Welcome to the 569^th Weekly Mortgage Update. Before we get to the full update, if you need someone to help at your house, we have an AWESOME network of trusted, locally owned, and operated companies to connect you to in order to help. Whether you need plumbing help, have an electrical issue, or you need a dumpster for your reno (and attic clean out), OR with as hot as it’s been, need someone repair or replace your HVAC, reach out to us so that you don’t have to worry… just give us a call! Don’t risk just calling a random provider, you never know who or what you’ll pull out of thin air. Now, back to the update. This week, rates bounced around improving slightly and we’re hoping for improvement in the coming weeks. The rates are shown just above the trivia question. If you have questions about how these rates apply to your situation, let's talk. But gang as usual, there is LOTS GOING ON, SO LET’S GET STARTED!

CRAZY STORIES


I remember being a young kid and learning about the 1922 archeological expedition that uncovered King Tutankhamun's tomb in Egypt by Howard Carter. You can probably close your eyes and remember the golden and jeweled ancient treasures that were unearthed. What they didn't talk about much back then was the SMELL that they may have uncovered. Turns out scientists just answered that question for real. A team at the Egyptian Museum in Cairo used human "sniffers" and lab instruments to study the aroma of 3,000 year old mummified remains, and the verdict was surprisingly pleasant: woody, spicy and sweet (sounds like a weird Axe Body Spray commercial – “Try the new Tut Strut with Pharoah Pheromones.”) The scent comes from ancient embalming oils and resins, plus modern conservation products and a little good ol fashioned natural microbial activity. Researchers hope to recreate the smell for museum visitors someday… so we’ve got THAT to look forward to! Click below to read more.

This next story is BEGGING for a crossover episode with our first story, or at least I imagine the scientists going nose to mummy WOULDN'T MIND using this new invention to help their research. A 10-year-old inventor named Hsu Ting-wei just won a gold medal and the top invention award at the Silicon Valley International Inventions Festival for building an AI powered electronic nose. His device samples air behind X-ray baggage scanners at places like airports, using gas analysis and artificial intelligence to sniff out what is inside. Hsu said he hopes his invention can help stop things like fentanyl and diseased pork products from crossing borders. Not bad for a kid who is barely double digits. When I was 10 I had a pretty strong baseball card and Garbage Pail kid card collection funded by mowing the lawn and raking leaves… so VERY similar. All our editors truly hope this kid continues to use his powers for good, because as Uncle Ben said, “with great power comes great responsibility!” Click below to read below.

Here's a contest that Nola has some "friends" (all dogs are her friends) competing in. This year's World's Ugliest Dog Contest crowned Jinny Lu, a 6-year-old rescue pug, as the winner. Jinny Lu was rescued from the dog meat trade in South Korea before finding her forever home in Ukiah, California. The contest, now in its 50th year, isn't really about finding the world's ugliest dog at all. It's REALLY about celebrating rescue dogs and promoting adoption - imperfections and all. Jinny Lu beat out eight other contestants and even got flown out to New York for a "TODAY" show appearance. Gang, that ain’t bad for a former real life underdog (first dad joke of the update) with a face that only a mother could love! Click below to read more.

Finally, Nola was excited about these Corgi races that were featured on ESPN the Ocho a few weeks back. The fifth annual Corgi Race Vilnius drew around 150 short legged racers to Vingis Park in Lithuania, making it the biggest edition yet. Teams came from all over Europe and even the United States and Britain to compete for LITTLE LEGGED GLORY. It's not just about speed either. There's a costume parade, a "smartest nose" challenge (coulda come in handy in our crazy story) where dogs hunt for hidden treats, and a loudest bark contest. Corgis have long been associated with British royalty thanks to the late Queen Elizabeth II, who owned nearly 30 of them over her lifetime. Nola says she could never pull off the costumes, but she respects the training, and is VERY interested in the hidden treat-o contest.

REAL ESTATE TO BEHOLD



Have been debating with my son, who moves back to college this weekend, about all sorts of basketball legends recently. He's on the WRONG side of the MJ v LeBron GOAT debate, but one of my favorite players (after MJ and Tim Duncan) was Kevin Garnett, whose nickname was The Big Ticket. And gang, his former Malibu property is TRULY a BIG TICKET. Garnett started building the custom mansion back in 2003 but sold it before it was finished. After a complicated ownership change, the current owner brought in Swiss architect Roger Kurath (great name), who is the same designer behind Gene Simmons's Beverly Hills home (which featured prominently in past weekly updates.) Kurath and the owner took the place down to the studs for an epic renovation. The result is an 11,000 square foot, six-bedroom, eight bathroom estate on a rare 7 acre triple lot, complete with a gym, a pickleball court, and 50 avocado trees. It just hit the market for $48 million dollars. Bring you’re A Game if you want this one. Click below to read more.

If you want one with a little more space, how about a Texas Ranch with ties to the White House – Tony Roosevelt, grandson of FDR is selling his 1,300 acre ranch for just under 22 million. Roosevelt spent nearly three decades assembling the land, starting with a much smaller parcel back in 1999 and buying up neighboring property piece by piece. The ranch includes a four bedroom main house with a stone fireplace, a pool and hot tub, plus a barndominium with its own horse barn. It even sits along more than two and a half miles of Clear Creek. Not a bad spread from a presidential grandson looking to downsize.

Our next property takes us across the pond to a truly historic estate. On the Isle of Mull in Scotland, the 3,700 acre Glengorm Estate is up for grabs for offers over 9 million pounds. At its heart sits Glengorm Castle, an 1860s Scottish Baronial beauty with 18 bedrooms, including three apartments currently rented out as holiday lets. The property comes with three miles of shoreline, three lochs, and its own famous herd of Highland cattle that has grazed the land for more than 170 years. Throw in fishing, hunting, and some pretty stunning Atlantic views, this one truly has it all for the right buyer looking for a slice of Scottish history. DISCLAIMER – Not sure if the pretty little sailboats will always be picturesquely bobbing, anchored in the water near the castle…. So Buyer Beware!

And finally, if that previous castle was A BIT out of your price range, how about one right here in America, and for UNDER 1 million dollars. We bring you a genuine castle style home in Weston, Colorado, listed for 985,000 dollars. This nearly 5,900 square foot home sits on 40 private acres and features a steel frame built to handle heavy snow loads, Brazilian cherry floors, an elevator up to a rooftop guest suite, a lap pool, and even its own water cistern. Built in 2007, it is fully ADA accessible on the main level. This would be a GREAT piece of your burgeoning fiefdom, or may be a great Airbnb! Regardless, it is a good reminder that sometimes the most interesting listing in the country is not the most expensive one.

THE ECONOMY AND REAL ESTATE

It was some good news for bond yields and therefore our interest rates. News out of Washington, DC earlier this week was that Secretary Scott Bessent and the US Treasury announced it will more than double the size of its bond buybacks for longer term debt, taking the maximum purchase from $2 billion dollars to at least $4 billion dollars per operation. The buybacks target bonds in the 10 to 30-year range and will run from September 9 through November 4. The announcement sent yields lower almost immediately, with both the 10 year Treasury note and the 30 year bond dropping right after the news broke. Since mortgage rates track closely with those longer-term bonds, this move could help stabilize rates, or even nudge them a bit lower, in the weeks ahead. Treasury Secretary Scott Bessent said the goal is to provide more liquidity support in a part of the bond market that has been under pressure lately. This buying activity which will increase demand for bonds will raise their price, lowering their yield BUT, it will be interesting to see what long term effect this has, as it FEELS a bit like paying off part of your 30-year mortgage with a short-term credit card. 

Overall, the adage stands. Rates don’t buy houses, people with good jobs who need a good place to live buy houses. Birmingham, and heck, the whole state of Alabama, has done well economically, with wage and salary employment hitting a new record high of 2.2 million jobs, an increase of more than 21,000 over the past year. Gains came from leisure and hospitality, construction, and government sectors. The REALLY good news is that buyers also have more time to make their decision, with a slower summer market nationally giving people more room to shop, negotiate, and think before they sign, instead of racing into a bidding war.

Speaking of folks buying homes, we wanted to close this week with another question we get, which is buyer’s market vs. seller’s market… And our friends at Keeping Current Matters seek to answer Who Has the Upper Hand in Today's Housing Market?

Almost every buyer wants a better deal, and almost every seller wants top dollar. Here's the thing: both can be true at the same time, depending on where you live. Today's market isn't moving in one direction. Some areas favor buyers, some still favor sellers, and most sit somewhere in between. Knowing which one you're in changes your whole strategy.

One Number Tells You Who's Got Leverage

The clearest signal is months' supply of homes for sale, which shows how long it would take to sell everything currently listed at today's pace of demand.

• Fewer than 4 months: sellers usually have the edge

• 4 to 6 months: fairly even footing
• 
  
• More than 6 months: buyers can usually negotiate

Right now, NAR data puts that number at 4.6, meaning the market has settled back into balanced territory after years tilted toward sellers

(see graph below):

The Tale of Two Markets: Why "Balanced" Doesn't Mean the Same Thing Everywhere



Redfin data breaks this down by city (see graph below), with buyer-friendly markets in blue, seller-friendly in orange, and in-between markets in gray. Right now more places are leaning buyer-friendly than we've seen in nearly six years, but plenty of cities still strongly favor sellers.

The Biggest Mistake You Can Make Right Now

The biggest mistake is assuming it's a buyer's or seller's market everywhere. It's incredibly local. In one neighborhood a buyer might land thousands in concessions, while a few miles away another buyer might be fighting off competing offers. Same overall market, very different experience, which is why local expertise matters more than ever.

Bottom Line

This market isn't one size fits all. If you're wondering who has the upper hand where we live, let's connect. WE can show you exactly what the numbers look like in our market and the best strategy for your move.

RATES:

Pricing and rates remain erratic and volatile. Confirm rates & pricing directly with your loan officer.

Check out the trivia below and remember, there is a drawing to enter to win a gift card. This is your chance to enter for a chance to win the gift card awarded every other month. This trivia question is for the July & August drawing/card.

TRIVIA QUESTION

We lead off with the story about the Egyptian Mummies and there are so many interesting facts about that era and the archeology to find it. It took Howard Carter 10 years of searching before he found King Tutankhamun's tomb. King Tut became pharaoh at the RIPE old age of 9 years old (take that Hsu Ting-wei). But this week we’re focused on the mummy side… How long (roughly) did it take ancient Egyptian embalmers to complete the mummification process?

A) A few days

B) 2 weeks

C) 30 days

D) 60-70 days

E) up to 6 months

Click here to EMAIL ME YOUR ANSWER.

**Email your answer to me to have your name entered in a drawing for a gift card at the beginning of even months and YES you can go back and answer previous weeks’ questions if you have not answered them already AND if we have not unveiled the answer yet***