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April 22nd, 2024
This week is throwing me for a loop. Money is tight, and weāre spending more of it on basic needs every month, but weāre still running up the debt like crazy! And with inflation where it is, mortgage rates are taking a hit and could take another this week!
We aināt getting paid
and rent is already unaffordable
but weāre still felling spendy?
So now itās a waiting game
and newly jacked up mortgage rates are in the balance, ready to go higher
Plus, Tiktok got bannedā¦ again. But it could really happen this time.
Really quick, if someone forwarded this email to you, donāt settle for being at mooch. Sign up and get it for yourself here š
Ok, letās get to it!
The Mortgage Part
š° We aināt getting paid: Wage increases have slowed down despite our higher spending and sticky inflation
šµ And rent is already unaffordable: Rent hikes have finally slowed down, just in time for most of us to not be able to pay for it anyway
š But weāre still feeling spendy?: Retail sales spiked way more than expected in March even though inflation continued higher with it
š° So now itās a waiting game: The Fed is signaling a longer timeline for starting rate cuts amid a surprising reversal in the inflation rate, and the Market is pushing the worst expectations until next year
% Mortgage Rates: Hit a new high for the year after 2 weeks of painful news, matching the woes of November. And there's a chance they're just getting started.
š Coming this week: The much-anticipated PCE inflation data will give us some very needed guidance on how entrenched this new inflation bump really is. And plan for a big market reaction.
The Media Part
TikTok is bannedā¦ again. But maybe for real this time!
The US House of Representatives just passed a massive foreign aid appropriations bill. It gives close to $100 billion for aid to Ukraine, Israel, Palestinian humanitarian efforts, and Taiwan. But they got sneaky about it. They added an extremely unpopular ban on TikTok for ānational securityā to the bill after refusing to pass the Senateās version without the ban of the popular social media app.
Then, to avoid protests and backlash, they moved up the voting schedule, passed it quickly, and immediately went on recess. The bill now goes to the senate , which is likely to pass.
See, the house passed a standalone TikTok ban earlier this year, but it failed to be brought to the Senate floor due to itās unpopularity and potential FIrst Amendment rights infringements. So the house has to force it through by attaching it to an aid package that is desperately needed and has been help up by the house for several months.
So it will likely be passed later this week by the Senate, but a host of lawsuits are already in queue to challenge the legality of the law and how much it will effect 1A as well as small businesses throughout the country. Especially since absolutely no evidence of a national security breach has been shown, or even proof that a breach could even happen through the app.
Whether you use the app or not, social media is one of the largest mediums for self expression and information sharing in history. If one is banned, the rest could be next at any time. So please make content speaking out against the ban, and reach out to your Representatives and Senators to express your disapproval of the ban. Find your Congressional contact info here:
Well thatās it for the best (and likely only) Mortgage AND Media Newsletter out there. Letās pay close attention to 2 things this week: the Senateās vote on the TT ban likely early this week, and the PCE numbers that will tell us more about where inflation is headed and how it will affect mortgage rates on Friday.
And as always, Iām happy to help you and your clients with anything mortgage, marketing, or social media. See you next week and
Thanks for reading!
John Birke | Mortgage Advisor | Content Coach
NMNLS 1150795
Movement Mortgage
9726 Old Bailes Road, Suites 121 & 130, Fort Mill, South Carolina 29707
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