Hold On to Your Hats! (October 21st – 25th) 🎢
Hey everyone, it’s your mortgage loan officer, back with another update on the economic rollercoaster! This week was a bit of a wild ride, so buckle up while we break it down.
The Week That Was (October 21st – 25th):
- Housing Hiccups: We got some mixed signals on the housing front. Existing home sales dipped, which isn’t surprising given the higher mortgage rates. But hey, less competition for those brave enough to buy now! On the flip side, building permits (a sign of future construction) actually increased. It seems like builders are hopeful that things will pick up soon.
- Consumer Confidence Conundrum: Consumers are feeling a bit uncertain. The consumer confidence index took a little dip, probably due to those pesky high prices and economic uncertainty. But hey, at least Halloween is around the corner to distract us with spooky fun! 👻
What does this mean for YOU?
This week’s reports probably won’t cause any major shifts in mortgage rates. The economy is like a teenager trying to figure things out – a little moody and unpredictable. But don’t worry, this is normal!
Looking Ahead (October 28th – November 1st):
Next week, we’ll get a crucial update on inflation with the PCE report (Personal Consumption Expenditures – the Fed’s favorite inflation gauge). We’ll also get a look at how the overall economy is doing with the GDP report (Gross Domestic Product – a measure of all the goods and services produced). These reports are biggies, so they could definitely influence mortgage rates.
The Bottom Line:
The economy is still sending mixed signals, but the good news is that it hasn’t completely gone off the rails. Stay tuned for next week’s reports, and I’ll be here to help you make sense of it all. In the meantime, if you have any questions or are ready to start your homeownership journey, don’t hesitate to reach out!
Don’t Forget Halloween!!!
The Witchy History of “Trick or Treat”
Ever wonder where the whole “trick or treat” tradition came from? It’s actually a bit spooky! Back in medieval times, people believed that spirits roamed the earth on Halloween. To appease these wandering souls (and avoid any ghostly pranks), people would leave out food and treats. This practice evolved into “souling,” where poor folks would go door-to-door offering prayers for the dead in exchange for food.
Eventually, souling morphed into the costumed trick-or-treating we know and love today. So, when those little ghosts and goblins come knocking on your door, remember that they’re carrying on a centuries-old tradition!
And don’t forget …. getting a good mortgage deal is a “trick,” while a low interest rate is a real “treat”!
Feel free to reach out to me today to talk more
-tom