Hey there, it’s Bruce Woodburn, CrossCountry mortgage, The loan arranger, WDBO Saturdays at noon and Sundays at 11 o’clock, please tune into my radio station. If you don’t catch me on the radio, on Saturdays and Sundays on WDBO, you can always catch me on my Youtube channel, at Bruce Woodburn Youtube Channel or Spotify or I Heart Radio channel, whichever one works for you. I would love to have you visit. But again, it’s time for the three big things you need to know. So I’m gonna kind of jumble things together and we’re going to keep it on the economy in this segment. So there’s a few things that I found were quite interesting. Some good, some not so good, but here you never get the fake news, You always get the real news. So here we go. So the federal chair Powell, semi annual testimony before Congress this week was good for mortgage rates. Powell said that the Fed bond purchases would continue while the economy recovers. So what he’s saying is that the federal government is going to continue to purchase mortgage backed securities. That is good for mortgage rates, so that should keep us from seeing such an increase in rates. However, the Fed does not dictate mortgage rates. Mortgage bonds, securities dictate mortgage rates. The federally dictates the Fed rate, which affects home equity, lines of credit, car loans, credit cards, things of that nature. And here’s another thing. The inflation climbed higher than expected in June really, that’s no surprise to anybody. Consumer prices rose 5.4% over year over year and saw the biggest monthly gain since August of 2008 inflation. Listen, this is what they say, inflation is still being seen as transitory now. Transitory means temporary. I think that’s the biggest bunch of bull that I’ve heard in a long time. If you don’t think that inflation is hitting you now and going to hit you even harder later, I don’t know what indicators there could possibly be that would lead me in a different direction. I just don’t see it. You’ve already seen your gas prices double in price just since the election. You’ve seen the cost of houses going up cost the lover goes up, cost the windows go up, cost of cars are going, everything is going up and it’s going to go up. As a matter of fact the income that we make isn’t even keeping up with the cost of inflation that we’ve already seen and we haven’t even seen the impact from the trillions of dollars that we’ve given away. Our dollar is deflating. So I don’t believe it when they say it’s transitory joblessness claims fell to a pandemic lower last week as the labor market continues to improve. More than half of the U. S. Governors have announced plans to end enhanced benefits early. Okay well it’s about darn time to end those enhanced benefits because nobody wants to go to work when you’re getting free money. Treasury Secretary Janet Yellen and the Fed chair drone Powell are slated to discuss the potential risk of the hot housing market at a meeting with fellow regulators on friday. So friday they’re going to meet again in his testimony before Congress. Powell said demand has pushed housing prices up. And even if mortgage rates rise which has already said he’s going to raise the Fed rate. So all of you that don’t think rates are gonna go up, it’s going to go up continue as demand is expected to keep prices stable so the demand will keep prices stable. I don’t know how that can possibly happen when you have a high demand. What do you think happens to prices are going up? Come on, we saw builders raise their prices across the board almost every month And some of them raised their prices as much as $30, in one shot. One shot and still have a lineup of people. You’re telling me that that’s stable. I don’t think it’s stable. I think we’re going to continue to see housing rises. Then last week purchased money applications rose 8% more mortgage applications Over the previous week. But we’re 29% lower than this time last year. So we did almost 30% more big business this time last year in the mortgage business than we did this time. However, I can’t see a slowdown like my business is going gangbusters and I’m grateful for you for referring those clients to me. These are national numbers. These are not Florida numbers, Florida always outpaces the market. 25% of sales were all cash Up from 15% a year ago, 25%. All cash. Don’t know who’s got all this money, man, but somebody’s got a ton of money to spend on cash. Maybe that’s you. Certainly. Not me. I don’t spend a lot of money. I like borrowing money when money is cheap. I hope you do too. That’s Economics one oh one. Those are the three big things you need to know, Bruce Woodburn, CrossCountry Mortgage, The Loan Arranger, WDBO Radio, always here to give you the good, the bad and the ugly. And I’m always happy to help you, your friends and your family become homeowners or refinance and save money. I’m still doing a ton of refinances right now. I thought that market would be gone. It’s not gone