And can I be the first to say, I do not get the Buc-ee’s thing. I feel like that place has more people and cars in it than Capital One Arena when the Caps are in the playoffs. Absolute chaos.
Market Notes
Unfortunately, last week wasn't a great for mortgage rates, with the market settling at levels we have not seen since last August.
As expected, inflation came in hotter than anticipated, although that by itself did not have a major impact on the market. What traders were really hoping for was a diplomatic shift during the summit between President Trump and President Xi.
When no meaningful progress emerged, the market sold off notably and rates ended the week roughly 25 basis points higher than the prior week.
As has been the case for roughly the last 11 weeks, the market continues to take its cues from geopolitical developments. News pointing toward resolution generally helps rates improve, while signs that the conflict may continue tend to push rates higher.
Hopefully, we get some clarity sooner rather than later.
Looking Ahead*
Enjoy a great week, and please feel free to reach out if you have any mortgage related questions or needs.
-Steve-
*All loans are subject to credit approval and program guidelines.