A couple of observations. Capital One Hall in Tyson's is a great place to watch a show. Not overly small, but intimate enough to feel close. The comedian, Adam Ray, was very good, as were the three guys who opened for him. And the Mexican restaurant across the street makes a really good tequila Old Fashioned. I do not really drink tequila, long story, but I did have a taste, and it was surprisingly good.
Winter Weather Reality Check
Hope everyone buckled up for the snow. I was at Target last Wednesday, three days before anything was even forecasted, and people were already lining up for gas. Costco was absolute chaos. I have never seen anything like it when there is even a hint of snow.
I grew up in upstate New York, where 12 inches was pretty much the norm. Almost an everyday kind of normal. I know the equipment is different here, but seriously, let us all take a breath.
Market Notes
It was a pretty choppy week, particularly early on, for fixed income markets and mortgage rates. Overall, most programs are fractionally higher this week than last. It was not a huge move, and we did see some stabilization toward the end of the week.
Geopolitical events and global rate discussions had the biggest impact early on. Pressure from rising rates in Japan did not help over the holiday weekend, and tariff commentary tied to Greenland pushed rates higher on Tuesday and Wednesday before things settled down later in the week.
Looking ahead, this coming week brings our first FOMC (FED) meeting of the year. The market does not expect a short-term rate cut. However, the commentary and post-meeting Q&A will be followed closely for clues about what may be ahead. After three short-term cuts, it appears the FED is inclined to wait until inflation moves closer to the 2 percent target. Perhaps we will get a little more clarity this week. Either way, it should be interesting.
Looking Ahead*
Bundle up and enjoy a fire this week. We will be around and available to assist with any mortgage related questions or needs. Best wishes.
-Steve-
*All loans are subject to credit approval and program guidelines.