The Election Reaction!
Well, at least we are mostly done with news that will move the markets. Last week’s Jobs Report was about as bad as it could be, prompting improvement in mortgage pricing. Then the roller coaster of polls back and forth propelling the betting line on the presidential race to bounce around like a ping pong ball. Then we had the actual election, and the people spoke, and it wasn’t even a close contest. Trump won both the popular vote and the electoral college, the Senate is in Republican control, and perhaps by four or five seats to spare, and they still lead in the House, but there are still quite a few races that are left to call so while the lead is there, it’s not yet a done deal!
The Election Reaction on Wednesday was interesting. The 30-year bond auction was about as good as it gets by far; while the stock market exploded past the 43,000 mark, and mortgage bonds have bounced around like ping pong balls in about a 50bps range mostly to the lower side and we still have the FED rate meeting and rate decision today after we get initial and continuing claims. Whew! That’s a lot of potential fuel for the volatility fire for sure! The good news is, by the beginning of next week we should see the market make up its mind and we can go back to a slow but steady decline in mortgage rates. Unless of course something else goes crazy!
On a happier note, those that held off buying or selling their house until after the election will now have the chance to get comfortable with the news and move forward. I fully expect a good bit of activity the last six weeks before we hit Christmas and the start of 2025! So be ready to go!
Final reminder about your Black Friday Sale with your favorite agents and that we still have plenty of time left to get houses listed and sold before this year is done! You also need to nail down and CE classes for the year if you have been procrastinating, you could struggle to get it done and potentially miss opportunities to get a few more deals done before the year ends! As always, if you have questions or comments: [email protected]
