What’s on this week’s financial calendar?
After last weeks’ focus on housing data and inflation metrics, this week will bring a host of additional data. Key dates that home buyers and sellers should be aware of are as follows:
Monday, October 24th
Chicago Fed national activity index
S&P U.S. manufacturing PMI
S&P U.S. services PMI
Tuesday, October 25th
S&P Case-Schiller U.S. home price index (SAAR)
FHFA U.S. home price index (SAAR)
Consumer confidence index
Wednesday, October 26th
New home sales (SAAR)
Thursday, October 27th
Real gross domestic product, first estimate (SAAR)
Initial & continuing jobless claims
Durable goods orders
Core capital equipment orders
Friday, October 28th
Employment cost index (SAAR)
PCE price index & PCE
Real disposable income & real consumer spending
UMich consumer sentiment index
Pending home sales index
Fed officials expect to debate peak rates & how to time slowing of hikes
While the Federal Reserve hasn’t offered any indication of slowing rate hikes any time soon, officials have indicated that they expect to discuss what peak rates look like and when to start slowing rate hikes. The fact that the Fed is looking to discuss what the peak looks like and when to slow down indicates that they’re about to move into a slower phase of the rate hikes.
How do housing agents navigate higher mortgage rates?
Higher mortgage rates can be a challenge for lenders, home buyers, and home sellers, but they also impact business for housing agents. NBC News spoke with several agents to better understand how they manage in the current environment. The takeaway is that they’ve had to get more creative to find new clients, connect home buyers to the available listings, and during negotiation. One buyer offered passes to visit craft beer breweries and another provided free pilates lessons in exchange for a discount.
They’ve also noticed that adjustable-rate mortgages have made a bit of a comeback in the current market and have become a popular option for home buyers looking to get into a house in the current environment.
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