The big moves in rates last week also created a large move in mortgage applications. With purchase applications going up by 4% and refinances rising by 18%, people are looking to fix their costs NOW!
Working the higher end rental markets has been going exceptionally well. All of the people I am working with are seeing a great deal of positive feedback and with rents rising rapidly, those in the luxury rental market are now seeking ownership to solve their housing issues. These borrowers often have assets, great credit, and enter the housing arena in the mid to upper range of the market, so higher loan sizes and more predictable transactions.
As this is being posted we will shortly get the unemployment numbers for this week, followed shortly thereafter by the factory orders report. Keep an eye open as these could cause some reaction.
Most importantly, Friday morning we have the January Jobs Report which always has the attention of the markets. So PLEASE keep yourself aware of the market movers and when news breaks that can impact the rate markets. With the 10yr sitting on top of resistance at 1.77, a break below that number and managing to stay there, could be very helpful to mortgage rates. However, a bounce higher and that could push mortgage rates.
The 30yr UMBS 30 is fighting to get back above 102.19, but bad news could push that coupon down toward the next level of support of 101.57. I know a 60bps move doesn’t seem like a lot given recent history, but that history tells us that that move could happen lightning fast! So just keep track of market movers, as always, if you like it, LOCK IT!
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The PGA tour is underway now with the AT&T Pebble Beach Pro-Am scheduled for Feb 3-6 and the PGA Championship taking place MAY 19 – 22, 2022 at Southern Hills CC, Tulsa, OK. Eager golf fans are ready to be a part of the game be it live on the course or watching via streaming apps.
I have long been a Pebble Beach resident and have spent many enjoyable days on the course with friends and well-known sports names. My dear friend the late actor James Garner and I were regular players there and he really wasn’t someone you wanted to make much noise around when he was concentrating! As you know, Pebble Beach isn’t just the No. 1 public course in America. Pebble Beach is the No. 1 Golf Resort in America. Reminiscing about old friends and neighbors and a stunningly beautiful course led me to revisit the change in months for the PGA Championship.
Not all that long ago, the PGA Championship was always in August. Why is it now in May?
The PGA Championship is one of the PGA Tour’s 4 annual major championships. Each major is put on by a different entity. This major is put on by the PGA of America, the teaching arm of professional golf. It had traditionally been put on in the fall for many years, but now has moved to May to help with the Tour’s wraparound scheduling and to get it out of the way of the Olympics, the FedEx Cup run to the Tour Championship. And let’s not forget that by August, MLB is in full swing and the NFL is playing preseason games which takes away some interest in golf.
Back to the original question… why was the tournament moved to May?
In August of 2017 Pete Bevacqua, CEO of the PGA of America announced that the PGA Championship would be moving from August to May and that they had been discussing it for four years at that point.
From Golf Digest:
Our analysis quickly proved to us that with a late May date:
- We would be able to continue to conduct the PGA Championship at many of the great historic courses in the Northeast with the likelihood of more temperate weather and certainly healthier turf conditions.
- Some of our more Southern venues would be even more appealing with less heat and more challenging playing conditions.
- Other great areas and sites around the country suddenly become far more attractive in May as opposed to August.
- Television and media consumption are as healthy or healthier during that time of year.
- We would welcome the opportunity to be the second of the four majors in the annual major golf chronology.
- It makes sense for an organization whose members serve as the tangible connection between the game and just about all of us who play it here in the United States, to have our major championship occur earlier in the golf season so we can more effectively promote along with our broadcast partners our grow-the-game initiatives that our members bring to life.
I believe we can all agree that golf is a recreational force of nature, played in some of the most beautiful locations in the world no matter what season.
Will you login with your favorite course and your favorite professional golf tournaments?
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