Today, the Federal Reserve held its benchmark rate at 3.75 to 4 percent. The vote was 10 to 2, and both dissenters wanted a quarter-point hike, not a cut. That tells us how seriously some policymakers are taking inflation.
For buyers, the more meaningful number is the mortgage rate, which has been following the 10-year Treasury more closely than the Fed. The 30-year fixed averaged 7.32 percent last week, down slightly from the week before but still elevated. I don’t expect much relief in the near term.
Closer to home, Anthropic has publicly filed its paperwork to go public, following a confidential filing earlier this year. It joins a wave of AI companies heading toward the public markets, and I believe the Bay Area is approaching a wealth-creation moment unlike anything since the gold rush. Much of that wealth will look for a place to put down roots, and Lamorinda has long been one of those places.
My team is busy in the best way. Over the next 30 days and beyond, my team and I will be bringing a strong group of homes to market, mostly in Lafayette, ranging from just under $2 million to just over $7 million. Some will be released publicly and others privately, depending on each seller’s wishes.
On a more personal note, the people you surround yourself with, in work and in life, truly matter, and two of mine come to mind this week. Congratulations to one of my mentors, Mark McLaughlin, who was just named President and CEO of Sotheby’s International Realty. I’m so glad he remains part of the Compass International Holdings family. And on Saturday, Todd and I are off to watch Thomas Marckwardt, son of our dear friends Hunter and Kim, play football at USD. Hunter, an Executive Vice President at CrossCountry Mortgage, has been a close friend through 15 years in real estate and sits on my personal board of directors. Both relationships began professionally and grew into lasting friendships.
That same spirit is why I'm looking forward to tonight’s annual harvest team dinner, with a new twist this year: a team pumpkin-carving contest. I’m arriving with what I think is a great idea, though we’ll see how it turns out. I’m far better at selling houses than carving pumpkins.
If anything here sparks a question, or you’re simply curious about what’s coming, I’m always glad to talk.
Wishing you a happy Halloween weekend. Ours will be spent in the stands.
