Before You Buy the House, Ask Yourself This | 7.45% Mortgage Rates

It's Friday, September 15th. I'm Mike Milligan, and this is the One of a Kind Financial Show Daily. On Monday, I turned 50 years old. Today, we're going to look at what happened in the markets on Thursday. Then I'll share the same 10 lessons you'll hear on this weekend's radio show, the One of a Kind Financial Show across the country. Those lessons are drawn from the life I've lived in 27 years advising people. Because the markets measure prices. Your financial plan should measure possibilities.

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The Dow Jones Industrial Average closed at 51,349.98, down 161.61 points, or about 0.3%. The S&P 500 finished down just 1.9 points. That's essentially flat. The NASDAQ closed up, albeit only 0.01%, and the Russell 2000 finished down 0.11%. The VIX stood at roughly the same number as the close from the day before, 15.67, in its after-stock-close reading. But that quiet-looking finish followed several reversals throughout the day. AP reported that Treasury yields moved with oil prices before ultimately rising by the end of the day. Stocks also recovered from their lows after a Reuters report cited by CNBC that American and Iranian negotiators were considering a phased agreement involving the Strait of Hormuz. That was a report of negotiations, folks, not a signed peace agreement. Here's the connection to the week. At the beginning of the week, we looked underneath the rising index and found more new annual lows than highs among S&P companies. Remember the 52-week high-low report where it 3 times in history only we had a market move up and more lows than highs? 1929, 1999, 2026. Now we're looking underneath a flat finish on Thursday and finding pressure in borrowing costs. Don't confuse an uneventful closing number with an uneventful day. Look at what changed for the people who have to borrow, save, and pay bills. That's next.

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When Wall Street reaches your driveway, we know the consumer is under stress. That's been a story and a theme throughout the summer heading into the fall that we're— that's going to play out in the 4th quarter. See, the 10-year Treasury yield registered 5.16% in Thursday's afternoon reading, and CNBC reported that Mortgage News Daily's 30-year fixed mortgage rate jumped to 7.45% from 7.26% the day before. That is daily market reading, not a guaranteed rate for every borrower. It is different from Freddie Mac's weekly measure. Let's make it real with a hypothetical. A $400,000 mortgage paid over 30 years has monthly principal and interest payments of $2,400 at 6%. At 7.45%, that becomes about $2,783. That's roughly $385 more every month before property taxes, insurance, or other housing costs. Same loan, different room in the family budget. The stress is real. That is why a flat stock market does not mean a flat cost of money. Before buying a home, ask what the payment leaves— well, ask what the payment that leaves your checking account is and what room it leaves in the rest of your budget.

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Guys, pressure is not a prophecy. CNBC described a difficult balancing act for Kevin Warsh of the Fed. Tightening too much and risk the expansion from slowing down. Tighten too little and risk failing to control inflation. Officials are reassessing whether energy pressures and the AI investment boom could keep inflation elevated longer than expected. The disagreement matters. Some economists expect substantially more tightening from the Fed, while others think markets are already pricing too much. Then there's the headline, something always breaks. CBC quoted technical analyst John Rogue using that warning and discussed past episodes, including the 1987 crash, Silicon Valley Bank's failure in 2023. That is an analyst warning, not a law of nature or a countdown clock. The useful question is not what date will something break? It's where does my plan, uh, depend on conditions staying easy? You'll find that in the philosophy document called The One of a Kind Financial Plan. This is the key. Review variable rate debt, upcoming cash needs, and investments you might have to sell at an inconvenient time. Treat the headline as a prompt to prepare, not permission to panic. And most of all, make sure you know where your cash is going before you pick a maturity date on that investment.

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Goodwill is beginning, folks. There's a different kind of headline from the Chump Z Summit. US and China together on Thursday and a state dinner Thursday night. It's been reported that Xi promised 2 pandas for Zoo Atlanta and announced an invitation for 100,000 young Americans to study in China over 5 years. Those are gestures of engagement, folks. The article did not report a completed comprehensive trade agreement on tariffs, critical minerals, or artificial intelligence that remained among the substantial issues of the agendas. Of the agenda and of this summit, but pandas can improve the mood. They don't rewrite a tariff schedule, though. They're just cute, cuddly, and they're great to look at for our kids. Let's see what else comes out of this summit.

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From headline to life, I keep returning to the retirement handshake in a written financial plan. See, money is a tool, not a battlefield, and a plan should help you make decisions without needing every headline to cooperate. Before the 4th quarter, ask, what do we need to spend? What risk are we taking? What tax deductions need attention before year-end? If you don't know the answer of that, text the word ideas to the number 600-700. This weekend, join the One of a Kind Financial Show on the radio in Hampton Roads, Midland, and at www.thenumberoneoakradio.com for a longer discussion. And now, as promised, the same lessons from the weekend show. As I finish my first 50 years on this earth, these are the things I want to carry into the next chapter. Number 10, you are not an account number. You have dreams, responsibilities, and people you love. Start with what the money needs to do, not which investments somebody wants to sell you. Simplicity is service. Complicated is not the same as sophistication. A good explanation should leave you clear, not dependent on the person who made it confusing. Number 8, education comes before action. Educate, coach, plan. That's my mission, folks. The order matters because understanding the decision is part of being able to live with it. Number 7, give ordinary expenses a place in your plan. Roofs wear out, cars need replacing. Make room for ordinary life, not just the retirement picture. Number 6, a home should support your life. Especially after this week's mortgage news, remember, the largest payment you can qualify for is not necessarily the payment you should choose. Leave room for the life outside of the house. Number 5, your family's goals must survive your absence. Organize the documents. Explain the plan. Love your family enough not to leave every answer buried in a drawer. Number 4, fundamentals beat flash. Know your spending, save consistently, communicate, and review. The habit you repeat can matter more than the exciting idea you never follow through on. Number 3, Choose people who challenge your thinking. You don't need everybody agreeing with you. Sometimes the most valuable person in the room is the one who asked the question you were avoiding. Number 2, stay teachable. 27 years advising people doesn't mean I'm finished learning. Turning 50 doesn't mean I've graduated from curiosity. I'm still learning. Estoy aprendiendo. And number one, make sure the life you're financing is yours. Don't spend your entire life paying for somebody else's definition of success. Build a plan that makes room for the people and the experience you would regret missing. Never miss a moment. This is what I want to carry into My life after 50 years old. Not a perfect prediction, but a clear understanding of what matters. This weekend, choose one of those 10. Do something with it. Have a conversation, organize the documents, put the experience on the calendar. I'm Mike Milligan. Thank you for being a part of this chapter. I'll see you on Monday. When chapter 51 begins, educate, coach, plan. Never miss a moment, folks. Estoy aprendiendo. I am learning. This program provides general education, not individualized investment, tax, or legal advice. Investing involves risk, including loss of principal. Review decisions you make with qualified professionals. This has been the One of a Kind Financial Show Daily.

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