Markets press pause ahead of inflation data
The national average for a 30-year, fixed-rate mortgage was sideways for most of Tuesday’s trading session. Ending up 0.07%, the national average for a 30-year, fixed rate mortgage ended trading at 6.21%. It was clear from the start of the session mortgage were headed for sideways trade unless there was a major news story breaking out of nowhere. There wasn’t a major breaking news story. Other markets did react briefly to comments from Federal Reserve Chairman Jerome Powell, but there wasn’t an extended rally to either side.
The markets were clearly waiting for the consumer price index data release.
Analysts are expecting the latest CPI data from December to indicate that inflation is continuing to cool off. In November, inflation came in at 7.1%, beating 7.3% estimates. The Fed has set a target of 2% inflation, so there’s still a long way to go in their efforts to get it under control.
Do home prices indicate where inflation is heading?
Data on home prices from December 2022 was announced on Tuesday, and they may indicate that home prices are starting cool off. Home value in the US feel slightly from November to December by 0.2%, while asking rents were down 0.3% month-over-month. If home prices and rent costs are any indication, inflation metrics may continue to head lower.
Which state is rated as the best to raise a family in for 2023?
Another day, another yearly survey from Realtor.com? This time, they announced the best state to raise a family in for 2023. Realtor.com used multiple factors to rate states for families including family fun, health and safety, education, affordability, socioeconomics and child care to rank the 50 states. This year’s winner was Massachusetts. Analysts ranked The Bay State second overall for education and affordability, and was able to out-rank Minnesota, New York, North Dakota, and Vermont.
Analysts also highlighted how the Worcester, MA and Springfield, MA metro areas were ranked among the hottest real estate markets in the country.
Which states came in at the low end of the rankings? Mississippi, New Mexico, and West Virginia brought up the tail end of the list.
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