I have never seen a place where lights are left on more. Our garage door doesn’t work ( long story ) so no reason to open the door to the foyer to get into the garage and yet, that light is on any time I walk by. Bedroom lights, bathroom lights, hallway lights on 24/7. I turn them off and somehow miraculously they are back on a couple of hours later. Never seen anything like it. Good thing it doesn’t cause stress for me 😊.
Market News
Just when you think you have it figured out, you don’t. That has been the theme for some time with mortgage rates and the market. As noted last week, we had some manufacturing data released this week as well as the very important JOBS report or non-farm payrolls. Mid-week, the manufacturing data was weaker than expected and rates improved from the lower levels of last week. Friday comes along and the number of jobs that were created for the month was a tad better than expected pushing rates higher. By the close yesterday, most programs were at or fractionally higher than last week’s levels. Pretty typical of the recent trend. One step forward, one step back. This is why our team is so passionate about providing expert advice to our clients and why we use our knowledge to have quality conversations and ensure our clients have all the information they need to make a sound financial decision.
So, what’s next? Wednesday, we get our first inflation read for May. As previously mentioned, for rates to improve notably from here we need weaker economic data ( mixed bag right now ), we need lower inflation ( still uncertainty about that ) levels, or we need to see notable improvements with Government Spending ( haven’t seen that ). Will be an interesting week for sure. If you or someone you know is making offers on houses this weekend, we would be happy to chat with them about a pre-approval and or discuss rates / programs that work best for them.
Best wishes for a great weekend.
-Steve-