In February 1976 Maxine Nightingale’s version of “Right Back Where We Started From” hit #2 on the Billboard Hot 100 list… so what’s that have to do with the mortgage industry? Well… other than it being a great song it doesn’t have much to do with this blog or the mortgage industry. However, it seems that our industry is coming along and we’re getting back (kinda) where we started from.
The 10-yr is back down below 3% at 2.934%... the lowest it’s been since mid-April. We’re not getting along with North Korea again, trade talks with China are bumpy, the Fed hit the brakes on rate hikes and “The Donald” (surrounded by a bunch of people who will resign by July) signed the Economic Growth, Regulatory Relief and Consumer Protection Act… so you can understand why I’m singing tunes from the 70s and walking into work like John Travolta at the beginning of Saturday Night Fever (besides the perfectly quaffed hair and oversized lapels).
How long this will last… who knows, but it’s fun when the momentum swings back in our favor. My message to the brokers and Loan Originators alike is to use this long weekend combined with the world volatility (fearmonger’s unite!) to close up those stacks and stacks of pre-approvals on your desk. We’re seeing a little rate relief and we have a nice long weekend ahead of us that will allow borrowers to shop for those homes! This could be the perfect start to the summer buying season for everyone.
I hope you all have a great Memorial Day weekend.
Talk to you soon!
The opinions expressed in this post are the sole view of the writer and do not reflect the opinion of Princeton Mortgage Corporation.
Photo by Greyson Joralemon on Unsplash