The financial press seems enthralled with the business cycle. Expansion, contraction, rates and stocks up, rates and stocks down. Right now they’re all stumbling over themselves looking for signs of a recession. Recessions, of course, tend to lower rates since the demand for credit drops. European growth projections are poor. No one really knows what is going on in China. In the United States, the Federal Reserve has pushed the Fed Funds rate (the interest rate at which banks and credit unions lend reserve balances to other depository institutions overnight) from near 0 percent to what could be 4.75 percent by year end. There are some signs of softening in the U.S. job market (like job openings declining), but household debt service levels have dropped and savings levels are doing okay. The team at the Mortgage Bankers Association is forecasting appreciation levels near 0 percent for 2023 and 2024. There’s your snapshot! (Today’s podcast is available here. This week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking. Listen to an interview with Richey May’s Michael Nouguier on the latest in the mortgage cybersecurity space.) Broker and Lender Products, Services, and Software Early bird registration is now open for the 5th Annual SimpleNexus User Group (SNUG) conference being held March 13-15, 2023. Join SimpleNexus, an nCino company, at the picturesque Snowbird Mountain Resort in Utah for an intimate gathering of SimpleNexus customers, industry thought leaders, technology partners, and SimpleNexus’ renowned team of experts to gain insight into technological innovations and strategies to help you succeed in the market ahead. Never been to SNUG? Check out video highlights from SNUG 2022 for a sneak peek into what you can expect, then complete your early bird registration for SNUG 2023 to reserve your spot. See you on the slopes!