Aug. 30 Mortgage market/rate update; home closings; work

Good morning and happy Friday!

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I want to stare at someone from across the street then disappear when a bus passes.

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MARKET UPDATE

The Federal Reserve is poised to cut interest rates at its September meeting, more than 2.5 years after it started hiking borrowing costs to fight inflation.? Markets have already priced in this expectation.? Now, what remains to be determined is by how much, which will be data-dependent.?

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Since the inflation rate has come down, the Fed can move on to the other part of its dual mandate for full employment. The unemployment rate has risen from 3.7% at the beginning of the year to 4.3% in July.? The latest consumer confidence report exceeded expectations, but also contained concerns about labor market conditions.? However, we had a slight decrease in weekly jobless claims and an unexpected upward revision to Q2 GDP and consumer spending.

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This morning we had personal income, spending, and the Fed-favorite inflation number (PCE) all coming in near or slightly better than expected (good news for rates).? July pending home sales dropped to record lows, NOT good for us mortgage and real estate folks!? We need you people to get out there and take advantage of these low mortgage rates and buy some houses!

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MORTGAGE TIDBIT

HOME CLOSINGS

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Closing is the final step to purchasing/financing a home.? This is when all the closing documents are signed, title transferred from the seller to the buyer, and money collected/disbursed.? I try to attend all my loan closings.? All the work is done by then, but sometimes there are questions that I can answer at the closing table.? I also want to make sure the final step goes smoothly and that everyone is happy.? So much of the process is now done electronically, including part of the loan closing.? So, this is often my first chance to meet my clients face to face, which I always enjoy.?

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FROM THE HART

Here we are at Labor Day weekend!? Although most of us will be laser focused on football (woohoo!), Labor Day is about celebrating work and achievements.? Do you celebrate work or just celebrate when you don’t have to work?? Do you appreciate hard work and a job well done?? We may not always appreciate it, but we usually notice when it is lacking.? Back to football, the players and teams that work the hardest tend to perform the best and have the most success.? Like Alabama.? Roll Tide.? Roll.? I digress.

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Do you think our society esteems hard work and hard workers?? Are the hardest workers the most rewarded and most celebrated?? Certainly not always.? Income and social status are not always proportional to job difficulty or importance.?

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Work is from God.? He gave Adam a job before He gave him a woman.? There is wisdom in that order!? Here are a few verses from Scripture about work:

Lazy hands make a man poor, but diligent hands bring wealth.? Proverbs 10:14

All hard work brings a profit, but mere talk leads only to poverty.? Proverbs 14:23

Our people must learn to devote themselves to doing what is good, in order that they may provide for daily necessities and not live unproductive lives.? Titus 3:14

If a man will not work, he shall not eat.? 2 Thessalonians 3:10

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We ourselves are the work of God, each of us created for a purpose.? For?we are his workmanship,?created in Christ Jesus?for good works,?which God prepared beforehand,?that we should walk in them (Ephesians 2:10).? Every follower of Christ is a minister, and our work is part of our ministry.?

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The greatest work we can celebrate is what Jesus did for us by living a perfect/sinless life and taking the punishment that we deserve so that we could be made right with God.

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As we take an extra day this weekend to rest from our work, let’s think about the achievements and the work done for us that we appreciate and enjoy.? We can also be thankful for the work that we have been given and the fruit of our labor.? For it is God who works in you, both to will and to do of His good pleasure (Philippians 2:13).

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Have a good weekend!?

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This information is for general informational and educational purposes only and does not constitute investment, legal or tax advice.? All information is provided in good faith; however, no representation or warranty is made of any kind, expressed or implied, regarding the accuracy and validity of any information. The information contained herein represents the views and opinions of the author and does not necessarily represent the views and opinions of ServisFirst Bank, and ServisFirst Bank does not make any representations or warranties with respect to its accuracy or reliability. ??

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