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Welcome Back
Two Condos. One Client. One Day.
This week we did something I have never done in 11 years of lending. We closed two condos for the same client on the same day. If you were on my condo call a few weeks ago, you already know how many layers go into closing just one of these deals, the approvals, the reserve requirements, the HOA documentation, the investor restrictions. Getting one across the line is work. Getting two across the line at the same time, for the same buyer, is something else entirely. I want to personally thank Katie, Shannon, Vin, and Kloe from my team at Rate for the exceptional work they put in to make this happen. They are the reason deals like this get to the finish line, and they are ready to help your clients too. Thank you all for being part of this community every week.
Market Update
Inflation Spoke. Rates Listened.
| 30-Yr Fixed |
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| 6.37% |
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| ↑ Up from 6.30% |
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| Rate Direction |
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| Up |
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| Stay defensive |
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| Watching Next |
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| Trump in China + June Fed |
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| Both can move rates fast |
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Three straight inflation-leaning reports defined this week. Tuesday brought hotter-than-expected consumer price data. Wednesday added producer prices rising 6% year-over-year with core up 5.2%. Thursday closed it out with import prices coming in well above estimates, the third inflation surprise in a row. Mortgage bonds sold off across all three sessions, and the benchmark interest rate briefly crossed 4.50% before settling around 4.46% into Thursday's close, with the long-term Treasury bond sitting just above 5%. Energy costs remain the central driver, with oil prices staying elevated on geopolitical tension and reinforcing the case that inflation is not cooling fast enough for the Fed.
Thursday offered a brief window early in the session where bonds rallied and a technical reversal looked possible. That faded into the close. Retail sales came in modestly stronger than expected on the measure tied to economic growth, but jobless claims rose, keeping the picture mixed. Fed officials continued to signal rates will stay higher for longer. Mortgage bonds slipped roughly 27 basis points off the day's highs by the close. President Trump is in China this weekend with trade, energy, and geopolitical tensions all on the table, any of which could move rates quickly in either direction. With 4.50% on the benchmark rate as the key line to watch and the market consolidating rather than retreating from higher levels, the defensive posture holds. If your buyer has a rate, protect it.
This Tuesday · Noon ET · Guest Speaker
Two Mortgage Veterans. One Zoom. All Your Questions.
This Tuesday I am joined by Vin Marcello from North Group Mortgage Powered by Rate. Vin is a seasoned veteran of this business and brings a perspective that complements everything I have shared on these calls all year. Together we are going to dig into what we are actually seeing on the mortgage side right now, field your questions live, and give you a real-time read from two people who are working deals every single day. Mark your calendar. This one is worth showing up for.
Have a topic you want covered on a future call? Hit reply and send it my way.
Drop in Tuesday at noon, no booking required. The Zoom link is in my Linktree at linktr.ee/thecltmortgageguy.
Between the Issues
Stay in the Loop
This newsletter comes once a week, but the market moves every day. I put rate updates, quick takes, and market news on my Instagram stories in real time so you're never waiting on the next issue to know what's happening.
Follow me on Instagram at @thecltmortgageguy for the latest and greatest as it happens. Stories are where I post the quick hits between newsletters.
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Everything you need is one tap away.
Book a consult, join Tuesday's call, or send a buyer straight to my application.
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