Weekly Update

May 2, 2025 - #501

Welcome to our latest weekly mortgage update. Before an action packed few days – Kentucky Derby Saturday, Cinco de Mayo Monday and sandwiched in there, Star Wars Day on May 4th! After last week’s 500^th Edition our amazing staff of writers, editors, and story runners put another great update together – no resting on your laurels here. Big thanks to Frances, Randy, Annie, and Molly for their help over the years, here’s to 500 more updates! Gang, regardless of whether you’re a first-time home buyer wading into this market, or a veteran homeowner, we appreciate each of your readership(s) and OF COURSE thanks for each of the referrals that you send our way. Before we move on to the update, if you have small questions or big questions, have a questions about your insurance, a small handyman repair, or a bigger renovation – we’ve got some GREAT folks for you to talk to! Now, back to the update… this week, rates bounced around but improved slightly -- the results of which you can see just above the trivia question. Before you scroll down to the rates and trivia, as usual, there is LOTS GOING ON, SO LET’S GET STARTED!

CRAZY STORY

Do you remember those cartoons from the 80’s or before that had the angel and devil that would pop up on a character’s shoulder to tell them what to do or not do? Well, everything old is new again and imagine having a tiny assistant, whispering helpful info in your ear all day. That’s basically the idea behind a new wave of wearable AI gadgets that want to be your sidekick (not sure if they’re more angel or devil). The article linked below had a writer from the Wall Street journal test out three different pieces of AI equipment. These wearable devices record everything you said (re-read that sentence and think about it – EVERYTHING YOU SAID… then ask, what do they do with that data?) Spoiler alert: devices may be cool in theory… but kind of a challenging in real life.

Bottom line, these devices WANT to help by offering directions, or replying to texts, snapping photos, BUT they often fumble the job. According to the WSJ, the Humane pin overheats, the Rabbit struggles with basics like giving directions, and most of the smart glasses are better for looking stylish than being smart.

Still, the writer likes idea of replacing your phone with something more natural and less distracting. It’s just not quite ready yet. Most of these AI wearables feel like OVERLY enthusiastic interns—eager, but not totally dependable. Then we have to think about the privacy questions of whether you SHOULD record everything you say depending on your job or situation. While the future potential is big, right now, phones and phrases like, “Siri can you look up…” or “Ok Google…” aren’t going anywhere.

Even though they’re not ready, it’s still kinda fun to imagine what’s coming next. Click below to read more! 

PAPER, LESS TECHNOLOGY

Moving from VERY high-tech wearable AI to VERY low-tech… paper airplanes. With summer right around the corner, it’s time to plan some fun child friendly activities and games and if you remember folding paper airplanes in class, you’re gonna love this website. A site called Fold ’N Fly has over 45 paper airplane designs with some being pretty easy, and some are WAY beyond the basic dart: like intense origami with wings. You can choose planes by how they fly: long distance, high gliders, acrobats, or just cool-looking ones. They rate each plane by difficulty, so you know what you (or your children) are getting into.



It’s great for kids, classrooms, a fun break at work, or a summer game! Whether you want to win a paper plane contest or just have a little fun, this site’s pretty cool, and you don’t have to buy TONS of supplies to have fun. Only a few sheets of paper and you’re off to the races. Just like the Headline said, “Paper…Less Technology.” Click below to see more! 

REAL ESTATE TO BEHOLD

We’ve got summer vacation on our mind this week with a Florida and tropical theme in our Real Estate to Behold Section. First off, moving from paper airplanes and toys, a Palm Beach mansion built for former Mattel CEO Christopher Sinclair, the man behind Barbie and Hot Wheels, just sold for $51.42 million! Originally built in 2015 after Sinclair purchased the beachfront lot for $8.7 million, this Mediterranean-style dream home boasts 11,489 square feet of seaside luxury, from a sun-soaked living room and club-style bar to a chef’s kitchen and spa-worthy pool. The property, just steps from the Atlantic, features 100 feet of ocean frontage and come with a cabana for your beachy lounging needs. Listed last year for $60 million, the mansion found a buyer this month after being trimmed to $57.5 million. With a post-2020 glow-up that added 2,000 square feet and a full interior revamp by top architects, this sale is yet another wave in Florida’s red-hot luxury market. Click below to see more of this Florida property.

Staying in Florida, we cruise across to Naples, where things just got mega. Billionaire businessman and philanthropist David Hoffmann has snapped up an $85 million mansion, setting a new record for the priciest non-beachfront home ever sold in Collier County. With 250 feet of water frontage on Naples Bay, this newly built estate spans over 17,000 square feet and comes fully loaded: home theater, game room with bar, two offices, and a resort-worthy zero-edge pool with mosaic tiling.

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Originally designed as a personal dream home by the seller, the property reflects meticulous attention to detail. Hoffmann, who already lives in Naples and has 13 grandkids, said the spacious layout made it a perfect family gathering spot—and the fact that it was move-in ready (and furnished by a top decorator) sealed the deal. The sale may move Naples up the ranks as one of America’s luxury real estate hot spots. Click below to see more of this one! 

And now, let’s take a tropical detour BEYOND the U.S. border to Costa Rica, where luxury living reaches new heights… literally.

Meet the Astor Mansion, a $30 million showstopper perched high above the Gulf of Papagayo, now holding the title of Costa Rica’s most expensive residential listing ever. This 21,000-square-foot palace in the sky is part of The Residences at The St. Regis Papagayo Resort, and it brings the full five-star fantasy: six bedrooms, eight bathrooms, three pools, a wine cellar, rooftop terrace, gym, guest casita—you name it, it’s got it.\

Spread across four levels, the estate blends indoor elegance with open-air indulgence, including wraparound windows, a rooftop retreat with an outdoor kitchen, and dreamy views of the Pacific. And because this is the St. Regis, ownership comes with elite perks like access to the exclusive Volcano Club, curated dining experiences, a luxe beach club, and a resort spa inspired by Costa Rica’s lush landscape.

The kids are covered too, with clubs designed just for them, featuring treehouse adventures and music studios. The Astor Mansion will debut in the second phase of the 55-acre resort development, expected to wrap by 2027. Check this one out by clicking below!

THE ECONOMY AND REAL ESTATE

On the housing and economics front, here’s some good news for buyers.

In early 2025, nearly 44% of home sellers in the U.S. offered concessions—such as covering closing costs or helping with interest rate buydowns—to attract buyers. This level is close to the record high reached during the pandemic and reflects a shift in strategy as affordability remains tight. Mortgage rates have stayed near 7%, home prices are still high, and inventory is growing, giving buyers more power to negotiate. Sellers are using incentives instead of cutting prices to stand out in a more competitive housing market.

These concessions are most common in metro areas where listings are up and homes are taking longer to sell, such as Las Vegas, San Diego, and Denver. Redfin data shows that in some cities, over 60% of homes sold came with a seller concession. In places like New York, however, the share is much lower.

This trend suggests that buyers now have more leverage, while sellers are adjusting to keep deals moving. Rather than a sign of weakness, these offers can be a smart way to bridge the affordability gap and make transactions smoother. For buyers, it’s a good time to explore options and negotiate extras. For sellers, it’s a chance to market homes more effectively without necessarily reducing price. 

Speaking of affordability, a new report ranked all 50 states based on how affordable it is to buy a home there. The rankings looked at three things: average home prices, household incomes, and how much of someone’s income would go toward a mortgage. The goal was to find where families can most comfortably afford a home – Spoiler alert It just means more in the SEC.

While West Virginia came out on top as the most affordable state. Homes there are priced low, and mortgage payments take up a smaller part of people’s paychecks. Other affordable states include Iowa, Indiana, Ohio, Mississippi, and here in Alabama. These places have lower home prices compared to national averages, which helps families keep more money in their pockets.

On the flip side, Hawaii ranked as the LEAST affordable. Even though people earn more there, home prices are extremely high. California, Utah, Oregon, and Washington also scored low for affordability because incomes haven't kept up with fast-rising home costs.



The good news? Some high-cost states are starting to see slower price growth, which could help buyers over time. Also, many states in the Midwest and South still offer good opportunities for families and first-time buyers to own a home without stretching their budgets too thin. With School wrapping up check the report cards by region below. the South brought home 2 As, 6 Bs, and 9 Cs – BY FAR the best “GPA” of anywhere in the nation. Click below to read more!

ADP REPORT

The April ADP employment report came out yesterday and showed that there were 62,000 jobs created during the month, around half of the 120, 000 jobs expected. Also, in the report, ADP lowered their reading for March by 8,000 to a total of 147,000. 

Within the report, businesses with more than 500 employees only added 12,000 jobs which was below expectations. 

Service sectors saw job losses, including information, professional and building services, and educational and health services. But, leisure/hospitality saw 27,000 job gains heading into the summer, but that may be impacted in future reports if tourism slows significantly.  Job changers, which are people finding a new job or getting recruited by competition, saw their wages increase by 6.9%. 

ADP summarized the as "Employers are trying to reconcile policy and consumer uncertainty (but) with a run of mostly positive economic data. It can be difficult to make hiring decisions in such an environment."

The Bond market seems to be slowly digesting that data as well. Normally this would have caused our rates to improve in the short term, but overall, the reaction has been muted. Click below to read more and we'll keep our eyes on this trend.

Our editors continue to watch the housing economic data and news to closely monitor housing market and broader markets. With that said, rates continue to bounce around and perhaps with rates moderating and listings increasing, our editors pulled together a great summary about, More options for your Move, from our friends at KCM. It shows some positive trends in terms of listings last month, and listings increasing month over month. Check it out and keep reading below.

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 May and June drawing/card.

TRIVIA QUESTION

This weekend is both the Kentucky Derby and Star Wars Day on May 4^th (as in May The Fourth Be with you.) So, our Trivia editors tried their best to COMBINE the two American Institutions – The Derby and Star Wars.

While no Star Wars Themed horse has been in the Kentucky Derby, SKYWALKER was born in 1982 during Star Wars hysteria. Skywalker was by the sire of Relaunch and a mare named Bold Captive (see what they did there) Skywalker went on to win 8 of 20 career starts including the ‘85 Santa Anita Derby and the ’86 Breeders’ Cup Classic.

You COULD make the case that the answer to our Trivia Question was a more successful racehorse than, Skywalker. This horse was born in Germany and won the German Derby in 1993, the Japan Cup in 1995, and went on to win 10 of 24 starts, while earning $3.4 million along the way. WHAT WAS THIS SUCCESSFUL HORSE’S STAR WARS INSPIRED NAME?

A: Dagobah

B: Lando

C: Tatooine

D: Obi Wan

E: Yoda

F: this trivia question is ridiculous (None of the above)

Click here to EMAIL ME YOUR ANSWER.

Have a great rest of the weekend. Stay safe out there. If you have any questions, please do not hesitate to call. You can contact me by email. Please, follow us on Facebook, Twitter, or LinkedIn. Thanks to many of you, we are continuing to expand our readership, so if you have a friend or client that you think may benefit from this newsletter, please feel free to forward it to them! If you got this from a friend, click here to sign up to receive it.