Joshua Smith - NMLS #274855

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Joshua Smith - NMLS #274855 Broker Owner
NMLS 274855
Apex Funding
NMLS 2486773
2591 Dallas Pkwy
Suite 300
Frisco, TX 75034

Personal NMLS 274855, Company NMLS 2486773, OK MLO07391, FL LO129520, CO 100537860

Good afternoon! Here’s your Weekly Market Update.It looks like we finally found a short-term ceiling on rates last week....
10/12/2026

Good afternoon! Here’s your Weekly Market Update.

It looks like we finally found a short-term ceiling on rates last week. The 10-year Treasury tested that level several times and it held each time, which is great news given everything going on.

The Fed meets October 27–28, and it’s expected to hold rates steady. However, the odds now favor a rate hike in December.

This week brings the monthly inflation reports: CPI on Wednesday and PPI on Thursday. Either one could move rates in either direction.

As always, let me know how I can help!

Good afternoon! Here's your Weekly Market Update.It's been a rough couple of weeks for rates, so I want to give you the ...
10/05/2026

Good afternoon! Here's your Weekly Market Update.

It's been a rough couple of weeks for rates, so I want to give you the full picture before your clients start asking.

The bond market has had enough of excess federal spending. The national debt recently surpassed $40 trillion, and investors are demanding higher yields to keep funding it. Even with a better-than-expected PCE inflation report and a softer-than-expected jobs report, both of which would normally help rates, the 10-year Treasury hit its highest level since 2002.

Here's my take on both the short and long term:

Short term: If we can get out of the Iran conflict and bring oil prices down, I'd expect both inflation and interest rates to come down with them.

Long term: I wouldn't hold out for 5% rates. The economy is strong, AI investment is adding fuel to growth, and unemployment remains low. For the foreseeable future, I see rates in the 6% range as the new normal.

As always, let me know how I can help!

Good afternoon! Here's your Weekly Market Update.Last week was a big one for rates, and not in a good way. The 10-year T...
09/28/2026

Good afternoon! Here's your Weekly Market Update.

Last week was a big one for rates, and not in a good way. The 10-year Treasury yield climbed to its highest level since June 2007, just before the global financial crisis, and is closing in on levels we haven't seen since 2002.

Here's what moved the market:

Geopolitics: At the UN, Iran's president said the country will never accept limits on its nuclear program, a non-starter for the U.S.

Fed commentary: Fed Governor Michael Barr said the economy and job market remain very strong, which is keeping inflation elevated. He signaled more rate hikes are likely.

Manufacturing data: The S&P Global manufacturing report came in stronger than expected, and the details pointed to inflation running well above expectations.

Weak Treasury auctions: Demand for the 5-year and 7-year Treasury auctions was soft. When buyers don't show up, the government has to offer higher yields to attract them, and mortgage rates follow.

We have two choices: bury our heads in the sand and wait for this to pass, or buckle down and get even better at what we do. I choose the latter.

As always, please let me know how I can help you!

Good afternoon! Here is your Weekly Market Update. Rates are very similar to last week, but with a lot of daily volatili...
09/21/2026

Good afternoon! Here is your Weekly Market Update. Rates are very similar to last week, but with a lot of daily volatility in between.

The Fed did raise rates, which the market appreciated. However, Warsh warned against future rate hikes as well.

On Friday, Pulte put out a statement that Fannie Mae and Freddie Mac are going to purchase more Mortgage Backed Securities, which should also help interest rates. The bottom line, though, is that we need to get out of the conflict in Iran for real movement.

As always, please let me know how I can help you!

Good afternoon! Here is your Weekly Market Update. We had a brutal week. There is no way around it. We are actually at t...
09/14/2026

Good afternoon! Here is your Weekly Market Update.

We had a brutal week. There is no way around it. We are actually at the point of hoping the Fed raises rates later this week. The reason for this is persistent inflation. The bond market has reached a breaking point, and the continuing rise in oil prices hasn't helped.

What we hope to see is the Fed raising rates, which gives the bond market more confidence that inflation will go down. Seems counterintuitive, I know. However, keep in mind the bond market controls mortgage rates, not the Fed.

As always, please let me know how I can help you!

Good afternoon! Here is your Weekly Market Update. We have mixed signals over the last week or so. Bessent has stated th...
08/31/2026

Good afternoon! Here is your Weekly Market Update.

We have mixed signals over the last week or so. Bessent has stated that the Treasury will at least double the purchase of long-term bonds through November. This will help mortgage rates.

However, the Fed has come out with a hawkish statement, indicating that rate hikes could be coming if we can’t get inflation under control.

We shall see.

As always, please let me know how I can help you!

Good afternoon! Here is your Weekly Market Update. I have mentioned before how I don't believe buyers understand the opp...
08/24/2026

Good afternoon! Here is your Weekly Market Update.

I have mentioned before how I don't believe buyers understand the opportunity they have right now. However, this time I am going to put pen to paper.

Let's say we have a buyer buying a 410k home. Let's say they can get 10k off of the list price, 7k in seller concessions, and seller-paid title and survey. That is ~20k in value. This is not uncommon at all in this market. However, they are only focused on the interest rate.

Did you know that in that scenario, that is the same as getting a 4.75% interest rate for the next 4 years! There are other benefits as well, but we can save those for another day. I just thought it was interesting to look at it another way.

As always, let me know how I can help you!

Good afternoon!Here is your Weekly Market Update. Rates are mostly unchanged. However, we have seen an uptick in activit...
08/17/2026

Good afternoon!

Here is your Weekly Market Update. Rates are mostly unchanged. However, we have seen an uptick in activity, and that is backed up by both Conventional and Government applications being up week over week.

Additionally, both the CPI and PPI inflation reports came in better than expected. Retail sales also came in lower than expected, all of which are a good sign moving forward for interest rates.

As always, please let me know how I can help you!

Good afternoon!Here's your Weekly Market Update.Rates improved following last week's jobs report. The BLS had projected ...
08/10/2026

Good afternoon!

Here's your Weekly Market Update.

Rates improved following last week's jobs report. The BLS had projected 80k jobs added, but the economy actually lost 23k jobs — and the prior two months were revised down by a combined 103k.

The unemployment rate also fell, but not for a good reason: it dropped because a large number of people left the workforce and stopped actively looking for work, rather than because more people found jobs.

Together, these point to a slowing economy — which is typically good news for inflation, and in turn, good news for mortgage rates.

As always, please let me know how I can help you!

Good afternoon! Here is your Weekly Market Update. This week we have multiple job reports, including JOLTS, ADP, and BLS...
08/03/2026

Good afternoon! Here is your Weekly Market Update.

This week we have multiple job reports, including JOLTS, ADP, and BLS. As you may know, the BLS report has the largest impact on mortgage rates on a monthly basis. This report comes out Friday, and the expectation is for 83k new jobs and a slight rise in unemployment to 4.3%. Both numbers, or anything "worse", would be beneficial for mortgage rates.

As always, please let me know how I can help you!

Address

2591 Dallas Pkwy Suite 300
Frisco, TX
75034

Opening Hours

Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm
Friday 8:30am - 5:30pm

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