Which events could move the mortgage market for the week of 6/12 – 6/16
The following events, reports, and announcements may have an impact on the mortgage market this week. Key dates include:
Monday, June 12th
Federal Budget announcement – May 2023
Tuesday, June 13th
NFIB optimism index – May 2023
Consumer price index – May 2023
Core price index – May 2023
CPI – year over year
Core CPI – year over year
Wednesday, June 14th
Produce price index
Core PPI
PPI – year over year
Core PPI – year over year
Fed decision on interest rate policy
Fed Chair Powell press conference
Thursday June 15th
Initial jobless claims – June 10th
U.S. retail sales – May 2023
Retail sales minus autos – May 2023
Import price index – May 2023
Import price index minus fuel – May 2023
Empire State manufacturing survey – May 2023
Philadelphia Fed manufacturing survey – May 2023
Industrial production – May 2023
Capacity utilization – May 2023
Business inventories – April 2023
Friday June 16th
Fed Gov. Christopher Waller speaks
Consumer sentiment
What would a pause in the Federal Reserve interest rate hikes mean?
Most experts agree that the Federal Reserve will pause interest rate hikes after their meeting from June 13th – June 14th. A pause is better than another hike, but what does it really mean for consumers? Most will still feel the effects of higher rates and persistent inflation, but credit won’t be any tighter for the foreseeable future.
What will really matter to market sentiment and to the future of where mortgage rates may go is what the inflation numbers look like on June 13th. If the Fed sees that its policies are working, we may see continued pauses or, better yet, rate cuts.
Which metro area saw the biggest increase in home inventory?
A recent report from Realtor.com showed which metro areas are seeing the biggest increases in available home inventory year-over-year. For the entire country, the market has seen a 21.5% increase in available homes comparing May 2022 to May 2023. However, a few markets have seen a triple digit increase in available homes comparing year-over-year data.
The North Port-Sarasota-Brandenton, FL metro area topped the list and saw a 128.1% increase in available homes when comparing May 2022 to May 2023. Other metro areas that saw triple-digit improvements year-over-year included Nashville-Davidson-Murfreesboro-Franklin, TN, Cape Coral-Fort Myers, FL, Austin-Round Rock-Georgetown, TX, and Lakeland-Winter Haven, FL.
The biggest decliner in the country was the San Jose-Sunnyvale-Santa Clara, CA metro area with a year-over-year drop of 35.3%
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