Monday, August 4, 2014

Weekly Market Update 7/28-8/1

So this week, Lola the dog jumped on Pablo the toddler (playing!), and he fell and scraped his knee (bad!). Poor little guy. No amount of hugs, kisses or words could calm this kid down. He wouldn't let me touch the scrape, band-aid it, or anything. In fact, it was worse than his worst melt down.

Don't we feel in real estate that sometimes--when a transaction takes an unexpected turn--that we, being any and all parties, have a bad scrape and cannot be consoled?  My team is dedicated to do just 3 things every day: 1) Close accurately, 2) Close on time, and 3) Close with tons of communication. That's it. We will not stop trying. When the scrapes happen, and THEY WILL, we want you to know we are an extension of your team, and will do anything within our power to console, cuddle and calm the client so that communication remains intact.

In the Markets:

Rates ended the week a bit higher after investors were caught by surprise at the strength of Wednesday's GDP report. GDP (Gross Domestic Product) is the broadest measure for economic growth. The actual numbers came in at 4.0%, when the consensus was 3.0%. While great news for the economy, it indicates future inflationary pressures, which was negative for mortgage rates. The economic calendar next week is very light, so rates could maintain this slightly elevated level. We are encouraging clients to LOCK as soon as their contracts are executed!

Enjoy your weekend!

~Jen

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