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I’ve never seen my cat Myrtle fly commercial. That aside, time “flies” by, Tom Brady retired again, and here’s a trivia question for your friends and family: how many 747’s did Boeing produce before the last one rolled off the assembly line yesterday? Over 54 years, about two per month. (And did you catch that subtle word play?) Changing the scale, one would be hard-pressed to find the financial section of a newspaper in the last 54 months that didn’t mention the Federal Reserve or inflation (the Fed does not set the inflation rate, nor mortgage rates), and today we’ll have yet another announcement about the targeted range of Fed Funds. (It is the interest rate that banks charge each other to borrow or lend excess reserves overnight.) But wait! High inflation is a problem, but… Weak inflation could become a long-term challenge after high inflation ends, Treasury Secretary Janet Yellen says. Unlike in the 1970s and 1980s, this late
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What would this opening paragraph be without some fun, non-mortgage stuff? Watch a rare livestream of bald eagles nesting on eggs in California. 32 trillion gallons of water have fallen in California in recent weeks, resulting in a disaster declaration. Speaking of that state, the weather forecast for San Diego is warm and sunny next week as hundreds of mortgage professionals are preparing to go to California for the MBA’s Independent Mortgage Banker’s Conference. (Say “hi” if you see me.) One topic of conversation, of course, will be the bond market and mortgage pricing. Months ago, I’d receive question after question about pricing. “Why is no one paying anything above par (100)? I’d explain that no investor wanted to pay 103 and lose 3 points in a matter of months if rates dropped a little, and that 7 ½ percent 30-year loan refinanced at 100. Well, here we are. Helping lenders was a reduction in securitization costs, but takin
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