What’s on the financial calendar for this week?
In addition to the Federal Open Market Committee meeting, the following events are on the schedule for this week:
Monday, January 30th
No events scheduled
Tuesday, January 31st
Employment Cost Index for Q4 2022
S&P Case-Shiller home price index for Nov. 2022
FHFA home price guide for Nov. 2022
Rental vacancy rate for Q4 2022
Wednesday, February 1st
ADP employment report for Jan. 2023
Job openings & Quits for Dec. 2022
Construction spending for Dec. 2022
Fed Chair Jerome Powell news conference
Thursday, February 2nd
Initial jobless claims
Continuing jobless claims
Factory orders for Dec. 2022
Productivity & unit labor costs for Q4 2022
Friday, February 3rd
Nonfarm payrolls for Jan. 2023
Unemployment rate for Jan. 2023
Average hourly earnings for Jan. 2023
Labor-force participation rate, 25-54-year-olds for Jan. 2023
What does the current trend for mortgage rates look like?
Mortgage rates have trended downward since November 2022, but since then, they’ve been fairly stable in comparison to the previous year. The national average for a 30-year, fixed rate mortgage has been in a range of just over half a percent for more than three months. That’s the most stable three months that we’ve seen since 2021.
While we haven’t seen a massive correction to the downside, we haven’t seen upward movement, and the market seems to have calmed down. It remains to be seen if rates are going to go down from here, but they appear to have stabilized.
Which housing markets are currently overvalued?
We spend a lot of time looking for markets that have value or have seen a price dip, but which areas are still a challenge for homebuyers to find homes in? U.S. News & World Report completed a recent housing survey and found that the most overvalued areas to buy into are on the West Coast. Markets throughout California, Seattle, and “Zoom Towns” like Boise, ID and Greeley, CO are currently among the toughest markets to find housing in.
When it comes to renting, markets in California and Florida dominated the list of areas with overvalued rental payments.
There are several metro areas throughout the US that have seen a dip in housing prices, but homebuyers and renters will likely continue to find challenging markets in some of the more popular, coastal locations in the country.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
