Madison’s boyfriend is here at the Cape for an internship. A few weeks back, she indicated she wanted to visit for a long weekend. Brendan and I saw a lot of the east coast with travel baseball but never in these parts, so I said I’m in. Unfortunately, we couldn’t leave until noon on Thursday which put us in the bullseye for NYC at 4pm. Brutal…Made it at 9:58pm and the bar closed at 10pm. Dagger. To make matters worse, I was having a coffee Friday am in the lobby and saw 5 beer taps with a sign that said, "Pour yourself." Wha????? Double dagger. I could have at least poured myself a beer and wound down. Never heard of such a thing.
Quick reminder of our “Pack the Pack” campaign to provide resources for children less fortunate than us that suffer from food insecurity. All proceeds are donated to local food banks within our core markets and directly benefit those children. Our goal this year is $100k. The link to donate can be found at BCTCares Pack the Pack.
Mortgage rates for most programs remained unchanged week over week. As noted, over the past couple of weeks the market was very focused on the CPI, consumer price index, that was released Tuesday. Although the data was in line with expectations, it wasn’t great, meaning it wasn’t lower than expectation. Given the market reaction that afternoon, the market clearly was hoping for better results. The FED has been very consistent that they are reluctant to lower short term rates given the uncertainty of Tariffs and Trade discussions. This data certainly didn’t give any reason to change that stance. Interestingly, the PPI, producer price index (what businesses pay for goods and services) was better than expected. The market reacted favorably and ultimately ended the week about where we started. Good news is that rates are relatively stable for now. Bad news, not notably lower than where we have been.
Enjoy a great weekend. Across the board, we are seeing higher application volume in the past week or so. I am speculating but thinking out loud that with rates being relatively stable and inventory increasing a bit, more options for buyers are bringing some that were on the fence back into the market. If we can assist you with any mortgage related questions or needs or a preapproval this weekend, please don’t hesitate to call.