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<\/iframe><\/p>Transcript:<\/p>Dave: (00:05) Good morning, everyone. Dave Barlow here with Mike Hopper and the Sell for 1% crew, and we’ve got Rich Cereone or chaconey. I’m getting it down., I got beat up last week by my wife. She’s like, how do you not know this? What are You talking about? You’re forgetting the Chiconey.<\/p>Rich: (00:26) Dave, I understand you make a mean ravioli, so we’ll use you on the pronunciation as long as you can still be grafted into the family.<\/p>Dave: (00:41) So I appreciate you getting up and joining us here. Rich, a lot of activity over the last week. A lot of reports coming out, with regards to jobs and, you know, unemployment and the CPI and the Fed last week, and so on and so forth. So our roller coaster ride of interest rates are, seems like they’re all over the place. And, and even from, you know, shop to shop to shop, you know, from lender to lender to lender, interest rates are, seem to be all over the board. But the one thing I will say, and I get emails from probably a half dozen lenders, Mike, you probably do as well. The one thing I will say is that, with you guys, the rate always seems to be the lowest of the bunch, and I don’t know, I don’t know how you guys are able to always stay on the backside, and I know there’s things built in and, you know, advertising, marketing and, I’ve seen some loan officers get to build in, you know, what they want to make on each deal. But, where are you guys at right now with your interest rates and where do you think things are headed based on what’s going on in the economy?<\/p>Rich: (02:04) Right now? We’re in, and it depends on someone’s credit, but we’re in the 6.125 to 6.25 interest rate on a 30 year fixed, somewhere in that range if somebody’s got decent, average to decent credit or good credit. And, as far as where we’re headed, as you said, it’s a rollercoaster ride because on Wednesday of last week when the Fed raised rates a quarter, but seemed to be telegraphing to the markets that they were going to tap the breaks on future interest rate increases and come to the end of the cycle, at least the market felt like that was what was being telegraphed. That was on Wednesday. But on Friday morning we wake up to a jobs number, where we created over 500,000 jobs in the economy when the expectation was about 180,000. So, a very, very hot number, which a lot of people are suspicious of, but, nonetheless, the Fed looks at the number…<\/p>Dave: (03:12) suspicious.<\/p>Rich: (03:12) well, you know, who knows what type of jobs they are, for instance, you know, are they,<\/p>Dave: (03:18) I think there was 55,000 jobs added and they added an extra zero<\/p>Rich: (03:25) Could be. Yeah.<\/p>Dave: (03:25) My own opinion.<\/p>Rich: (03:26) Yeah.<\/p>Dave: (03:28) Mean, 550,000 jobs. Yeah, that was off the, off the chart. So how did that impact interest rates then?<\/p>Rich: (03:34) Well, if you remember our meeting last week, I said, Dave, we’re in the fives we’re 5.875, and yeah, you know, with a blink of an eye, we were back up to the 6.162 rate because of the jobs.<\/p>Dave: (03:48) Because of the jobs report?<\/p>Rich: (03:50) Yes, because because again, the interest rates are determined more by what the market feels the Fed will do in the future. And on Wednesday, they felt that the Fed was coming to the end of the tightening cycle, but when, when that jobs number came out, it was indication that maybe they’re not going to be able to stop. The rate increases, the economy’s hot, people are getting jobs, and therefore,, the rates shot right back up. Well, you know, and again, we’re only talking about a quarter and we’re talking about five eight to six one. That sounds a lot different because you have a six in front of it. Now, if I said rates went from six one to six three, that doesn’t sound as bad. Even if it the same, range of increase. But we’re right there at that point where everybody wants to see a five, and now we’re seeing a six. Right? So, um,<\/p>Dave: (04:50) And We’ve seen this, you and I got into the business about the same time, 1998, and I have seen this story a dozen times. As rates float back and forth over a number, 6%, 5%, 6%, 5%, you can see the market pop at 5% and slow at 6%, and eventually it’ll get below 6% and then kind of float between five and a half and five and three quarter. And you’re exactly right. People just see the five, I mean, it’s, it’s the Walmart theory. Why do they sell shirts for $9.98 cents? Because $10 is a major factor and, you know, it’s perception. And so, yeah, I can see that. So I guess my question then, like last week you saw maybe a little pop in business and with rates going back above 6%, has it slowed a little bit?<\/p>Rich: (05:52) Well, from where I’m sitting, I’m still seeing a lot of demand. I’m still seeing buyers losing houses with aggressive offers. I was in an open house in New Albany over the weekend, tons of foot traffic on a million dollar House. The agent already had two offers in her pocket and there was the one at the open house and taking any additional offers. So there’s, I think it’s very anecdotal. I think that it house to house. I see some houses sitting, but I see other houses just flying off the shelf with multiple offers. You’ve got to be priced right. You gotta be in the right area. And I think that’s the key to real estate that’s been there forever.<\/p>Dave: (06:35) All right. Well, I appreciate your time, Rich. Thanks for the explanation. Real quick, we talk next week. What do you think rates will be at next week? They get back down below five with any Hope?<\/p>Rich: (06:47) Well, I mean, to be honest, I haven’t looked, Dave, at what numbers are coming out that might sway the Fed or sway the markets. It’s so hard to say, but I think we’re going to bob in that high five, low six type of rate for a while. I think that’s kind of the place we’re stuck in right now.<\/p>Dave: (07:10) And I don’t disagree with that. I think, we’re going to see that and it’ll break and, we’re hoping it’s going to break to the low side. Obviously it makes everybody happy. But the big thing, as you mentioned, I am starting to see multiple bids on properties now. It’s not 10, 12, 15 like we were a year ago, but we are getting a couple three. And, that’s a good thing for sellers. And it’s still a good thing for buyers as well. You’re not having to come up with $50,000 of appraisal deficit money,<\/p>Rich: (07:47) Yeah, I’m not seeing that part of it yet.<\/p>Dave: (07:52) So. All right, Rich, thank you, sir. I appreciate your time and, we’ll talk to you here soon. Thank you.<\/p>Rich: (07:57) Always good to join you, Dave. Thank you.<\/p> <\/p>","protected":false},"excerpt":{"rendered":"    The Fed’s recent interest rate changes has caused the market to fluctuate greatly. 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