Good Friday AM from your Hometown Lender,

The lone economic data point today was Durable Orders.

The print was dismally low (although not as dismally low as markets expected). Still, a drop of over 9% is not good. The bond market continues to stay in a small trading channel. The 10yr is at 4.40% and had traded as low as 4.35% this week. Mortgage bonds are positive today and have improved a tad (technical term) for the week but nothing to hang expectations on. It has been a quiet week for data and tariff news and the markets rewarded us with minimal volatility.

That was this week. Next week will be different.

The calendar is packed. FOMC meeting Tuesday and Wednesday, employment reports, trade deadline next Friday, Q2 GDP, PCE inflation, June personal income and spending, July consumer confidence index, final June University of Michigan consumer sentiment, and Treasury auctions. Wow, that is a mouthful. It is too early to call the direction but with the Fed announcement Wednesday, I don’t expect much volatility before then. Keep in mind, historically, the bond market does consolidate before the Fed meeting. 

Did you watch President Trump’s tour of the new Federal Reserve office remodel?

The building wasn’t the fireworks, the confrontation between President Trump and Chairman Powell was. I do not understand why Chairman Powell wants to continue to take these beatings. You know the beatings will continue until moral improves..

Mortgage rates are expected to end 2025 at 6.4% and 2026 at 6%…

Downward revisions compared with last month’s forecast figures of 6.5% and 6.1%. That’s according to the July 2025 Economic and Housing Outlook released Thursday by Fannie Mae‘s Economic and Strategic Research (ESR) Group. Also, despite the naysayers, home prices are expected to rise not only in 2025 but also in 2026…

Stay safe, enjoy the weekend, and make today great!!!