Had to drag Cin to Tysons on Saturday for a new seat for my Peloton. Of course, we had to stop at Nordstrom, her favorite, and she saw a bag she liked. Shocker. The bag collection is right up there with the shoe collection.
She had them set it aside while we went to grab the seat. I could tell she was 100% overthinking the purchase, which is not unusual. On the way back, she asked me if she should get it.
My typical reply would be, “If you want it.”
Well, something in my pea-sized brain clicked.
My reply? “Babe, you love it. You are overthinking this. Yes, you should get it.”
Do you know what she said to me?
“This is the first time in 30 years you have said the right thing.”
We have only been together for 29 years, so close enough.
Now, I believe that to be an exaggeration of the truth. However, it is unusual for me to say the right thing, so I am taking advantage of this opportunity and playing the lottery today.
You never know!
Product Note*
Quick reminder that we have a special 5/5 ARM program offering that we opened a couple of weeks ago.
The rate is fixed for the first five years and, when it adjusts, is fixed for another five years. Pricing is below market for qualified borrowers, and we recently opened the offering to our jumbo loan amounts above $1.249 million.
We have a limited bucket available, so once it is filled, the offering will end.
Feel free to reach out for more details.
Market Notes
Another decent week for the market.
We did not get off to a great start as optimism surrounding an agreement in the Middle East waned early in the week. However, economic data released in the middle and latter part of the week was favorable for rates, and most programs ended the week at their lowest levels in four or five weeks.
Wednesday’s July consumer inflation data came in largely in line with expectations. Not great and not where we ultimately want it to be, but given the volatility in oil prices, it was not bad.
Thursday’s wholesale inflation data came in better than expected. That was also somewhat surprising, as changes in oil prices tend to show up in wholesale prices more quickly.
Lastly, retail sales data, essentially what you and I are buying, came in below expectations. Less demand for goods can be positive for inflation, and lower inflation generally favors lower mortgage rates.
In short, most programs are about 0.125% better than last week.
It has been a slow trend, but hopefully we are heading in the right direction from a rate standpoint as we move toward the fall.
Looking Ahead
Enjoy a great week. It is quiet around here now. Our plus-one went home for the weekend, and the boy is back at school.
Feel free to call if you need a quick preapproval or have any mortgage related questions.
-Steve-
*All loans are subject to credit approval and program guidelines.