodes

69 episodes in the feed.

1. 

   31 Oct 2026

   Traders Say 80% Chance of a December Hike. We Both Said Hold.

   Traders put the odds of a December rate hike near 80%. We both said hold. Here's why Fed Chair Kevin Warsh will never say he's done, and what that means for your mortgage rate. The Fed held rates at 3.75% to 4.00% on Wednesday, October 28, with two members dissenting in favor of another hike. Then Warsh said he doesn't believe in forward guidance outside of a crisis. The Fed has stopped telling you what it will do next, so the next six weeks of data have to do the talking. Craig A. Garcia, President of Capital Partners Mortgage Services, argues that Warsh's "wins on the board" will never mean declaring victory over inflation. The win is showing that his approach is working while he keeps everyone believing he'll act. Bill Mei takes the other side: the 10-year breakeven, the bond market's own inflation forecast, just closed at its highest level since the day before the September hike. The bond market isn't buying it yet. What you'll learn: • Credit spreads explained in plain English, and why your mortgage rate is one • Why a quarter-point Fed hike can do more than a quarter point of work • The three reports that decide December: jobs, CPI and PCE • Whether to lock or float with a December closing • Why December is one of the best months to buy and negotiate • Why oil stopped driving mortgage rates when tech stocks sold off Plus both hosts' calls for December, on the record, and the buydown-versus-price-cut report listing agents are using to move stale listings. Serving Broward, Miami-Dade, Palm Beach and all of Florida. ⏱ CHAPTERS 0:00 "He would never say that he's done" 0:20 Welcome 0:28 The Fed held, and two wanted a hike 0:44 No more forward guidance 1:26 "Wins on the board" isn't beating inflation 2:04 Warsh's own words on credit conditions 2:44 Credit spreads, explained like a golden retriever 3:18 Your mortgage rate is a spread 3:56 A quarter-point hike, more than a quarter point of work 4:35 Bill's case: the bond market isn't buying it 5:32 Oil shock, or something stickier? 6:10 What buyers are doing at 7.24% 7:06 Lock or float with a December closing 7:41 Why December buyers do well 8:17 We both bought in December 8:51 The dates that decide December 9:35 What a win looks like for each side 10:23 Volatility now, smoother next year? 11:13 On the record: hike or hold 13:10 Oil was driving rates, until tech stocks broke 15:11 What to do now: agents, homeowners, buyers 16:16 Buydown vs. price cut: the listing report 🎬 WATCH NEXT Every episode of the South Florida Mortgage Report: https://open.spotify.com/show/5QxG2PzPd3W9pJFqQnLAPS?si=970xGc88SGaQaTmjkxpS7Q Listing agents: ask Bill or Craig for the buydown vs. price cut report for your ZIP code. Craig A. Garcia, President — Capital Partners Mortgage Services NMLS #2332376 | Equal Housing Opportunity General information only, not a commitment to lend or underwriting advice. Market figures are as of October 29, 2026. Temporary buydown savings apply only during the buydown period and depend on loan terms.

2. 

   26 Oct 2026

   Trump's new housing order cancels PMI. Just not on the loan you already have.

   Here's what the order actually says, and how to get your PMI removed today without it. On Thursday, October 22, the President signed "Decreasing Housing Costs for the American People." The headline is a pilot program that cancels mortgage insurance automatically once you have enough equity. The sentence the press release left out: it applies only to mortgages made after the pilot is set up. A draft reported before signing had Fannie Mae and Freddie Mac review existing loans. The final version doesn't. Craig A. Garcia, President of Capital Partners Mortgage Services, and Bill Mei walk through all four pieces of the executive order: PMI cancellation, the title insurance waiver for refinances, the VA and USDA rate cuts (which only apply to loans those departments make directly), and the manufactured housing task force. Then the part nobody's saying. On a conventional loan you can already request PMI removal based on today's value, two years in at 75%, five years in at 80%. The catch in South Florida is that current value only helps if your value went up. What you'll learn: • Why existing borrowers get nothing from the mortgage insurance pilot • Three ways PMI comes off today, and what each one requires • Why your VA loan rate doesn't change • What KBW and the industry are saying about the order • Why mortgage rates fell while inflation and oil rose: AI debt, and the hurricane shelter Plus lock-or-float with the Fed meeting next week, and the 10-year Treasury level we're watching. Serving Broward, Miami-Dade, Palm Beach and all of Florida. ⏱ CHAPTERS 0:00 "This order does nothing for me?" 0:14 Welcome 0:27 An executive order and a sub-5% 10-year, same day 0:43 What the housing order says 1:22 The sentence the press release left out 2:03 Title insurance: refinances only 3:02 VA and USDA rates: read the fine print 4:12 The manufactured housing task force 4:30 You can already drop PMI today 6:12 What the pilot actually changes 7:01 The South Florida catch 7:37 Lender-paid MI and FHA get nothing 7:59 What the industry is saying 8:59 Rates fell anyway: inflation up, oil up 10:25 The hurricane shelter 11:03 What's different this time: the 2-year 12:10 Lock or float, and the takeaways 13:59 Bill's USS Robert E. Peary reunion 14:51 Condo budgets: the reserve calculator 🎬 WATCH NEXT Every episode of the South Florida Mortgage Report: https://www.youtube.com/playlist?list=PLCOa_zSrotiecbiomGKhTzASCBToYQUea (https://www.youtube.com/playlist?list=PLCOa_zSrotiecbiomGKhTzASCBToYQUea) Condo reserve funding calculator: https://cp-mtg.com/condo-reserve-requirements-2027/ (https://cp-mtg.com/condo-reserve-requirements-2027/) Subscribe: https://www.youtube.com/@craiggarciamortgage (https://www.youtube.com/@craiggarciamortgage) Craig A. Garcia, President — Capital Partners Mortgage Services NMLS #2332376 | Equal Housing Opportunity General information only, not a commitment to lend or underwriting advice. Market figures are as of October 22, 2026. Mortgage insurance cancellation is decided by your loan servicer under federal law and Fannie Mae and Freddie Mac rules.

3. 

   13 Oct 2026

   Fannie Mae Stopped Taking Leases. Freddie Mac Didn't.

   Thinking about renting out your current home to buy the next one? Fannie Mae just changed the rules, and your signed lease no longer counts. For years the way to qualify was simple: hand your lender a signed lease and show the tenant's deposit hit your account. As of the September update, Fannie Mae's selling guide says lease agreements are not permitted for a departing residence. Not discouraged. Not permitted. Craig A. Garcia, President of Capital Partners Mortgage Services, and Bill Mei break down what replaced it, why the new departing residence rental income rule makes some files harder and other files genuinely easier, and the part most loan officers have not caught yet: Freddie Mac did not make the same change, so the old way is still on the table if you know where to send the file. What you'll learn: • What Fannie Mae accepts now instead of a lease, and the cheapest of the three options • The six months of reserves rule, and the one thing that makes it go away • Why family leases are specifically out • The hidden upside — you no longer need a tenant signed before you close • When to use Freddie Mac instead, and the experience requirement that comes with it Then the appraisal story. UAD 3.6 replaces every form you know — the 1004, the 1073 for condos, the 1025 — with one report that reshapes itself to the property. It is still mandatory November 2, 2026. What changed is that lenders can now request an exception and keep using today's forms into 2027. Some already have. One of our investors has until February. For the next few months, which appraisal your buyer gets depends on which lender they picked. Plus where mortgage rates actually are with the 10-year Treasury at its highest level in decades, and why putting $10,000 toward a rate buydown moves a monthly payment about two and a half times more than taking $10,000 off the price. Serving Broward, Miami-Dade, Palm Beach and all of Florida. ⏱ CHAPTERS 0:00 "Not permitted" 0:13 Welcome 1:19 Two things that don't make the news but show up in your deal 2:05 Fannie Mae doesn't want your lease anymore 2:30 What replaced it: market rent, not the rent you negotiated 3:43 Why family leases are out 4:23 The rental report, and six months of reserves 5:08 The part nobody caught: Freddie Mac didn't change 7:27 UAD 3.6: every appraisal form becomes one form 8:27 How far the appraisal exceptions run 9:55 The Broward appraiser who decided to retire over it 12:08 What it means for buyers and agents 14:59 Rates — the 10-year at its highest in decades 16:54 "Inflation is the enemy of your interest rate" 17:59 Why $10,000 toward the rate beats $10,000 off the price 21:12 Takeaways for agents, homeowners and buyers 24:02 See you at the closing table 🎬 WATCH NEXT Every episode of the South Florida Mortgage Report: https://open.spotify.com/show/5QxG2PzPd3W9pJFqQnLAPS?si=970xGc88SGaQaTmjkxpS7Q Subscribe: https://www.youtube.com/@craiggarciamortgage Craig A. Garcia, President — Capital Partners Mortgage Services NMLS #2332376 | Equal Housing Opportunity General information only, not a commitment to lend or underwriting advice. Guidelines change and the right answer depends on the file.

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