Yesterday the FED released their minutes from their March Meeting and in a rather rational move they left things somewhere in the middle. It seems as though some lawmakers think that under certain circumstances that rates could be increased. However, others think that it could shift in either direction.
I realize this news doesn’t really give any insight into expectations for rates. It does tell me though that we can expect rates to rise and fall in small increments and we shouldn’t see any major movement in rates for the remainder of 2019 unless there is a major increase in the economic outlook.
Today’s rates are up slightly by 19 basis points (for those not familiar with this terminology it means that rates are up 0.0019%). To put that into cost terms for you that means if you were to get a $200K loan, the cost of your rate would be up about $380 at closing (or reduce your credit by $380 at closing). It could also mean a slight in crease in your rate by about 1/8 of a percent (going from 4.5% to 4.625%).
Remembering Directions Before Navigation
On to a little more fun topic that I’m sure some of you can relate to. I was driving yesterday to an appointment with a realtor that I have yet to do business with. I was slightly familiar with the area but not enough so that I didn’t need directions. If you’re wondering, the meeting went great! I’m excited to say I may have found a new partner that has as much passion for the industry as I do and I can’t wait to work with her to get the absolute best for our shared clients.
How Things Have Changed…
While driving it got me thinking about the days without GPS. No navigation in the car (which mine doesn’t have as it’s a 2004 Tahoe and they didn’t offer that feature then), no smart phone or smart watch to guide you. It got me thinking about the days of having to ask for directions, right them down… look at maps and draw out your path. I reminisced about the days of getting lost and frustrated because there wasn’t a quick and easy solution to re-route yourself to get back on track.
Being in the real estate industry I am constantly driving to new places and going to meetings in unfamiliar areas. Without google maps and navigation life would definitely be more complicated. I would most likely have added stress and frustration. Now, I don’t think all technology has made life easier. I can’t imagine I’m the only one to get frustrated at self-checkout in the grocery store. When my computer isn’t working properly it feels like the end of days. However, in this one instance it was humorous to think about the days when directions weren’t fun, especially for those of you not good at taking or giving directions.
Things Could Have Been Different?
I can’t help but wonder if we had this technology years and years ago when I was young. It would have prevented my father and I getting lost in Los Angeles when I was 5 or 6. This was the trip that turned a former smoker back into a smoker. Maybe with this new technology he’d still be a non-smoker? Who knows but I am thanks for the ability to have a device that tells me where I’m going without having to ask someone for directions.
Have a wonderful weekend! I hope to be your mortgage guy when you are in need of some directions when it comes to a loan for your new home or refinancing your current.