Hello for the second time this week!

I try to keep it to one email a week, but there's been some interesting market movement worth sharing. I'll keep it short.

As always, there are two sides to every market.

With concerns about the massive investment in AI and data centers, investors have been pulling money out of tech stocks. The spending has been enormous, but the immediate returns are still uncertain.

So where is some of that money going?

Into safer investments like the 10-year Treasury.

Why does that matter? Mortgage rates are heavily influenced by the bond market, and falling Treasury yields can help improve mortgage pricing.

Here's what's happened:

• One month ago: 10-year Treasury at 5.235%
• Today: 10-year Treasury at 4.837%
• The impact: On one smaller loan I recently priced, that improvement translated into over $4,000 less in closing costs for the exact same interest rate!

That's a meaningful difference!

The takeaway?

If you have buyers who stepped back because of rates or closing costs, now might be a great time to revisit the numbers.

Even when the interest rate doesn't change much, the cost to obtain that rate can improve significantly.

Thanks, and have a great weekend!