I spent the last week in Moab, biking the White Rim Trail and floating the Colorado River with my 15 year old son, Isaac. It was around 100 degrees every day; at one point my GPS said that it was 112. I don’t know if I have been that thirsty for a prolonged period in my entire life. We clamored for any shade we could find, which was pretty sparse until the sun went down. Now that I am back in the office and hearing continued reports of our hot housing market, I have more sympathy for would-be buyers clamoring for deals. Our job as professionals assisting buyers is just like my river guide helping our group navigate the rapids. Stay pointed in the right direction, paddle hard when necessary, and have a lot of fun.
The Fed begins their two day Open Market Committee meeting tomorrow, and is expected to raise short-term rates by 0.25% on Wednesday. The wording of their statement at the conclusion of the meeting about the condition of the economy, and their plan for the future of their four trillion dollars in holdings will determine the direction of longer term rates–like mortgages. Drink plenty of water because we’ll also see some hard-core data releases along the way.