Last Friday night, all I wanted to do was watch a little baseball, the NFL Draft, and some hockey playoffs. Brendan decides he needs a toothbrush and underwear, so we have to run to Target. Madison and Cin are dealing with an issue involving the trailer and unloading Pete, so they call and say come to the barn. Then do not come to the barn. Then maybe come, just wait and be ready.
Meanwhile, I am asking what time everyone wants dinner.
Brendan says he is hungry now. Madison and Cin say they do not know when they will be home.
I ended up having a couple of Old Fashioneds after the dust settled around 9:00 p.m., so Saturday ended up being a better night.
Market Activity
Quick note generally on the market before I chat about rates.
Mortgage applications rebounded nicely last week with a 7.9 percent increase on a seasonally adjusted basis. Despite geopolitical uncertainty, housing demand appears to be supported by a resilient job market.
Here locally, our team’s call volume has also increased nicely following spring break and Easter. All good signs for the housing market.
Market Notes
On the mortgage front, it was a quiet week for rates, with most programs remaining at or about the same levels as last week.
Some would argue it has been quiet, almost too quiet.
Economic data was light this past week, so the market continues to trade primarily on war-related headlines in the absence of major reports.
This week brings an increase in economic data, along with an FOMC meeting. The market expects no short-term rate cut at this time and, at the moment, does not expect any additional cuts this year.
Near-term mortgage rates will likely be driven primarily by developments tied to the conflict overseas. Any increase in hostilities would likely push oil prices and mortgage rates higher.
For now, the market remains stable.
Looking Ahead*
Enjoy a nice week, and please feel free to reach out with any mortgage related questions or needs.
-Steve-
*All loans are subject to credit approval and program guidelines.