Mortgage Monday Newsletter | May 2nd, 2022
Welcome to the Mortgage Monday Newsletter! Each week I will give you 1 Industry Insight, 1 Article to Read, and 3 Quotes to Ponder. I hope you enjoy, and if you do, feel free to pass it along to your friends!
Industry Insight
It is an important week in the market, with the highlight being the Fed’s 2 day meeting. The meeting will conclude on Wednesday with the Fed’s statement and press conference shortly after. We anticipate the Fed to hike rates 50 basis points, but more importantly, give us more clarity on their balance sheet reduction plan. That will give us more insight on the direction of inflation.
It is also jobs week, with the ADP and BLS jobs reports being released on Wednesday and Friday respectively. We are expecting to see about 400,000 job creations and the unemployment rate to drop from 3.6% to 3.5%.
Mortgage Bonds as you can see on the graph have been having a rough negative trend. The support levels haven’t been holding very strong, but hopefully a strong and effective plan put forth by the Fed will help turn this negative curve.
*As of the market closing we are down a total of 23 basis points on the day. Most of the week will be determined by the Fed meeting on Wednesday, so be on the lookout as the market reacts to their statement. Let me know, as always, if you have any questions on the market!
Article to Read
Benjamin Spall
Quotes to Ponder
“The biggest fear most of us have with learning to say no is that we will miss an opportunity. An opportunity that would have catapulted us to success, or that will never come again. And most of the time, that simply isn’t true. I’ve found that the first part of learning to say no is learning to accept that offers and opportunities are merely an indication that you’re on the right path – not that you’ve arrived at a destination you can never find again. If someone is choosing you, it means you’re doing something right. And that is the biggest opportunity you can receive – the change to recognize that your hard work is paying off. And if you continue to do good work, those opportunities will continue – and improve – over time.”
– Grace Bonney
“To be mature you have to realize what you value most. It is extraordinary to discover that comparatively few people reach this level of maturity. They seem never to have paused to consider what has value for them. They spend great effort and sometimes make great sacrifices for values that, fundamentally, meet no real needs of their own. Perhaps they have imbibed the values of their particular profession or job, of their community or their neighbors, of their parents or family. Not to arrive at a clear understanding of one’s own values is a tragic waste. You have missed the whole point of what life is for.”
– Eleanor Roosevelt
“Living things tend to change unrecognizably as they grow. Who would deduce the dragonfly from the larva, the iris from the bud, the lawyer from the infant? Flora or fauna, we are all shapeshifters and magical reinventors. Life is really a plural noun, a caravan of selves.”
– Diane Ackerman