The psalmist affirms that God's love is firmly fixed, that the Divine is resolute and constant in love. I take this to mean that the love is there whether we hope in it or not - it would not shift depending on so small a thing as human ability to hope, would it? But when we do hope in it, the ancient poet says, God delights in us.
That makes sense to me. Isn't it a delight when someone hopes and trusts in our own steadfast love? When my son was little I remember how delightful it was when he placed his hand in mine as we crossed the street or when he needed reassurance. I loved how he would snuggle into my lap when he was sleepy, how he would lean against me, even when he was older. It is delightful when someone hopes in your steadfast love.
Today I heard "hoping in Spirit's steadfast love" in two ways. The first is hoping for that love - hoping that it exists. The other sense is to hope in the context of that firm, constant, resolute love. When I think of that meaning I find myself relaxing in its embrace as my son used to do. For me, hoping in that steadfast love has the flavor of trust, trusting that no matter what happens that love will be there for me, and for everyone. It is sweet to think of the Divine taking delight in the times (moments only, sometimes) when I can and do trust in that steadfast love.