I bagged it all up and am bringing it home for him. When he starts paying for water, I suspect he will get much better at managing the laundry. There is simply no way one person can wear two large garbage bags of clothes from Thanksgiving to today. No way.
It also occurred to me this week that I had not yet mentioned a recent and great addition to our team. Jessica Perry has joined us as our Trust and Wealth Advisor here in Northern Virginia. She brings extensive experience in banking and wealth management and is a Certified Financial Planner®. That designation requires rigorous education, examination, experience, and adherence to ethical standards. It is a big deal, and we are very happy to have her. Always happy to make an introduction.
Market Notes
No big surprises in the market this week, and mortgage rates remain in a fairly tight range. The FOMC voted to cut short-term rates by 0.25 percent, which was widely expected.
So, what is next? Here are a few highlights from the announcement and the Q&A that followed:
- Job gains may have been overstated in recent months
- Inflation is showing stronger evidence of cooling
- Rates are at the “high end” of neutral
That last comment is what really generated the market reaction. Being at the high end of neutral implies there could be room for additional short-term rate cuts in 2026. How many remains to be seen.
Here is the rub. After a brief lull next week due to scheduled shutdowns, economic data will start rolling in again. The market will be watching closely for data that supports overstated job gains and easing inflation. If the data does not support that narrative, we could see some upward pressure on rates.
Looking Ahead*
Enjoy a great weekend, and as always, feel free to reach out with any mortgage related questions or needs.
-Steve-
*All loans are subject to credit approval and program guidelines. Rates, terms, and availability are subject to change without notice. Eligibility requirements vary by program and location. This communication is for informational purposes only and is not a commitment to lend.