Happy Friday and welcome to Weekly Mortgage Update edition #561! Thanks for reading, thanks for your business, and thanks for your referrals. LAST reminder that this month, each referral goes to help support the amazing folks at the Children's Aid Society of Alabama through our quarterly Community Referral Program through the end of this month!

Before we get to the update, reminder that we have a GREAT network of trusted, locally owned, and operated resources to connect you to. Whether it’s for some tree service or foundation help with the summer storms we’ve had, or inside work like plumbing, electrical, home security, and MORE! In fact, maybe we could get THIS HVAC guy to come work on your unit before it gets hotter! Regardless of the trade, if you need to find good folks to work at your house, or you can just reach out to us! Now, back to the update. This week, rates bounced around and improved and we’re hoping for continued 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 as usual, there is LOTS GOING ON, SO LET’S GET STARTED!

BACK TO SCHOOL

Gang, if you like ICE COLD Capri Suns… come by in the next few weeks and drop off donations by July 25, bring your kids and grab a delicious CAPRI SUN and METHOD MORTGAGE BALLOON!

With the start of school in just over a month, we’re well on our way thru the Back-to-School Supply Drive! Our friends at Grace Klein brought a donation barrel this week so we can collect school supplies here at our office! Every backpack, notebook, and box of crayons helps a child start the school year with confidence. It's an easy way to make a difference in a kid's life this summer, and it all starts because of YOUR support. Thank you for being part of something bigger than a mortgage! Learn more of the details by clicking on the graphic to the right ->

CRAZY STORY

A few weeks ago we talked about Ferrari’s first EV, the Luce, which debuted to less than stellar reviews, even BEFORE we talk about it’s $640,000 price tag. Cars like Ferraris are fun to look at, buy Lego sets of, and put posters of them up on the wall, but that price point is a little exclusive (but if you want to learn more about the history, I HIGHLY suggest the Acquired podcast about Ferrari, Porsche, and more.) What about the other end of the spectrum… a low-cost EV that most anyone could afford. Our editors wanted to bring you Slate, a fully customizable electric pickup with tons of options that has a base price of $24,950, a BIG difference versus the average cost of a new car cresting $50,000 in 2025. For reference, the last time the average new car price was BELOW that level, was back in 2007 (right around the start of a certain mortgage company that you know and love.)



Reviewers who rode along say the bare bones Slate is surprisingly fun to drive, with quick acceleration thanks to instant electric torque, even though it only has 181 horsepower. The catch is that "bare bones" really means it. No radio, no power windows, and you crank them by hand. Everything else, like speakers or a touchscreen, is an add on accessory you choose yourself, almost like building with Legos. Range comes in around 205 miles, and deliveries are expected to start later this year out of its Indiana factory. Will we start to see low-cost Slate cars on the roads of Alabama soon? Only time will tell, but until then our editors think it is VERY interesting to read more about this company and their products. Click below to read more! 

If you’ve been on any social media platform since the World Cup started it’s been tough to miss the blast tourists to America have been having and posting about with joy about Taco Bell, Buc-ee’s, BBQ, and more, which are LITERALLY all things available within 20 minutes of Method Mortgage’s World HQ, and things we likely take for granted. But the real breakout star of the tournament might be ranch dressing. A Swedish fan went viral simply asking why nobody warned her that ranch sauce is like crack, before announcing her trip had officially turned into a mission to find the best ranch in America. She is not alone, and visitors have been dipping fries into the stuff, dousing pizza with it, and treating it like a national secret nobody told them about.

It got big enough that TSA jumped into the joke, posting a reminder that ranch still counts as a liquid and needs to follow the same 3.4 ounce carry on rule as shampoo, joking travelers should not chug a full bottle at the security line since the airline will gladly check it for them.

Kraft heard the call. The brand just teased a brand-new "TSA Compliant Ranch," made specifically for travelers hoping to bring a taste of America home in their carry on. Even TSA could not resist commenting on the announcement, simply saying, "It's about time." No word yet on when it hits shelves, but we will keep you posted.

REAL ESTATE TO BEHOLD



Leading us off this week is one of the biggest, and wildest, homes we have ever featured. This Leverett, Massachusetts estate spans an unbelievable 120,000 square feet across eight separate buildings on 60 private acres. It has 16 bedrooms and 25 bathrooms, but that is just the start. Inside you will find an indoor water park, a massive spa, FOUR tennis courts, a 9-hole golf course, a full auditorium with a stage, and plenty of space to entertain a crowd. It is less of a house and more of a private luxury resort. If you have ever wondered what happens when someone decides there are no limits, this is it, BUT evidently the price is DOUBLE SECRET. Click below to see more of this giant home on Zillow!

House #2 is from the folks at Zillow Gone Wild and might be the most unique property we have ever featured. Listed for $699,000, this one bedroom, two bath condo sits inside one of Connecticut's most recognizable buildings, nicknamed "The Spaceship." Designed by architect Wilfred Armster in the 1980s, the copper clad building rests on concrete stilts overlooking the water. The condo itself feels surprisingly modern inside, but the real star is the futuristic architecture outside. Love it or hate it, you will never confuse this place with anything else. Check out the full Zillow listing by clicking below.

Our editors scrambled this week to find a spot with a tie to American history, and landed on one from an iconic American band, the Beach Boys. Mike Love, Beach Boys co-founder and Rock and Roll Hall of Fame member, has listed his longtime Lake Tahoe mountain retreat for $43 million. The nearly 20,000 square foot estate sits on 2.5 private acres with GORGEOUS panoramic lake views and features 10 bedrooms, 12 full bathrooms, a private cinema, wine cellar, gym, sauna, and a space that once housed a full recording studio. Love has owned the property for more than four decades, making it both a luxury home and a piece of rock and roll history. Click the photo below to see and let us know if anyone wants to go in on this one! 

Finally, we talked about the Dubai jeweler's Lego set, so maybe you want to check out some real estate there too, with the $51 million Sky Palace atop the Burj Khalifa. This 21,000 square foot duplex penthouse spans the 107th and 108th floors, a stomach churning 1,509 feet above street level. The property comes with 12 parking spaces, a private elevator, and a long list of building amenities. Check out that property and more by clicking below.

THE ECONOMY AND REAL ESTATE

Big news out of Washington this week, with a late twist. The 21st Century ROAD to Housing Act cleared the Senate 85 to 5 and the House 358 to 32, making it the biggest bipartisan housing bill in 30 years. Senators Elizabeth Warren (D) and Tim Scott (R) led the charge, with Warren calling it long overdue given sky-high home prices and rents. The signing, though, was paused after President Trump wanted another bill passed as well. So it is on his desk, just not signed yet, but with the vote totals, will become law in 10 days with or without his signature if Congress stays in session. We will keep you posted.

Once the bill actually becomes law (anyone else have School House Rocks song in their head now?) here is why it matters and what’s in it. The bill bans big institutional investors from buying single family homes for 15 years, a real win for everyday buyers, and trims red tape on permits and environmental reviews. I know we’ve heard the phrase “red tape” in a lot of different industries but in housing, it matters more than you think. A brand-new NAHB study found regulations now add nearly $132,000 to the cost of a typical new home, over a quarter of the average total price. The bill also drops the rule requiring manufactured homes to sit on a permanent chassis, which may allow more of those homes to sell once lending guidelines align with that. More to come, and lots of more details to review in its 380 pages, but without any major new federal funding here, as one Senator put it, this is a helpful first step, not a cure.

New numbers this week confirm what many of us are feeling at the gas pump and grocery store. The Fed's favorite inflation gauge showed prices climbing 4.1% over the past year, the highest reading since 2023. Even when you strip out food and energy, prices are still up 3.4% from a year ago. The main culprit continues to be energy costs, still elevated from the war in Iran, which have been slowly working their way into other parts of the economy, even as gas prices come down.

The silver lining is that consumer spending didn’t drop (which hurts the overall economy), with spending actually increasing 0.7% for the month, more than expected. Incomes rose too. So, while prices are pinching wallets, people are still finding room to spend.

Gang, the takeaway is patience. With inflation running hotter, the Fed is in no hurry to cut rates, and some traders now expect a possible rate hike instead come September. We will be watching closely and report as we find out more.

We wanted to close this week with something useful, brought to you by our friends at Keeping Current Matters. A lot of you have told us the same thing lately, you want more homes to choose from and you still want a good deal. Gang, we may have found a way to achieve BOTH of those goals. Keep reading for our summary of KCM's recent blog, titled, That House That's Been Sitting Could Be Your Best Shot at a Deal. 

Scroll through any home search and you will spot them. Listings sitting for two months, three months, sometimes longer. Most buyers scroll right past, assuming something must be wrong. That instinct might be costing you, because the longer a home lingers, the more motivated the seller usually becomes.

Where the Better Deals Might Be Hiding

If affordability has been your biggest obstacle, here is a simple strategy worth trying. Start your search with the homes that have sat the longest. Realtor.com data shows a clear link between time on market and price drops. The longer a home lingers, the more likely the seller is to cut the price. (see graph below):

Redfin reports there is currently $347 billion worth of these lingering listings sitting on the market, more than any time before for this season. Ask your agent to sort listings oldest to newest. Your budget friendly match might already be out there, just further down the list.

A Long Time on the Market Does Not Always Mean Trouble

If something catches your eye, do not assume the worst. Redfin says common reasons a home lingers have nothing to do with the home itself, including pricing set too high at the start, weak online photos, or simply too much competing inventory nearby. A solid inspection will catch any real issues, giving you useful leverage rather than a reason to walk away.

Turning a Lingering Listing into a Win

USA Today points to two levers buyers can pull. First, price. Have your agent study recent comparable sales and build your offer around that data. Coming in below asking is fair game on a home that has sat a while. Second, concessions. If the seller will not move much on price, they may cover closing costs, offer repair credits, or fund a rate buydown instead.

Bottom Line

A lingering listing is not always a red flag. It might be your best opportunity yet. Let us help you figure out which one is worth a second look.

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 & June drawing/card.

TRIVIA QUESTION

Today marks the anniversary of the publication of the very first Harry Potter book, which hit bookstores on June 26, 1997. If you bought that book in a store, the cashier would have scanned the UPC barcode on the back with the familiar "beep!" That sound has been around even longer. Today also marks the 52nd anniversary of the very first UPC barcode ever scanned at a grocery store. What was the first product ever scanned using a UPC barcode? (Hint it wasn’t a Harry Potter book!)

A. Campbell's Soup

B. Hostess Twinkies

C. Coca-Cola

D. Wrigley's Juicy Fruit Gum

E. Kellogg's Corn Flakes

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***