Good morning on this best day of the week, Wednesday, from your Hometown Lender,

Rates are improved a bit from yesterday, but really haven’t moved much over the last week.

There is nothing on the economic calendar today. Tomorrow brings wholesale inflation data, which, if it comes in cool enough, could help keep pricing where it is or even improve a bit. A lot of headlines this morning about Fed rate cuts, with Treasury Secretary Scott Bessent suggesting the Fed should consider a 50bp cut in September and that the Fed Funds rate should be 150 -175bps lower than where it is right now. Fed futures are not yet reflecting any chance of a half-point cut in September, but if markets start to rally around the idea, it could help rate sheets improve a bit. Until then, we are running up against resistance, and we do need a catalyst to push us into the next trading channel (lower rates). If not, we will run the risk of traveling back down the current channel and see rates deteriorate a bit.

Good news for agents… 😊 

According to a recent Redfin report, the average buyer’s agent commission in the United States for properties sold in the second quarter was 2.43%, up from 2.38% in the same period last year. Commissions are now back to where they were before NAR’s rule implementation.

Stay safe and make today great!