Latest / The Jon Sanchez Show / Fed Hits Pause: Will it Freeze the Housing Market?
Transcript
- Jon G. Sanchez, CEO: Well of course, recap today's stock market activity, then gonna get very interesting subject, very timely Well as all of you know, ⁓ I devoted pretty much the entire show yesterday to the Federal Reserve's interest rate decision. You may be going, well wait a minute here, didn't do anything. Exactly. But. ⁓ The biggest takeaway, which is going to tie into today's show that Dwight's going to enlighten us on, is this. The biggest takeaway of drone pal, and this all happened, of course, in the press conference afterwards, is the Fed is much out of the interest rate cut picture. I if took all 19 voting members of FOMC, and we set them in a room, guys, and we closed the doors and shut the blinds on the windows, and we said, OK, to us one on Not one of them would say, they anticipate an interest rate cut this year. I think it's really that bad with them. though they did the dot plop yesterday, that's where they get to individually when they think rates are going to go down and some other economic data. ⁓ I there was one or two that are calling for a cut this year with the ⁓ And the if you listen to Chairman Powell's press conference for nearly an hour, he's just like, There's no way. mean, you look at the PPI data that we got yesterday, you look at this data. And again, as I said, guys, we this PPI data that came in yesterday. ⁓ And I said on the show, and you guys know this, we talked about it so much, of course, over these last few weeks, you look at this PPI data and you go, wait a minute, this is February's data. is not even March's data. This has nothing to do with the higher oil prices. ⁓ But yet here are dealing with a ⁓ Aaron Clark, Edge Realty: Yeah. Jon G. Sanchez, CEO: know, PPI up 7 tenths of a percent month over month. remember, the was 3 tenths of a percent, right? So more than double, more than double. And you start looking that and you go, well, geez, and then on the year over year numbers, trying to look at notes here, I'm trying to remember where were we on the over year? I forget what the number was, I mean, we're like in the 3 % range. I it was three, one, somewhere around there. I'll look it up during the break, but. ⁓ Anyways, long ways away from 2%, right, that the Fed wants. They look at PCE, another calculation of inflation. But the bottom line, I don't care if you look at CPI, PPI, PCE, all these three measures of inflation, we're nowhere near the Fed's mandate of 2%. And Powell said yesterday, I know if you guys caught that or not, Powell said it yesterday, they're very, very frustrated that inflation hasn't come down. Matter of fact, it hasn't come down in five years. And then he is also very frustrated about tariffs. and how they're injecting into the inflationary picture, which he still had the guts to say, but remember, tariffs are temporary as far as the inflation is concerned. Well, I don't know, guys, it's gonna be a year from next month that we have had these tariffs. And I've only seen inflation really do one thing, and that is go up since tariffs came out on top of everything else. So the bottom line is the Fed's out of the picture. So now. How are we going to relate that to today with the boys? What does this mean for your mortgage rates? What does it mean for home prices? What does it mean for your ability to buy or sell a home? The whole world really changed as far as mortgages and the housing market yesterday based upon Chairman Powell's comments and the Fed again being out of the picture. So are there some opportunities? You bet. And these two gentlemen are, of course, going to bring it to us. it's going to be really interesting to see what happens. Now, Dwight, yesterday, obviously you were not on the show yesterday. Did you see much movement at all in mortgage rates yesterday or today? Matter of fact, let's just jump right to the 30-year mortgage today, because that's really heart of it, and then I'll get to the stock market recap. Dwight Millard: we got three reprices yesterday. So yeah, we're it's it's Well, so we try to get I mean it's behove to Lender to get out their pricing as soon as they can, know, typically we get it You know Pacific time probably thirty seven o'clock in the morning, right because you already got people calling you What's the what's the market doing? So but sometimes you can get of it the market starts to move Jon G. Sanchez, CEO: Explain to the audience what that Dwight Millard: say yesterday, negatively, there quite a few organizations that probably repriced two or three times. You had one today even, Jon. I mean, we had one repriced for the negative today. These are things that we haven't seen often enough. This goes almost all the way back to the financial crisis, where you saw multiple rate. increases or that and it's just it's all off the headlines like you said there's nothing there's nothing other than the headlines that are driving everything and you know yesterday wasn't a very it wasn't a very positive day i don't think for for the mortgage world the people in the mortgage world and so yeah so john today we lost another seven basis points 6.43 on the 30 year on the 30 year fix i mean almost six and a half Jon G. Sanchez, CEO: Everything is. from 599, as you say a few weeks ago, to 6.43, unreal. Dwight Millard: And Jon, keep in mind, this is the best client. This is the 780 credit score at a point. So you're at 6.43. So you've got a 720 credit score. six, know, you're and three quarters-ish today. Yeah, yeah, yeah. So people that were looking, I had a couple clients that were looking, hey, I need to get out of this, I need to refinance for a couple multiple reasons. Now it's like, well, maybe I'm gonna hold off on this. Jon G. Sanchez, CEO: He was at a point by then. Mm-hmm. Dwight Millard: You mean, in, you an application going, you got an approval, go through the whole approval process, the appraisal, ⁓ but I know if they're wanna close right now, you know, which is ⁓ a tough one. Jon G. Sanchez, CEO: Well, the mortgage application data yesterday was absolutely terrible. ⁓ consumer, as you know better than anybody, and Aaron, know, the is so absolutely rate sensitive. And now you have the the Reserve, that I won't say interest rates, but they set the tone for the bond traders who ultimately control interest rates, saying, we're going to, ⁓ of course, going to it month at a time. ⁓ But he made some comments and I'm paraphrasing something along the lines like, how can you expect us to raise interest rates, or I'm sorry, cut interest rates when inflation is rising, right? can't do it. And I mentioned you yesterday on the show, Dwight, and I said, look it, the only hope that we have, in my opinion, if I was an economist in a ⁓ service, to Dwight, were. reach out to you every day and say, here's where I think things are going. My only hope at this point is you do get Kevin Warsh, again, if he's confirmed, that he again surprises the street with a cut. here's thing, guys. You've got people sitting on the FOMC, the voting side of it. if I remember, 12 out of the 19 yesterday called for one interest rate cut. That's what the number was, 12 out of 19. So that's just one cut. But do you think that he is going to have the power being brand new to persuade this group, which there's only really if you look at it the top of my head, what is there maybe two kind of quote Trump hand picks that are in there? ⁓ rest of them are like, they've on there a long time. They're not really politically motivated. They don't really have any incentive to please Trump, ⁓ that of thing. So is he going to have the power to coerce them to say, guess what, interest rate cut? ⁓ Dwight Millard: Yeah, yeah, no, I agree with you, Jon. And now you got Powell's gonna be on there. You did you see that? You dropped the DOJ, dropped the lawsuit, or I'm staying on. Have you seen that? Yeah, so I think he'll stay on, and that's an adversary. You he's got a couple of cooks, he's got cook and Powell, they're gonna be adversaries. I agree with you. I don't think he's gonna be able do much very quick, maybe over time, but. Jon G. Sanchez, CEO: I don't know. Yeah, yeah, yeah. ⁓ yeah, absolutely. Yes, it is. Yep. Yep. Right. And the lawsuit again, Dwight's referring to is the, mentioned this yesterday also, the lawsuit from the Trump administration too, against Powell and I don't know if it's to the actual Federal Reserve. I know it's definitely to Powell regards to the budget overruns of the renovation of the Federal Reserve building there ⁓ in Washington. Do not have things to do with our time and our taxpayer dollars and so on and so forth? go after probably the most ethical man in the entire world, meaning Jerome Powell. I don't know, I sit there and I shake my head on stuff like that. Yeah, yeah. Well, you know, I made comments yesterday. said, know, I'm sure most people would agree if you watch the chairman's speeches and news conferences and things like that. Dwight Millard: Yeah, yeah. Very confusing, isn't it, Jon? Very complicated and confusing right now, and it seems very political. Jon G. Sanchez, CEO: You can tell he's overall a pretty happy guy. He's a very serious guy. But he's overall a fairly happy, nice guy. He wasn't that way yesterday. Matter of fact, he was forthcoming when he said, look, know somebody asked a question. He answered, he goes, by the way, I'm going to answer three questions that I know all of you are going to ask me. So let's get it out of the way. Am I staying on? If Kevin Warsh is not confirmed and we don't have a chairman, answer is yes. I'll stay on as pro tem. Then he said, also, yes, I'm not leaving until ⁓ lawsuit, as Dwight just said, the lawsuit is taken care of. And I forget what the other third thing was. But was very forthcoming. He'll do that, of course. He'll talk very straight at you. ⁓ And he said, I'm not talking about it anymore. And of course, they didn't. So ⁓ it not good. I joked said, look, I tracked where Dow was when his speech began. were down a little over 400. By the time his speech ended, roughly 45 minutes or so later, ⁓ We lost another 200. were down over 600 and ended up closing the day down over 700. So, Wall Street didn't like what he had to say. And so, both of you, I'm very, very curious to see and hear from you what you're seeing, hearing, et cetera, in regards to what this means now, because all of our world's kind of changed, right? Wall Street was very much looking forward to interest rate cuts this year. Off the table, I know you were, Dwight, I know you were, Aaron. So, misery loves company. All three of us are being affected by what the chairman had to say yesterday. So. Dwight Millard: Well, Jon and I was I was watching a I don't know, a commentary, and it was basically saying, he's got very limited time to either change the perception of the voters, or this could be really, really a bad thing. Yes, at the midterms. Yeah, I mean, you've gotta turn this, know, I do like, they to be very forthcoming. mean, there's lots of, they're having lots of press conferences ⁓ around wards. I mean, it just seems like a daily thing, which. ⁓ Jon G. Sanchez, CEO: Yes. You're talking Trump. You're talking Trump, yeah, with the midterms. Yep, I know. It's all over the place. Yes, yes, yes. Dwight Millard: you know, a stark contrast to the last administration, but still, I just don't know if they're moving the needle much on the perception. Jon G. Sanchez, CEO: Yes, absolutely. Well, I know we got to go to break, I said this also yesterday. I'm very, this is just me talking personally. I'm not talking, you know, as the radio show host or anything, I'm just talking to me personally. I'm very, very concerned about 5,000 Marines heading there, amphibious unit Marines heading there. I was watching video last night of them loading up the ships and, you know, all of their tanks and various equipment there. They're not going there to set off shore. ⁓ there, there's going to be, in my opinion, boots on the ground. ⁓ and that's gonna be the next leg down for this whole mess. And it really is. I don't know. Maybe it's a threat. Let's hope it is. But you start seeing boots on the ground, that's gonna be a nasty thing. So, all let's take it over to Kristen Snowshoe in the Right Now Traffic Center. Hello, my dear. Happy Thursday to you. Welcome back to the Jon Sanchez Show on Newstalk 780KOH with Dwight Millard of OnCue Home Loans and Mr. Aaron Clark of Edge Realty. right, here we go. Lots of periods where we were plummeting. due to prices rising, things finally settled down, going into the close, and we were down, not all that bad, not considering where we were. All right, here's the damage, 204 loss on the Dow. Closing level, 46,021.44 % decline. Nasdaq down 62.28%, closing at 22,090. And the S &P 500 giving up 18 points, 0.27%, closed at 6,606. So guys, here's something that I think a lot of people, if they're not paying close attention to their 401Ks, bank accounts, et cetera, when you get into these international turmoil situations, we haven't had one about oil in quite some time. kind of like a drip torture test, right? The kind of stuck in, go, okay, you only lost 200 points today. But what you got to look at is the culmination of the losses, right? So here's point. You take today's point loss, you take yesterday's 768 point loss, ⁓ right, Aaron, you're your head, yes, you're talking almost a thousand point decline just in two days. And then you add in other days where you were down 300, 400. Aaron Clark, Edge Realty: Mm-hmm. Jon G. Sanchez, CEO: I mean, it's been a while since we've had any type of significant gains in the market. And so that adds up. And this is why I keep emphasizing, check your accounts, check your allocation, check your risk tolerance. This is the time that you want to make sure you are positioned exactly where you need to be because it will come back and bite you if you fall asleep at the wheel. It's what I call the ostrich scenario, where you're burying your head in the sand like an ostrich does. You're not looking at your accounts, you're not logging in, you're not checking your 401k, you're just waiting for the quarterly statements or monthly statements to come in. You can't do that. before you know it, if this thing continues, you're going to be down a significant amount and you're not even going to realize it. So this is a time to really, really pay attention to things. All right, speaking of the oil, let's go to the commodity side. Just a $0.29 gain. Again, I think we went up to $0.98 and some change today, if I remember correctly. As I said on the show yesterday, and I want to repeat it again today, my feeling is if we hit $100 oil, this is West Texas. Brent, we're 120 or so. But on West Texas, you like that one, huh, Dwight? But if we hit 100 and it holds there for a day or two, that's when everyone's going to start to panic a bit. Everyone's OK. Right now, again, $80 to $90. We know it's above the normal $70 or so we're used to. We're tolerant of it at $95.71, a barrel up $0.29 today. But again, that $100 mark, I've seen it over and over again watching the charts. That $100 mark is when the market, meaning the stock market, really begins to get upset when you hit that mark. So there's just an area you want to watch. we're to be talking about mortgages again, now that the Fed is out of the picture and in the real estate market. But before we do, let's talk a little bit of gold, guys. This is another tough one that obviously gold prices went to the stratosphere up until this war began. Today, it was a tough day. $278.80 loss on gold, $4,615.80. Now, again, long ways to go before we kind of get back to that 3,000 plus range before the real rally began. a question I keep getting over and over again is, why is gold going down? Right? Gold is a, number we're all taught. Gold should be an inflationary hedge. Well, we got inflation. Yeah, scratch that one off the list. Not working this time. Gold's a haven, right? We got turbulence in the world. Yep, that's not working. So the question comes down to, if you own gold, why are you seeing it going down? Here's the really simple answer. I'm to go to DeWyte's World, the bond market. What's the last thing you want to own, Dwight, in a rising inflationary environment? Dwight Millard: You don't want to own any bonds. Jon G. Sanchez, CEO: There you go. Dwight, what's the last thing you want to own as far as a precious metal when you're in inflationary environment? You got it. That's exactly right. Think it. Aaron's smiling. You don't any dividends off of gold. It's obviously trades all around like a stock does nowadays. All the things that you were all brought up to know and ⁓ trust and in as far as gold, throw them out the window. Dwight Millard: Gold? Yeah Jon G. Sanchez, CEO: It's all changed now. It's again, nothing more than like owning a bond at this point. And ⁓ that's it's coming down. So as long as these inflationary fears are ⁓ in of us, as long there's this turmoil going on around the world, I see more risk on gold at this point. ⁓ But now here's problem. It's not just gold. It's really all the precious metals. We're seeing significant pullback in silver prices. We're seeing significant pullback in copper prices. One of the few areas that is really going up LNG, natural gas. Yesterday, of course, ⁓ ran via a drone, hit the world's largest natural gas facility in Qatar. And I the video on that and I just can't believe how this place is, but just visualize, yeah, visualize like, you if you drive by, let's say you go down to San Francisco area, drive by some of the refineries down there and you see those big massive storage tanks. Imagine those, you know, ⁓ I don't even know how there are there. Aaron Clark, Edge Realty: soon. Jon G. Sanchez, CEO: And the drone came in and hit one of those, think just to kind of prove a point. And now the is out to Iran saying, at, OK, oil is one but you cannot start hitting water treatment plants. You can't start hitting LNG plants and so on and so forth. Yeah, we'll see what Iran does about that. I don't think they care anymore. And that's one of the big risks. What I think is going to happen back to those Marines, my feeling is I think they're going to eventually end up on that island where 90 % of Iran's oil gets shipped out of. That's where it's the oil where all the ships come into. And we bombed last ⁓ We didn't hit purposely, not hit any of oil production side of things, just did a lot of damage elsewhere. And Trump came out today said, look, if this doesn't stop, meaning these drones and missiles, et cetera, to some of these life-bearing facilities like LNG, like desalinization and type of thing. I forget his exact I didn't want to say it. But bottom line is they're going to have hell to pay, is what he said today. again, we're kind of going this level here, guys, and see where we go with everything. So day, every day, every hour, it's different. It really is. It's just a very challenging time for investors. I know that. I'm with you on that. You just got to hang tough and do as I said earlier, and that is diversify. on some of the dips or some phenomenal deals that are out there right now. But you got to be patient with it. Don't panic at this point. Like I watch that oil hitting $100 and holding there, not just hitting it, but holding there. ⁓ And that's to do that. And then the boots on the ground, if we end up getting that, those are ⁓ some of things that are on my worry list going forward. All righty, boys. The Fed hit the rate pause yesterday. Are they gonna freeze the housing market with that decision? We'll talk about it with Aaron and with Dwight when we come back. First, let's turn it over to Jack Saban. He's got news, traffic, and weather. Hello, Jack. Welcome back to the Jon Sanchez Show, a new stock 780 QH, and that smiling face you see on the screen, Mr. Aaron Clark of Edge Reliity, Dwight Millard, that handsome look right there. Dwight Millard of OnCue Home Loans. 204 loss on the Dow today, NASDAQ down 62, S &P gave up 18, and once again, oil up 29 cents, 95.71 a barrel. Big story of the day was the, again, the gold price is down $278.80 an ounce, and that 10-year up two basis points at a yield of 428, as Dwight said, 643 on the 30-year mortgage. Amazing. seven basses punch for the day. OK, so let's begin our discussion. The Fed's out of the picture, right? We can't count on them like we came into this year doing because of the war and in PPI, CPI, et cetera. So cut to the chase, boys. Let's get down to this. 643, Dwight. All right, you said 6 and 1 half. I'm going to hold my question to you because I want to start on the boots. I want to start with the boots on the ground. Aaron Clark, where is the level where people are going to go? I'm not doing this. Is it six and a half? Is it back to seven? What's your take on that? Aaron Clark, Edge Realty: mean, here's the thing, is people that doing stuff are probably not gonna be pushed out too much until you see some major swing and major news that it's gonna only get worse type thing. But as as people that are kicking tires, might be on the fence, I think they're gonna do a lot of pulling back and saying, yeah, just not right now, or I'm gonna hold off, especially if they don't have to. I mean, you we've been talking about it. Most people that are doing stuff right now are the have-tos. know, be there at job change, death, ⁓ divorce, So those people are still going to be doing stuff no matter what. And buyers are going to be out there buying their stuff. But the ones that have a choice? I mean, why would you do anything right now, really? Jon G. Sanchez, CEO: Yes. Do what I had a thought of you this morning. CNBC did an interview and I forget the gentleman's name, I'm sure you know it, because you're obviously a massive Miami Dolphins fan, the owner of the Miami Dolphins and he's F1 and Older gentleman, very into real estate. And he said, to your point, Aaron, said, why would anybody take out a mortgage or buy a house right now if they don't have to? There's too much uncertainty the world, too much uncertainty. whether they're gonna have their job because of AI, much uncertainty about where rates are. mean, just, ⁓ he just went down this whole list and made a lot of sense. And I was surprised to hear it from a guy like that. But ⁓ Dwight, your take on that? ⁓ Let's to that same question to you. Where is pressure point now that we know the Fed's out of the picture? Mm. yeah. to seven. seven's a nasty mark for people. Mm-hmm. Minimum rates? No, that's a, that's an salesman's That's why saying that. right here on the dotted line now. ⁓ Aaron Clark, Edge Realty: Well, the other thing to realize too is high rates don't kill demand, they're going to delay it. You know what I mean? So, eventually are going to get to a place where they're ready to pull the trigger again and it's just going to be that much more people ready to do so. Jon G. Sanchez, CEO: Okay. That's where I wanted to go, the builders. You call on a lot of builders, Dwight. What's the consensus right now? And maybe too soon. I mean, we just had this Fed meeting yesterday. So, you know, maybe this is a question I should ask you in three or four weeks. But I can't imagine these builders are thrilled with this. First of all, whatever happened to all these great incentives that we talked about, what the January I think it was, where the government's going to step in and try to ease the housing market and do this and do that. All that's gone by the wayside. Not, least no one's talking about it. But how much can these builders tolerate right now? If we get back to 6 and 1 or I mean, think about it. Let's go back just real quick here. Let's pause for a second. What do I three weeks ago at the most 599. So let's use that same logic. you're up. This is rounded up almost a half a percent in the 30 year mortgage rate in three weeks. So here we are at 6.43 another half a percent. in the high six nines, right? You get a bad something happened, boots on the ground and I ran, whatever it is, and guess what? Now you're at your seven. are these builders gonna do? Are we gonna see a massive amount of incentives coming back again? Because didn't you say a few weeks ago, the incentives are starting to diminish a little bit? Aaron Clark, Edge Realty: They were. Jon G. Sanchez, CEO: Yeah, exactly. They were. Yeah, yeah, I'd be so frustrated. Mm-hmm. Yeah, those are the ones. Have either one of you heard anything from any of your builders as far as complaining about higher input cost and all the input costs that go into a home as inflation, especially PPI, which is the wholesale side? Are you hearing any mumblings about that at this point? ⁓ yeah, okay. Yeah. Yeah. Aaron Clark, Edge Realty: Not yet. I'm sure it's coming with gas prices because of the cost of goods to ship and all that kind of stuff. I mean, the biggest thing for them right now is they need just builders, but everybody. You got to get out in front of it. You don't want to be the guy that's at the top of the hill chasing a ball rolling down it. You want to be down the hill a little bit getting ready to catch it. So, you know, that's the reality of it is be prepared, price things correctly and get out in front of it. Get your product moving. Jon G. Sanchez, CEO: Yes. Yes. To the price of oil? you mean to the houses? Yeah, yeah, Yeah. ⁓ easy 10, easy 10, easy. I mean, what ⁓ we see? What we see in liberation after Liberation Day in April of last year and all the terrorists we came in? Didn't we of see what, 20 %? Somebody that number out in my mind, kind of a 20 % on average increase, Aaron, Dwight? Yeah. Aaron Clark, Edge Realty: Goods. Yeah, was something like that. Jon G. Sanchez, CEO: Oh no, mean, medium price home, 610%, that's $60,000 additional cost. but they can't last that long doing that. Well, see, that's the biggest issue that no one is paying attention to. There are no signs at this point. And God knows I don't want to be pessimistic. I'm just stating the facts. There are no signs at this point of this confrontation coming to an end. We've obliterated their Navy, their Air Force, everything else. But I watched the show last night, Aaron, because you're a tech guy. We're now relying upon Ukraine to bring in their drones and their drone pilots because we're sending missiles that cost. They showed one, think it was a Sidewinder missile. God, they say? It cost $4 million when they came off jet. And they've got these drones, literally wholesale cost. You can buy a Ukrainian drone that are shooting down Russian missiles, et cetera. It costs Ukraine $1,000 to ⁓ build that We're now bringing them over and saying, Aaron Clark, Edge Realty: Yeah Jon G. Sanchez, CEO: OK, guys, we've helped you out a lot. We need little $1,000 drones because they can't make them fast enough. The whole world is starting to buy them from Ukraine. It's like they're the hero, right? So my of all that is, what's different this around is you've got drones. You've got AI defense weapons and so and so forth. How can this thing come a quick end? That's the point I'm getting to. I want you guys to think about that. How does this thing come to a quick end and settle down? my markets in your markets, right? I think that's the million dollar question. Drop it up to Kristen Snow right now, traffic center, Kristen. Welcome back to the Jon Sanchez Show on Newstalk 780KOH. I told the boys, I'm like, what was the question I asked you? I've got so many things going through my mind right now. I like, what was the question I asked you when we went to rig? I'll just show my stupidity here. Aaron, let's start off with some phone numbers. Your number, See, you're going to miss not being on this show when Corey gets back in the swing of things. You're going to miss there, Dwight and I, I promise you. Where else can you have such laughs and education for one hour out of the day, right? Aaron Clark, Edge Realty: 673 6700 True, Yep, that's true. Jon G. Sanchez, CEO: in live senior moments, that's right, that's right, that's right. ⁓ God, don't tell me about that. You realize I'm gonna be eligible for Social Security next week? No, I'm next week, March 24th, 62. Social Security eligible. I graduated Wooster, man. What are you talking social security? Yeah, no kidding. yeah. It's It's over. I know. Yeah, exactly. ⁓ I your number, please? Thank you so very All right. So our topic been the Fed hit the pause button. Powell says we're in no hurry. They're going to be data dependent. We hear that every single report. Realistically, there's no way in heck unless Kevin Warsh, who is again looking for Senate confirmation. And some of the Dems are saying, no, he's not going to get it. And as we discussed at beginning of show, you could see Powell stay on his pro tem, which means more of the same, right? No interest rate cuts. The president had a few harsh things to say about Powell again today that they're moving forward with a lawsuit against him and so on and so forth. So Dwight, I'll start with you as far as our wrap up is concerned. Put those arms around everything we've talked about today. Fed out of the picture, rising oil prices, a very jittery stock market, very jittery bond slash mortgage market. What's your advice to everybody right now? great advice. What's up? And real quickly tell the audience what the 321 is. So if you're getting quoted six, your first year rates at three. than or two, excuse me. ⁓ you get three off that. Okay, I know, six minus three is three last time I checked. Senior, senior, talking about senior moments there. need to pull your shoes off or something and start counting the toes? Aaron Clark, Edge Realty: Wow. Jon G. Sanchez, CEO: Yeah, yeah, yeah, exactly. No, that's, that's exactly. ⁓ yeah, yeah. Ain't nothing free, right, boys? Okay, so stay the course, continue on. remember, we always know this. The world, you know, there's always clouds before the sunshine, right? And you derail life plans like, you know, going from a small house to a big house or any of these things like that. ⁓ Still your life. But just again, our purpose of telling you all this. Aaron Clark, Edge Realty: Yeah, because you're paying for that special No. Jon G. Sanchez, CEO: by no means is to be pessimist, but the purpose is very simple, to keep you educated. You have to understand what's going on. finding so many people, they've the mental they're tired of it. They're turning off news, they don't know what's going on, which is human nature. Aaron, 10 seconds, your final advice. Aaron Clark, Edge Realty: Yeah, I mean, most people are waiting for the market to change, but the real opportunity is gonna be learning how to work with inside this market that we have. So we'll work it out. We'll figure it out. Jon G. Sanchez, CEO: Beautiful. We'll leave it right there. advice, boys. That a lot of fun. A of things we talked about. And don't forget, you can pick us up on YouTube. You can pick us up at your favorite spot, Spotify, and all of the sites out there. So thank you, boys. That was great. I wish you guys a great weekend. I'll be back with everybody tomorrow on the Jon Sanchez Show. God bless. Have a great afternoon.