What’s on the schedule for this week?
The following key events are on the calendar for the week of February 13th to February 18th:
Monday, February 13th
NY Fed 1-year & 5-year inflation expectations
Tuesday, February 14th
NFIB small business index
Consumer price index, Core CPI, & year-over-year data
Wednesday, February 15th
Retail sales & retail sales excluding motor vehicles for Jan 2023
NAHB home builders’ index for Feb 2022
Thursday, February 16th
Initial & continuing jobless claims for the 1st weeks of February
Building permits for Jan 2023
Housing starts for Jan 2023
Household debt for Q4 2022
Friday, February 17th
Import price index for Jan 2023
Index of leading economic indicators for Jan 2023
What does the latest mortgage rate lock data look like?
Mortgage rate lock rate volumes increased 32% nationally in the month of January 2023. This increase broke a nine-month streak of decreasing lock rates. While the increase is welcome news to mortgage lenders, an increase was expected due to seasonal trends.
In addition to the increase in purchase rate locks, refinance locks also increased in January 2023. Rate/term locks were up 37% and cash-out locks were up 25%.
Are US home prices heading for a further drop?
In a recent interview with Yahoo! Finance, Mortgage Bankers Association board member Jeff Taylor was asked about the current housing market and where he sees the real estate industry by the end of 2023.
When it comes to the current market, Taylor stated, “You’ve got the sellers who probably, in many cases are still not thinking ‘I need to discount my house to get a deal done.’ Buyers who are just like, ‘everything keeps going up and all aspects of my life, should I actually pull the trigger?’ I think that’s got people on both sides a little bit frozen, or not making the moves that we need, in order to have a lot of transactions happening here in the first quarter.” This mirrors a lot of what we’re seeing. The market has shifted from the seller’s market of 2022 into a more even market.
When asked about what the rest of the year will look like, Taylor said, “”I anticipate on a national level, this year, we’ll probably see, four to 6% price decrease. And in some markets, you know, you might see seven to nine.”
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)
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