Notes to start off the week?! First off, there are some darned clever people around, and this ditty (thank you to John H. for sending) sung to “American Pie” and lamenting the loss of the refi biz, ranks right up there for quality! (“… I can’t remember if I cried, when I read my client’s DTI, now considered too damn high…”) Second, lumber prices have dropped as the mortgage market has slowed. Lumber now comes in at $829 per 1,000 board feet, down 39 percent from its 2022 high of $1,357 in March. (To keep your perspective, today’s price is still nowhere near pre-pandemic levels of $300 – $500; One can always increase timber cutting on Federal land or reduce tariffs on Canadian lumber.) For bad news, last week investors focused on inflation with Treasury yields climbing higher, and back-to-back inflation reports showed prices posting record advances. On Thursday, the benchmark risk-free 10-year U.S. Treasury yield ramped up to multiyear highs, climbing 14 basis points to 2.83 percent. And major banks including Goldman Sachs, Morgan Stanley, and Wells Fargo reported a mixed bag of first quarter earnings. According to the CME FedWatch Tool, the probability of the Fed raising rates by 50 basis points in May now stands at nearly 90 percent. (The audio version of the commentary is available here and this week’s is sponsored by Candor, AI that puts your underwriting on autopilot.) Lender and Broker Software and Services As homes have gotten more and more complex with technology and systems it becomes more important to hand off knowledge between owners. HomeBinder has revamped its Home Seller Report to include more details than before helping owners sell homes with less questions. Plus it is a great conversation starter to engage with real estate agents that often deal with headaches in the sales and post-closing process. Schedule a HomeBinder demo to see how you and your real estate referral partners can support the transfer of home knowledge from one owner to the next.