Inflation and the election are set to dominate the news this week

Inflation & Election | mortgage rate news

What’s on the economic calendar for this week?

If last week’s themes were ‘The Fed’ and ‘Jobs’, this week’s themes are ‘Election’ and ‘Inflation’. New metrics for October inflation rates will be made available on November 10th, and that figures to dominate the discussion and the markets next week. Additional dates to watch out for next week are as follows:

Monday, November 7th

Consumer Credit
Cleveland Fed President & Boston Fed Presidents speak
Richmond Fed President speaks on inflation

Tuesday, November 8th

Election Day
NFIB small-business index

Wednesday, November 9th

New York Fed President speaks
Richmond Fed President speaks on outlook

Thursday, November 10th

Fed Governor speaks on CBDCs
Consumer Price Index & Core CPI announcements

Initial & Continuing jobless claims

Friday, November 11th

Philadelphia, Dallas, Cleveland, Kansas City, and New York Fed Presidents speak
UMich consumer sentiment & 5-year inflation expectations

How did mortgage rates end the week?

Mortgage rates had hovered around the 7.0%-mark for most of the week, but they ended the week a bit higher. A 30-year fixed-rate mortgage closed the week at 7.29%. Now that the markets know where the Federal Reserve wants to take interest rates to fight inflation, they’re waiting on new inflation data before deciding which way to go next.

What is an ‘accidental landlord’?

Property owners that are unwilling or unable to sell their properties at the price they’re hoping for have become ‘accidental landlords’. Meaning, they didn’t want or mean to become landlords, but they’ve chosen to do so because of current economic conditions.

While this has become a trend in select markets, it’s not yet widespread throughout the country. It remains to be seen if this will catch on elsewhere and what it will do to the cost of monthly rent.

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