Even though Brendan is recovering and not pitching right now, it is still tough to watch as a pitcher’s dad. UVA was up 9-5 after six innings against Georgia Tech, the number three team in the country with the top offense in the nation, and somehow lost 16-10.
The bullpen just could not get the outs they needed. Tough to watch for sure. You really feel for those guys when things are not going well.
Market Notes
The market continues to move based largely on headlines surrounding the conflict with Iran.
Early last week, we saw some notable selling pressure, with mortgage rates pushing to nine-month highs. Volume data on Tuesday suggested that at least one very large holder of U.S. Treasuries was aggressively selling, which magnified the move.
Thankfully, that pressure did not spill over into Wednesday. Increased optimism around the conflict, along with lower oil prices, helped bring yields back down and volatility eased heading into the weekend as the news cycle remained constructive, if not outright positive.
By the end of the week, mortgage rates were generally right back where they started.
Looking Ahead*
So what comes next? Much of the same, I am afraid.
Mortgage rates will continue taking their cues from the news cycle and, unless or until the conflict is resolved, it will likely remain difficult for rates to move meaningfully lower.
We continue to have conversations with clients, and one of the biggest talking points right now is home values. We are still seeing prices rise, although at different speeds depending on the neighborhood and market.
Waiting for rates to improve is not always a great strategy because by the time rates move lower, the value of the asset may be meaningfully higher as well, offsetting some of the payment benefit.
As always, happy to share real numbers and data with any prospects you may be speaking with.
Hope you had a great holiday weekend, 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.