(Editor’s note: Brian spent the early part of the week enjoying the perks of outdoor camping at Qualcomm. All’s well, he’s back home and we’re damn glad to see it.)
We’re still cautiously floating in anticipation of mortgage rates below 6%. The economic data being released suggests that we are in a recession; that would imply that the Fed will be lowering the Fed Fund rate again. There really is no market moving data due out until the last day of the month.
If your mortgage in Phoenix is due to close in the next 10 days, go ahead and lock the mortgage rate. Otherwise, continue to cautiously float that rate.
We had quite a scare, in Southern California, earlier this week and we’re not out of the woods yet. My family was literally “on the move” as this wildfire threatened to move into our town. Laurie Manny and Jeff Brown kept most of you up to date about my family’s evacuation; I’m grateful to both of them for that.
Today, it’s back to the markets and the markets say float. Keep checking in for updates.