Market Update
- Seth discusses the impact of the recent debt ceiling issue on mortgage rates, which briefly rose to 7.25%.
- Brendan comments on the nature of the deal, where no party seemed to have won.
- Seth expresses frustration with the incompetence of the government and calls for the elimination of the debt ceiling.
1. Rate Volatility and Jobs Report
- Seth and Brendan discuss the impact of the debt ceiling on market volatility and mortgage rates.
- They mention the recent jobs report, which wasn't favorable for the market or the Fed's plans.
- Brendan questions the contradiction of wanting bad jobs reports for lower rates while still needing jobs for buyers.
2. Expectations and CPI Data
- Seth predicts downward pressure on rates in the future, specifically related to housing data and CPI releases.
- Brendan raises concerns about regional variations in housing inflation and its impact on buyers.
- Seth acknowledges the resilience of the Boston market compared to other areas, despite ongoing inflation concerns.
3. Barbara Cochran's Perspective
- Seth quotes Barbara Cochran's opinion that it's a good time to buy before rates go down and prices explode.
- They discuss the potential rush of buyers once rates decrease and the impact on housing prices.
- Seth emphasizes the importance of taking advantage of the current market conditions.
