Good Friday AM, from your Hometown Lender,
Quiet on the western front.
No economic data today. There is one Fed Speaker out on the public trail today, Austen Goolsbee who is unlikely to say anything we haven’t been hearing. The Fed will stay the course for now.
Last night my phone lit up for about 20min like a Christmas tree as Israel retaliated against Iran. The Iranian attack on Israel last weekend was intentionally unaggressive. It was not meant to hurt anyone or anything and it seem it was in response to Iran’s embassy in Syria being bombed. Israel’s response last night was even less aggressive. It seems like both sides are satisfied with the resolution.
This is good for everyone.
First and most important, the human factor is quelled. Second, markets were jittery about a larger conflict as equities dropped, yields rose, and gold continues to spike. Yes, in times past, war has boosted bonds as people look for safer investments, but most things are upside down these days. War in the middle east would likely raise oil prices which would likely raise inflation which would keep rates higher for longer.
Update on the NAR settlement.
COMMISSIONS PAID TO REAL ESTATE AGENTS: As buyer agent fees have customarily been paid by the property seller, or property seller’s real estate agent, Fannie Mae, Freddie Mac and FHA have provided notices clarifying that these costs may be excluded from interested party contribution limits, provided all other requirements are met. As a reminder commissions and fees must be a reasonable amount in alignment with state and local law or custom. The Agencies will continue to monitor and assess the impact of the proposed NAR settlement, other real estate agent commission lawsuits, or the continued customary nature of seller’s paying these fees to determine if any updates to our requirements are necessary in the future. At this time neither VA nor USDA have released notifications and follow their standard policies and practices. Currently VA does not allow the veteran to pay any commissions within their current policy.
More as soon as I have it.
Stay safe, enjoy the weekend, and first, make today great!
