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When will rates go down? It all depends... · Bought Borrowed and Sold

• 0:00
  Speaker 1: All right.
• 0:00
  Speaker 2: Welcome to bought, bought and sold. Thank you so much
• 0:03
  Speaker 2: for joining us today. We've got, um, man, we've got
• 0:06
  Speaker 2: some open houses, uh, this afternoon. We've got some new
• 0:10
  Speaker 2: listings that we're going to be talking about. We're going
• 0:12
  Speaker 2: to be talking about what's going on in the economy
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  Speaker 2: and how that's impacting interest rates. Uh, we're going to
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  Speaker 2: have a full show here. Uh, we've got Brad Smith
• 0:21
  Speaker 2: with cross country mortgage joining us, bradsmithloans.com. What's up, Brad?
• 0:25
  Speaker 1: How are you, buddy? Man, I am fantastic.
• 0:27
  Speaker 2: How are you? Man, I'm good. Um, been uh it's
• 0:31
  Speaker 2: every night we're on the football field or the baseball
• 0:34
  Speaker 2: field or some kind of field and uh and in
• 0:37
  Speaker 2: the meantime i made a post about i was kind
• 0:39
  Speaker 2: of jokingly making a post like You know, pretty much
• 0:41
  Speaker 2: from Monday through Thursday, 530 to 730, you can ask
• 0:45
  Speaker 2: any of your real estate questions on the Homewood baseball
• 0:48
  Speaker 2: or football fields.
• 0:49
  Speaker 1: I mean, that's a fact. I mean, we talk about
• 0:51
  Speaker 1: it all the time. It's like people are like, what
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  Speaker 1: time is practice? It's always between 6 and 8. That's right.
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  Speaker 1: Somewhere in that range. I'll tell you if it's going
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  Speaker 1: to be 615 to 730 or 630 to 745 or whatever.
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  Speaker 1: But somewhere in that 6 to 8 range on Monday, Tuesday, Wednesday, Thursday,
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  Speaker 1: we may have practice. So be ready for that.
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  Speaker 2: That's right. That's right. Yeah. Anywho, fun times. Fun times.
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  Speaker 1: What's crazy is as much as we've been talking about it,
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  Speaker 1: and it feels like we've just kind of started the season,
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  Speaker 1: for our youth football, we've only got like two more
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  Speaker 1: games left. Yeah, yeah. We're almost over. It's kind of interesting. Yeah,
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  Speaker 1: it just starts flying by. Now we're in the heart
• 1:27
  Speaker 1: of the football season for college, and we're going now.
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  Speaker 2: Football here, there, everywhere.
• 1:32
  Speaker 1: It's October.
• 1:33
  Speaker 2: I know. The fall is here. Thank goodness. Man, I'll
• 1:39
  Speaker 2: tell you what. Like, it's been hot. I mean, the
• 1:42
  Speaker 2: last month has been just hot.
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  Speaker 1: When I saw all the rain that was scheduled for
• 1:47
  Speaker 1: the weekend, whether we got a lot or didn't get
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  Speaker 1: a lot, you could tell that there was that cold
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  Speaker 1: front air pushing it down. It's like, here comes fall.
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  Speaker 2: Uh-huh.
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  Speaker 1: You know, and it's like just get– not that we're
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  Speaker 1: not going to have some other blistering days here in
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  Speaker 1: Alabama for the rest of the year. We surely will.
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  Speaker 2: Yeah.
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  Speaker 1: But– I feel like the run in the nineties may
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  Speaker 1: be over.
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  Speaker 2: And I'm okay with that. I, you know, I walked
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  Speaker 2: out this past week and.
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  Speaker 1: If rates aren't going to cooperate, at least the temperature came.
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  Speaker 2: Hey, there you go. Oh, we need to cool off.
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  Speaker 1: We need to cool off the interest rates.
• 2:17
  Speaker 2: That's what we definitely need to cool. It needs its
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  Speaker 2: own false. It needs a winter season.
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  Speaker 3: Yeah, it does.
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  Speaker 2: Um, sorry.
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  Speaker 1: Didn't mean to turn on.
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  Speaker 2: No. Hey, I walked out like earlier this week. I
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  Speaker 2: walked out and I was like, man, I went back
• 2:28
  Speaker 2: inside and got me a fleece. Yeah. And, um, I'll, I'm, I'm,
• 2:33
  Speaker 2: I'm at the gym every morning during the week at 545,
• 2:36
  Speaker 2: and that's kind of my place to not think about
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  Speaker 2: a lot of things or think about a lot of things.
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  Speaker 2: And so I walked out, and it was 55 degrees.
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  Speaker 2: And I was like, oh, my goodness. I really wasn't
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  Speaker 2: expecting that.
• 2:53
  Speaker 1: Hit those seat warmers.
• 2:55
  Speaker 2: Yeah, for sure. Yeah. No doubt.
• 2:58
  Speaker 1: It's good.
• 2:58
  Speaker 2: In my rental car. Oh, yeah. Yeah. So I had
• 3:02
  Speaker 2: to get a rental car. This week has been like
• 3:05
  Speaker 2: the week of random. It's like, hey, if things could
• 3:07
  Speaker 2: have gone wrong this week, this was the week that
• 3:09
  Speaker 2: was going to happen. I went to the Bama game
• 3:13
  Speaker 2: last weekend. My drive train decided to fall out on
• 3:19
  Speaker 2: Hargrove and McFarland. So luckily, I did not cause any
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  Speaker 2: other accidents. I just had to have my car towed
• 3:25
  Speaker 2: and So I dealt with that, and then, you know,
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  Speaker 2: it's just... Life. Yeah. It's like one day at a time.
• 3:32
  Speaker 2: One day at a time.
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  Speaker 1: Literally.
• 3:35
  Speaker 2: You know, here's the thing. Market has been, I think,
• 3:39
  Speaker 2: a little bit unique. We're going to talk a little
• 3:41
  Speaker 2: bit more about interest rates and how that's impacting our market.
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  Speaker 2: Definitely think it is impacting our market. I think our
• 3:48
  Speaker 2: economy is impacting our market.
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  Speaker 1: But.
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  Speaker 2: I also think the economy impacts our market in a
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  Speaker 2: different way. It pushes people to go ahead and get
• 3:57
  Speaker 2: their houses on the market. So I think we've got
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  Speaker 2: like five new listings this week that we're going to
• 4:02
  Speaker 2: chat about that I think is interesting. I've been on
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  Speaker 2: multiple listing appointments this past week in all different price
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  Speaker 2: ranges and all different areas. So trying to figure out
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  Speaker 2: when's going to be the best time to bring those
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  Speaker 2: to market. Most likely those will even be open to
• 4:19
  Speaker 2: off-market buyers. you know, selling it off market. So, you know,
• 4:23
  Speaker 2: we're putting together our list of people that would be
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  Speaker 2: open to selling. So, you know, I think that's one
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  Speaker 2: of the benefits with working with our team is we
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  Speaker 2: do have a list of people that are willing to
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  Speaker 2: sell and they're either in the process of getting their
• 4:36
  Speaker 2: house on the market or there's a reason that it's
• 4:41
  Speaker 2: not on the market just yet. They're waiting for one
• 4:43
  Speaker 2: of the puzzle pieces to kind of fall in place.
• 4:46
  Speaker 2: So you can always go to gustygoulisgroup.com. Call us or
• 4:50
  Speaker 2: text us at 205-542-1996. And we'd love to chat with you.
• 4:56
  Speaker 2: Learn a little bit about what you're looking for in
• 4:58
  Speaker 2: a house or the reasons why you're selling a house
• 5:01
  Speaker 2: so that we can build a game plan together. And
• 5:04
  Speaker 2: sometimes we do stuff off the market. I mean, I
• 5:07
  Speaker 2: would say every month we've got at least one to
• 5:09
  Speaker 2: two deals that we're doing that have never saw the
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  Speaker 2: light of day. And it was just the reason why
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  Speaker 2: is there was a piece of the puzzle that just
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  Speaker 2: wasn't there.
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  Speaker 1: Right.
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  Speaker 2: And so, you know, that's kind of one of the things,
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  Speaker 2: one of the benefits with working with a large team
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  Speaker 2: like ours.
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  Speaker 1: No doubt. All right.
• 5:27
  Speaker 2: Hey, might as well go ahead and get going with
• 5:30
  Speaker 2: the game. Let's do this. I've got a bunch of
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  Speaker 2: open houses I'm going to talk about. And then, so
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  Speaker 2: I've got like four or five. So why don't we
• 5:37
  Speaker 2: do this? I'm going to talk about those real quick.
• 5:39
  Speaker 2: And then I'm going to say, hey, what's the rules
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  Speaker 2: of the game?
• 5:43
  Speaker 3: All right.
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  Speaker 2: Today, this afternoon, we got a bunch of open houses.
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  Speaker 2: So our first one, It's going to be at 256
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  Speaker 2: Westchester Drive. That's over in the Valleybrook community of Centerpoint area.
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  Speaker 2: This home has recently been renovated, four bedrooms, two baths, 1,902
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  Speaker 2: square feet, built in 1975. We're only asking $ 214, 900, $ 214, 900.
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  Speaker 2: It also has a screen porch. The exterior has been painted,
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  Speaker 2: got a two-car garage. And it's on a three quarter
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  Speaker 2: acre lot. So that's a pretty darn good price right there.
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  Speaker 2: And that listing. So it's going to again, it's going
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  Speaker 2: to be open this afternoon from two to four. We've
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  Speaker 2: also got open in Warrior in the Smith Glen neighborhood,
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  Speaker 2: 9913 Hunter Place. This home was built in 2023, asking $ 259, 900.
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  Speaker 2: It's a four bedroom, three bath, single level garden home. 1,401
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  Speaker 2: square feet, and we're asking $ 2, 599. That one's going to
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  Speaker 2: be open this afternoon from 1 to 3, so go
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  Speaker 2: and see Raleigh Wood on our team. We've got our
• 6:55
  Speaker 2: next open house open from 2 to 4. It's 5807
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  Speaker 2: Wren Circle, Wren is spelled W-R-E-N, and that's a three-bedroom,
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  Speaker 2: two-bath on 1.8 acres in the Clay area, Cosby Estates subdivision.
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  Speaker 2: It's got 1,982 square feet on the main level, another
• 7:14
  Speaker 2: 192 finished in the basement. We're asking $ 275, so go
• 7:17
  Speaker 2: see Tony today from 2 to 4. And we've also
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  Speaker 2: got in Hoover in the Blackridge neighborhood, Foothills at Blackridge,
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  Speaker 2: built in 2024, a four-bedroom, three-bath home, 2,753 square feet,
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  Speaker 2: and we're asking $ 696, 500. $ 696, 500, that's 3024 Blackridge South. And
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  Speaker 2: that's going to be open from 12 to 2. So
• 7:44
  Speaker 2: go and see John Riddle. And yeah, so that takes
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  Speaker 2: our open houses for the day. Man, we are going
• 7:51
  Speaker 2: to be busy today.
• 7:53
  Speaker 1: Look at that.
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  Speaker 2: All right, Brad. Let's do the mortgage game where we
• 7:57
  Speaker 2: guess the mortgage payment. Tell the rules.
• 7:59
  Speaker 1: Rules of the game. Gusty can go over some of
• 8:01
  Speaker 1: the new listings they have and going to go through
• 8:03
  Speaker 1: some of the cool key features of each property. He's
• 8:06
  Speaker 1: also going to give us location, all that fun stuff,
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  Speaker 1: school zones, whatever they've got that's interesting for the property.
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  Speaker 1: But the main thing I need is the list price,
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  Speaker 1: what is the potential purchase price of the home, and
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  Speaker 1: then I'll give a down payment that a borrower may make.
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  Speaker 1: And then Gusty and John Mounts will take their best
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  Speaker 1: efforts at guessing the 30-year fixed monthly principal and interest
• 8:22
  Speaker 1: only payment.
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  Speaker 2: All right, cool. Our first new listing of the week
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  Speaker 2: is in the Birmingham Centerpoint area. It's 239 Lake Drive
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  Speaker 2: Circle Northeast. It's a three-bedroom, one-bath home, 1,159 square feet.
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  Speaker 2: It's got a large fenced backyard. When I say large fence,
• 8:41
  Speaker 2: it's almost a half-acre lot. So a great lot built
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  Speaker 2: in 1957. Could be for personal use. Could be for
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  Speaker 2: a rental home. We are asking $ 100, 000. $ 100, 000. And, yeah.
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  Speaker 1: All right.
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  Speaker 2: So there we go.
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  Speaker 3: $ 100, 000.
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  Speaker 1: We're going to start with 20% down. 20% down, we're
• 8:57
  Speaker 1: going to start with Gusty. $ 100, 000 with 20% down. I'm
• 8:59
  Speaker 1: going to go with $ 531.
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  Speaker 2: Thinking $ 500 even.
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  Speaker 1: It was actually 566. Gusty gets round one.
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  Speaker 2: Okay. Okay. Let's go.
• 9:34
  Speaker 1: Just warming up.
• 9:35
  Speaker 2: Just warming up. All right. Think about that. 566 and
• 9:41
  Speaker 2: what you could rent that for. Hey, investors, you need
• 9:44
  Speaker 2: to call us. 2900 Veterans Memorial Drive. This is in Adamsville.
• 9:50
  Speaker 2: This home was built in 1970. on 1.4 acre lot.
• 9:54
  Speaker 2: It's a three bedroom, two bath home. It was 1,568
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  Speaker 2: square feet on the main level, 400 square feet finished
• 10:02
  Speaker 2: in the basement. It's got a basement den. Four car garage. Four.
• 10:09
  Speaker 2: How many? Four car garage. Now, listen to this. The price, $ 119, 900.
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  Speaker 2: What a steal of a deal on this house. $ 119, 900.
• 10:22
  Speaker 2: This one is listed by Richie Aubel on our team. Richie,
• 10:26
  Speaker 2: congratulations on your new listing. $ 119, 900. $ 119, 900.
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  Speaker 3: Yes.
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  Speaker 1: All right. 5% down. 5% down.
• 10:37
  Speaker 2: Okay.
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  Speaker 3: And that's to me.
• 10:40
  Speaker 1: That's to John.
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  Speaker 2: It is.
• 10:42
  Speaker 3: And I'm going to say... 700 bucks.
• 10:45
  Speaker 1: 700 bucks for John.
• 10:47
  Speaker 3: I'm going even numbers today.
• 10:48
  Speaker 1: Evens. Even Stevens.
• 10:51
  Speaker 2: Even Stevens.
• 10:54
  Speaker 3: I am.
• 10:56
  Speaker 2: He said 700. I think it's probably 750.
• 10:59
  Speaker 1: It's more like 806, but Gusty still gets it. An
• 11:05
  Speaker 1: even number of 800 would have been really good.
• 11:08
  Speaker 3: That would have been better, yes.
• 11:10
  Speaker 1: Yep, yep, yep, yep.
• 11:10
  Speaker 2: Next new listing is in the Cleveland, the city of
• 11:14
  Speaker 2: Cleveland in Alabama, not Ohio. Not the one in Ohio.
• 11:19
  Speaker 2: This is 97 Edgewood Road. This home was built in 1993.
• 11:21
  Speaker 2: It's got a two-car garage. It sits on one acre.
• 11:24
  Speaker 2: It's three bedrooms, two baths, and 1,296 square feet. The
• 11:27
  Speaker 2: price is only $ 215, 000. $ 215, 000. The kitchen was also remodeled
• 11:29
  Speaker 2: just a couple of years ago. So over in Cleveland,
• 11:31
  Speaker 2: that is Blount County and Hey, those Blount County taxes,
• 11:44
  Speaker 2: they're real nice, by the way. Oh, yes, they are.
• 11:46
  Speaker 2: All right, this listing is courtesy of Tony McDaniels. So, Tony,
• 11:49
  Speaker 2: congratulations on your new listing.
• 11:52
  Speaker 1: It was 215? 215.
• 11:54
  Speaker 3: 215.
• 11:54
  Speaker 1: You know, there's 20 states with a city with Cleveland.
• 11:59
  Speaker 2: Really?
• 11:59
  Speaker 1: 20 states.
• 12:00
  Speaker 2: Wow.
• 12:00
  Speaker 1: I did not know that.
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  Speaker 2: All right, 215, 20% down. 20% down. It's on me. Oh, my. Okay.
• 12:17
  Speaker 2: I'm going to go with.
• 12:19
  Speaker 1: No, I.
• 12:27
  Speaker 2: Don't think that's.
• 12:31
  Speaker 1: It.
• 12:31
  Speaker 2: $ 1, 300.
• 12:34
  Speaker 3: I've been low because I was thinking $ 1, 200, but he
• 12:36
  Speaker 3: says $ 1, 300.
• 12:36
  Speaker 2: Ugh.
• 12:36
  Speaker 3: $ 1, 400.
• 12:44
  Speaker 1: Stick to your guns, John.
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  Speaker 2: $ 1, 217.
• 12:51
  Speaker 1: I should have stayed there.
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  Speaker 3: So I said $ 1, 201.
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  Speaker 2: He's like, what am I thinking?
• 13:00
  Speaker 1: I'll just adjust it $ 200 from what I thought because
• 13:03
  Speaker 1: Gusty said $ 1, 300. Come on, John, stick to it.
• 13:07
  Speaker 2: Hey, next new listing is in the Helena area. It
• 13:10
  Speaker 2: is in the Forest Lake community. It's zoned actually for
• 13:15
  Speaker 2: McAdory schools, sitting on just under an acre lot built
• 13:19
  Speaker 2: in 1999. Four bedrooms, two and a half baths, 2,338
• 13:21
  Speaker 2: square feet. It's 4520 Park Avenue, and we are asking $ 420, 000. $ 420, 000.
• 13:23
  Speaker 2: By the way, this one has an unfinished basement. So
• 13:37
  Speaker 2: if you needed a little bit more square footage, you
• 13:39
  Speaker 2: could do that. Also got a couple of car garage,
• 13:42
  Speaker 2: two car garage. And, oh, yeah, it's got peaceful water views.
• 13:48
  Speaker 2: And your own private dog, by the way. How about that?
• 13:51
  Speaker 2: And that listing is courtesy of Kyle Bedgood. So, Kyle,
• 13:54
  Speaker 2: congratulations on your new listing.
• 13:57
  Speaker 1: All right, $ 420, 000. We're going to put 10% down, and
• 13:58
  Speaker 1: we're back to John Mounts. 420 with 10% down, so.
• 14:04
  Speaker 2: 42, so.
• 14:04
  Speaker 3: I'd say $ 1, 900. All right, how much down?
• 14:08
  Speaker 2: 10. 10%.
• 14:08
  Speaker 3: 10% down.
• 14:09
  Speaker 1: 420, man. Almost there.
• 14:09
  Speaker 3: You said 10% down?
• 14:13
  Speaker 2: Okay.
• 14:14
  Speaker 1: Okay.
• 14:33
  Speaker 2: I'm going to go with, ooh, how much did he say? 1,900.
• 14:47
  Speaker 1: So you can just say anything and beat him, or
• 14:49
  Speaker 1: you can try to get it exactly right.
• 14:51
  Speaker 2: He's a little low. I'll just say, let me give
• 14:53
  Speaker 2: it a run.
• 14:53
  Speaker 3: All right.
• 14:53
  Speaker 2: 2,200. It was actually 2,674. Woo! 2,674. I knew he
• 15:05
  Speaker 2: was a little low.
• 15:06
  Speaker 3: I think I forgot to multiply something or carry a
• 15:09
  Speaker 3: one or something.
• 15:10
  Speaker 2: Man, it is all good. Hey, our last new listing
• 15:14
  Speaker 2: of the week, incredible renovated home off of Eastern Valley
• 15:18
  Speaker 2: Road in Leeds, 2701 Eastern Valley Road. 4.3 acres built
• 15:20
  Speaker 2: in 1925 has been completely renovated. 2,835 square feet finished.
• 15:33
  Speaker 2: On the main levels, around almost 1,000 square feet finished
• 15:38
  Speaker 2: in the basement. $ 675, 000. $ 675, 000. It's got an incredible primary bathroom.
• 15:50
  Speaker 2: The kitchen has been updated. It's got a bonus den
• 15:54
  Speaker 2: in the basement. It's got a two-car carport.
• 15:58
  Speaker 1: And again, like, Space.
• 16:01
  Speaker 2: $ 675, 000 for all of that. It's a cool house. Really
• 16:06
  Speaker 2: excited about this listing. $ 675, 000. $ 675, 000.
• 16:08
  Speaker 1: We're going to stick with 10% down, and we're back
• 16:13
  Speaker 1: to Augustine.
• 16:15
  Speaker 2: Augustine. Augustine.
• 16:19
  Speaker 1: That Coke's kicking in.
• 16:21
  Speaker 2: 10% down? Yeah. That's a whole lot of money.
• 16:24
  Speaker 1: Coca-Cola classic, that is.
• 16:26
  Speaker 2: Mm-hmm. You had to be precise over there.
• 16:29
  Speaker 1: Well, when I realized it was 8, 15 in the
• 16:32
  Speaker 1: morning on a Sunday, and I said, the Coke's kicking in.
• 16:34
  Speaker 1: I don't need to make sure.
• 16:36
  Speaker 2: Well, we're on News Talk. We're not on, you know,
• 16:39
  Speaker 2: late night.
• 16:39
  Speaker 3: We're not those hippie listeners on this station.
• 16:41
  Speaker 1: We're on Excel. Here's my can. All right.
• 16:45
  Speaker 2: Let's go with, I don't know, $ 4, 079.
• 16:48
  Speaker 3: $ 4, 079 for Gusty. I'm going to say.
• 17:01
  Speaker 2: $ 4, 000.
• 17:04
  Speaker 3: I think like right at $ 4, 000.
• 17:09
  Speaker 1: It was actually $ 4, 298. Gusty with the clean sweep. Woo!
• 17:18
  Speaker 3: I'm not doing round numbers ever again. That doesn't work.
• 17:21
  Speaker 2: Man, man, man.
• 17:22
  Speaker 3: Oh, man.
• 17:24
  Speaker 2: Hey, we've got a couple of VIP needs. We've got Crestwood,
• 17:30
  Speaker 2: Forest Park, Avondale up to 600. We've got Shelby County
• 17:33
  Speaker 2: with a pool up to 350. We've got multiple people
• 17:36
  Speaker 2: looking in the Homewood area up to a million. I've
• 17:39
  Speaker 2: got a client that's also looking in Liberty Park in
• 17:41
  Speaker 2: Greystone up to 2 million. So we have a A
• 17:45
  Speaker 2: lot of folks that are sitting on the sidelines waiting
• 17:47
  Speaker 2: potentially for your house. So go to gustygoulasgroup.com or call
• 17:51
  Speaker 2: or text 205-542-1996. Hey, guess what time it is? That's right.
• 17:58
  Speaker 1: It's testimonial time. All right.
• 18:04
  Speaker 2: The first, I like this review. Gusty Goulas Group provides
• 18:08
  Speaker 2: a professional and welcoming service. Real estate experience. I appreciated
• 18:11
  Speaker 2: how approachable and helpful the team was throughout the process.
• 18:14
  Speaker 2: They were attentive to my questions, communicated clearly, and made
• 18:18
  Speaker 2: each step feel easier to understand. I also liked the
• 18:21
  Speaker 2: organized way they handled the details and the time they
• 18:24
  Speaker 2: took to understand what I was looking for. The overall
• 18:27
  Speaker 2: service felt personal rather than rushed, which made the experience
• 18:31
  Speaker 2: more comfortable. Overall, the Gusty Goulas Group offers friendly service,
• 18:35
  Speaker 2: clear communications, and a professional approach to real estate.
• 18:38
  Speaker 1: So.
• 18:39
  Speaker 2: Well, Mr. Ash, thank you so much on the opportunity
• 18:42
  Speaker 2: to represent you on your home.
• 18:43
  Speaker 1: And Gusty Goulas Group, congratulations on another five-star review.
• 18:49
  Speaker 2: And this one is for Kyle. Mr. Gann says, Kyle
• 18:52
  Speaker 2: was absolutely the best real estate agent I have worked with.
• 18:56
  Speaker 2: He kept our interest at hand. I would normally state
• 18:59
  Speaker 2: I gained a partner here. but the truth is I
• 19:02
  Speaker 2: gained an excellent friend. So Mr. Gann, congratulations on your
• 19:06
  Speaker 2: new home. And Kyle, congratulations on another five star review.
• 19:12
  Speaker 2: All right. That's our reviews for the week. Love those things. Hey, short, uh,
• 19:17
  Speaker 2: quick break. Stay tuned. We're going to say, we're going
• 19:20
  Speaker 2: to give you a little information about what's going on
• 19:22
  Speaker 2: with interest rates right here on ball, but are sold.
• 19:24
  Speaker 1: Yay.
• 19:26
  Speaker 2: Welcome back to ball, Bart and sold. Thank you again
• 19:28
  Speaker 2: for joining us. Um, You know, we talk a lot
• 19:32
  Speaker 2: about what is going on in the economy, interest rates
• 19:35
  Speaker 2: on our show. Obviously, we talk about our new listings
• 19:38
  Speaker 2: and all that fun stuff, what we're seeing in the
• 19:41
  Speaker 2: real estate market. But, you know, the economy is a
• 19:43
  Speaker 2: big topic. Interest rates are a big topic. And we've
• 19:47
  Speaker 2: got Brad Smith with Cross Country Mortgage here. each and
• 19:50
  Speaker 2: every week that gives us a little bit of an
• 19:51
  Speaker 2: update and a little bit of insights on what we're
• 19:54
  Speaker 2: seeing and how does that impact rates. And then, you know,
• 19:59
  Speaker 2: that impacts buying a home. So, Brad, what we got
• 20:01
  Speaker 2: this week, my man?
• 20:03
  Speaker 1: We have gone up, up, up and away on the
• 20:07
  Speaker 1: interest rate. Yeah, I mean, yeah. I mean, rates right now,
• 20:13
  Speaker 1: I think 30-year average this past week ended around 7.6%. 7.6%.
• 20:16
  Speaker 1: So that's the highest it's been since October of 2023. Okay.
• 20:23
  Speaker 2: And how quick has this gone up? In the last month.
• 20:28
  Speaker 1: That's actually what I was talking about.
• 20:29
  Speaker 2: Because I think it's important for people like, If people
• 20:32
  Speaker 2: haven't really been paying attention to the interest rate, I
• 20:34
  Speaker 2: know that they're paying attention to what they're paying at
• 20:36
  Speaker 2: the pump.
• 20:37
  Speaker 1: 100%.
• 20:38
  Speaker 2: Typically, I'm not looking at what I'm paying for gas.
• 20:46
  Speaker 2: But when I started looking around, like, hey, where's the 389?
• 20:50
  Speaker 2: Where's the 409? I'm seeing that. So I know, kind
• 20:55
  Speaker 2: of out of sight, out of mind on interest rates.
• 20:57
  Speaker 2: And people don't really think, hey, it's up to mid-sevens.
• 21:00
  Speaker 1: Yeah, I mean, so just to go backwards to your point,
• 21:04
  Speaker 1: in July, end of July, we were 1% lower than
• 21:07
  Speaker 1: we are now. So two months. Early October. Two months,
• 21:13
  Speaker 1: we've gone up 1%.
• 21:14
  Speaker 2: That is so fast.
• 21:16
  Speaker 1: It's really fast. And it'll take a year. You see
• 21:19
  Speaker 1: how excited I was to get to this segment? Because
• 21:21
  Speaker 1: I don't really have a lot of, I mean, there's
• 21:22
  Speaker 1: not even a lot of technicals to get into on it.
• 21:24
  Speaker 2: It'll take a year for this to come down. If
• 21:28
  Speaker 2: it stops. If it comes down.
• 21:29
  Speaker 3: If it stops.
• 21:31
  Speaker 1: So that kind of got me thinking. Okay.
• 21:33
  Speaker 2: All right.
• 21:34
  Speaker 1: So I kind of went backwards. You know, you try
• 21:37
  Speaker 1: to find some love somewhere. But, you know, I mean,
• 21:43
  Speaker 1: it does go back to. There's so many different factors
• 21:47
  Speaker 1: that go into this, and we talk about that every week,
• 21:50
  Speaker 1: whether it's for the good or the bad, and whether
• 21:52
  Speaker 1: it's things you would ever think about should be impacting
• 21:54
  Speaker 1: your mortgage rate on your home or not. And it's
• 21:56
  Speaker 1: because it's a tradable, investable commodity, the bonds it goes into. So,
• 22:00
  Speaker 1: I mean, that's what is the driving force. So it's
• 22:03
  Speaker 1: just an economic factor like everything else. And so, you know,
• 22:07
  Speaker 1: I mean, what's crazy, though, is we do get like
• 22:09
  Speaker 1: this and we act like it's, you know, it's all
• 22:12
  Speaker 1: coming to an end. But, you know... In 86, we'll
• 22:15
  Speaker 1: go back through the decades. In 86, the 30-year fixed
• 22:18
  Speaker 1: average was 10.29 in 86. Okay. In 96, it was 8.15.
• 22:23
  Speaker 1: All right. 2006, we were about where we are now. Okay.
• 22:32
  Speaker 1: About seven, seven and a quarter.
• 22:34
  Speaker 2: Okay.
• 22:35
  Speaker 1: All right. And then 2016 now, that's going to be
• 22:37
  Speaker 1: a little more depressing just because we were a pretty
• 22:39
  Speaker 1: good world there, like 4.3. Mm-hmm. So that's where we
• 22:43
  Speaker 1: were for the most of the 2010s, those mid to
• 22:45
  Speaker 1: upper fours.
• 22:46
  Speaker 2: Yeah.
• 22:47
  Speaker 1: And then we had COVID and got them down to
• 22:49
  Speaker 1: the threes and twos.
• 22:50
  Speaker 2: Yeah.
• 22:51
  Speaker 1: And then we got back to some normalcy and then
• 22:54
  Speaker 1: beyond normalcy.
• 22:55
  Speaker 2: How do we get back to the normalcy? I know
• 22:59
  Speaker 2: you're talking about it.
• 23:00
  Speaker 1: It's kind of normalcy now. Now I can get political, but,
• 23:02
  Speaker 1: I mean, it's politics. I'll tell you this. It's all politics.
• 23:07
  Speaker 2: Ugh.
• 23:07
  Speaker 1: Like it or not, right or wrong, whoever's doing it,
• 23:10
  Speaker 1: it's all tied to politics one way or the other.
• 23:13
  Speaker 2: And all.
• 23:13
  Speaker 1: A thousand percent.
• 23:14
  Speaker 2: And all.
• 23:16
  Speaker 1: I don't care if you like or don't like who's
• 23:18
  Speaker 1: in the White House at any given time. The people
• 23:21
  Speaker 1: in Washington, the reasons everything is doing what it's doing.
• 23:24
  Speaker 2: Man, coming in strong today, Brad.
• 23:27
  Speaker 1: You asked.
• 23:28
  Speaker 3: I delivered.
• 23:30
  Speaker 1: I delivered.
• 23:31
  Speaker 3: All right.
• 23:31
  Speaker 2: Well, hopefully we'll have some relief. Unfortunately, don't think it's
• 23:34
  Speaker 2: going to be anytime soon. Thanks for joining us. Any
• 23:37
  Speaker 2: real estate needs, go to gustygulisgroup.com or to get pre-qualified
• 23:41
  Speaker 2: for a mortgage, that'll be bradsmithloans.com. Thanks. Have a great day.