By Joseph E. Seagle, Esq.

👋 Happy Friday! Monday will be Bill of Rights Day, when we commemorate the first ten amendments to the U.S. Constitution. These amendments were made by the founding fathers to address what some of them saw as “holes” in the main Constitution and to get the states to ratify it. They protect fundamental rights like freedom from restrictions on speech, religion, gun ownership, and illegal search and seizure. It’s a day to reflect on and cherish those rights that protect us from government overreach.

Bond market dynamics—not the Fed policy rate—are holding mortgage rates high in December 2025. Even after the Federal Reserve trimmed rates, longer-term funding costs that drive mortgage pricing are barely budging, a stubborn trend that’s reshaping market expectations from Miami to Jacksonville. 

Real-world mortgage pricing tracks the 10-year U.S. Treasury yield and bond markets more than the Federal Reserve’s benchmark rate. The recent 25-basis-point Fed cut was widely expected and already priced into financial markets, so Treasury yields moved only marginally, hovering near 4.14%. That lack of movement means the cost of borrowing for homebuyers hasn’t fallen significantly since the rate cut. 

Mortgage professionals say that until the 10-year yield drops below roughly 4% for a sustained period, long-term mortgage rates under 6% will remain elusive—despite policymakers’ rhetoric. 

For Florida’s housing ecosystem—agents, builders, lenders, and service providers—this disconnect alters foundational planning assumptions. Strong population growth continues to fuel demand, but affordability is being recalibrated. Rather than banking on headline Fed cuts, stakeholders must anchor strategies in bond market realities and data that actually drive mortgage pricing.

Buyers and advisers should consider tools that mitigate high long-term borrowing costs:

Developers and investors should run financing models with conservative debt service thresholds; rising construction costs coupled with only modest rate easing could squeeze margins.

The critical indicator isn’t the federal funds rate—it’s the spread between Treasury yields and mortgage rates, and how it evolves with economic data, inflation expectations, and global investor flows. Mortgage approval pipelines, pricing engines, and sales forecasts should all be aligned to these real drivers of capital costs.

Florida’s housing market isn’t waiting for a magic rate cut. Lower mortgage costs will emerge only if long-term bond yields begin a sustained slide—a function of macroeconomic forces far broader than Fed policy alone.

Keep an eye on inflation data, Treasury auctions, and shifts in foreign investor demand for U.S. debt. Those will determine whether mortgage costs finally decouple upward pressure and slide meaningfully lower.

Florida homeowners and small business owners are being flooded with offers to tap home equity without taking on traditional debt — a tempting pitch in a high-rate world. But the fast-growing market for Home Equity Sharing Agreements (HESAs) is drawing fresh warnings from economists, regulators, and consumer attorneys who say the arrangements can quietly erode wealth and destabilize household finances.

These contracts, pushed heavily across Sun Belt states, give a company a stake in your home’s future appreciation in exchange for upfront cash. The pitch sounds frictionless. The fine print is anything but.

Equity-sharing firms are targeting Florida’s high-value, high-appreciation markets. With property values rising faster than incomes, homeowners in Orlando, Tampa, Sarasota, and Miami are sitting on record equity — well over $300,000 on average in many ZIP codes. Cash-out refinances are expensive, and HELOC rates still hover in the double digits. Companies know it.

But the agreements compound — aggressively. Many contracts take 16–40% of your future appreciation, often with steep penalties if you sell or refinance “too early.” Several include balloon-like settlement triggers, forcing repayment even without a sale.

Florida entrepreneurs and professionals often use home equity to launch or expand practices, acquire commercial property, cash-flow new ventures, or weather seasonal swings. A HESA can quietly choke future leverage:

Several states are investigating whether these agreements constitute unlicensed lending. Florida has not yet taken major action, but regulators are watching as complaints climb.

A HESA can feel like free money, especially for borrowers priced out of traditional credit. But for Floridians whose home equity is central to wealth-building, financing growth, or securing business loans, these agreements behave less like a partnership and more like a long-tail balloon note tied to the most valuable asset you own.

If your business strategy relies on liquidity, refinancing power, or predictable equity, tread carefully.

Expect increased scrutiny and possibly federal guidance as consumer complaints rise. Florida policymakers may follow states exploring whether these agreements fit existing lending laws. For now, professionals and practice owners should treat every HESA as a high-stakes private contract with significant long-term consequences — best reviewed with counsel before signing.

Each week, we hear from more colleagues, friends, and clients who are working on their “backup plan”—a permanent residency or a second passport in another country where they plan to retire or to get away from what they see in the news.

Emigrating from the United States can quietly unravel even a well-designed estate plan or asset protection strategy. Documents that work perfectly under U.S. law may fail, or create new tax problems once another country’s legal system gets involved.

Why it matters: More Americans are moving abroad for lifestyle, business, political, or tax reasons. What many don’t realize is that emigration changes how wills, trusts, LLCs, retirement accounts, and real estate are treated — sometimes overnight.

The big picture: Most U.S. estate plans assume three things:

When even one of those assumptions breaks, problems follow.

Key risks to watch

What smart planning looks like: Before emigrating, many clients work with a Florida estate planning lawyer to:

Bottom line: Emigration isn’t just a move—it’s a legal event. Estate planning and asset protection strategies are far easier to fix before you leave the U.S. than after a foreign court, tax authority, or creditor gets involved.

The challenge: Many entrepreneurs stall not because they lack talent, but because they think too small. Instead of designing a bold future, they optimize what already works. Focusing only on what you do well feels productive, but it often caps growth. In EOS terms, this is what happens when Traction outpaces Vision — the business moves fast, just not very far.

Why this happens: Early wins condition founders to repeat what’s familiar. You get efficient, profitable, and busy. Over time, strengths harden into comfort zones. The company becomes an extension of the founder’s current capabilities rather than a vehicle for future growth.

Strong execution without expansive vision creates a ceiling you don’t see until you hit it.

Takeaway #1: Your Vision must be bigger than your current skill set

If your long-term vision can be achieved using only the tools, people, and knowledge you already have, it’s too small. A compelling EOS Vision should:

Vision is not about what’s easy. It’s about what’s necessary to become the business you’re meant to build.

Takeaway #2: Shift from “What do we do well?” to “What problem should we own?”

Businesses scale when they obsess over a problem, not a competency. When Vision is anchored to a big problem:

Great companies are remembered for the problems they solved, not the skills they started with.

Takeaway #3: Set Rocks that stretch identity, not just efficiency

Most quarterly Rocks focus on optimization. At least one Rock should feel uncomfortable:

If none of your Rocks make you uneasy, you’re managing—not leading.

The bottom line: Entrepreneurial growth demands thinking bigger than your strengths. Clarify a bold Vision, align it with meaningful Rocks, and let accountability pull you into the next version of yourself. Businesses don’t outgrow founders by accident—they do it by design.

We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.

Be on the lookout for our next issue! 👋