I wake up Sunday morning to gorgeous blue skies. Cindy says, “You should check your flight.” I am thinking, why? Of course, there was a text from 5:00 a.m. saying the flight had been canceled. You may recall the brutal storms along the East Coast Saturday afternoon and evening.
Anyway, flight canceled, and the only option from all three area airports was standby on Monday. No bueno.
It is an eight-hour drive, but I decided I could not miss this. I booked a one-way rental from Dulles and figured I would fly home Tuesday. I get to the Hertz desk and realize I booked my one-way rental for Tuesday, not Sunday. Not the first time I have done something like this.
No one-way rentals available Sunday, so I canceled my return flight and rented a car for the whole trip. Rolled into Boston at 5:00 p.m. for a 6:00 p.m. dinner.
Got to hear “Dirty Water” at Fenway after a Red Sox win and drove home Tuesday.
Nothing is ever easy. But it was awesome!
Product Note*
Quick note before I get into rates and the market.
We are running a special on a limited bucket utilizing a 5/5 ARM program. Pricing is well below market with no points. High-balance loans require 15% down, while conforming loans require 10% down.
If you have a buyer looking for a great rate, please feel free to reach out. The bucket is limited in size, so once it is filled, the special will end.
Happy to discuss the details with you and your clients.
Market Notes
It was a challenging week for rates and the market.
The resurgence in hostilities with Iran coincided with rising fuel prices, and mortgage rates moved higher as a result. In the current environment, rates have tended to rise along with fuel prices because of the potential impact on inflation.
By the end of the week, we were at yearly highs, with rates pretty much across the board sitting about 0.25% higher than a week ago.
So where do we go from here?
We did see some stabilization on Friday, which is a positive, particularly on a Friday when volatility can sometimes show up for no apparent reason.
In the short term, the market will continue to be driven by fuel prices and news out of the Middle East. The positive is that rates should have the ability to recover meaningfully when things settle down.
Unfortunately, we just do not know when that will be.
Looking Ahead
Enjoy a beautiful late-July week. Please feel free to call should you have a mortgage related question or need.
-Steve-
*All loans are subject to credit approval and program guidelines.