Mortgage rates end the 1st week of 2022 lower
Despite additional positive employment data, the national average for a 30-year, fixed-rate mortgage ended the week slightly lower than it started. Down 0.30% from Thursday, the national average for a 30-year, fixed rate mortgage ended trading at 6.20%.
Employment data released on Friday showed that while workforce participation is up, wage growth was down slightly. The data was a bit concerning to the Federal Reserve because The Fed wants to see unemployment start to increase in its effort to fight inflation. They may like the wage growth data, but likely still view the labor market as overheated. Markets shrugged the data off and ticked slightly lower.
Does America need more housing?
The short answer and the long answer to the question of ‘Does the US need more housing?’ is likely ‘yes’. In a recent interview from Fox News, real estate broker Brian Lewis complained that national housing inventory has been way too low for way too long and would like to see builders need to build more housing if we’re going to see home prices come down and more home buyers come into the market.
However, when asked whether it’s a good time to buy, Lewis stated, “I think that housing is a passionate human need. And that’s why I just feel like, if you can get an opportunity, and you’re a buyer, and you’re in a market where you can get a good price, you’re never going to time the market, right?” he said. “Get in there. If it makes sense for your life, do it.”
What’s on the financial calendar for this week?
The second full week of 2023 has a lot of new economic data that will provide guidance for the rest of the month. Key dates and events are as follows:
Monday, January 9th
NY Fed 1-year & 5-year inflation expectations
Atlanta Fed Presidents speaks
Consumer credit
Tuesday, January 10th
NFIB small-business index
Fed Chair Powell speaks in Sweden
Wednesday, January 11th
None
Thursday, January 12th
Philadelphia Fed President speaks
St. Louis Fed President speaks
Consumer price index, CPI & Core CPI data
Initial & continuing jobless claims
Federal budget data
Friday, January 13th
UMich consumer sentiment data, 1-year & 5-year inflation expectations
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