U.S. Consumer Confidence soars
To say the recent metrics on consumer confidence came in hot is a bit of an understatement. Recent data showed that consumer confidence increased from 102.5 in May 2023 to 109.7 in June 2023. The latest mark is at a 17-year high. In addition to the consumer confidence metrics, core capital goods orders rose 0.7% and shipments were up 0.2%
What did the good economic news mean for mortgage rates? The national average for a 30-year, fixed-rate mortgage opened down, but managed to creep its way into plus territory before the end of trading. The national average for a 30-year, fixed-rate mortgage ended the day up 0.01% at 6.92%.*
How are new home sales performing?
According to new home sales data, new construction has continued to gain traction in the current housing market. New home sales in May 2023 were up 12.2% month-over-month. May also marked the third straight month that new home sales saw an increase. Additionally, all four key regions of the country saw a month-over-month increase in new homes sold.
When asked about the increase, Richard Moody, the chief economist at Regions Financial Corporation, said, “(With) inventories of existing homes for sale being so extraordinarily low, more of that demand has been funneled to the market for new homes, and builders have been in position to take advantage.”
Also, the median price of a new home was lower in May than April, coming in at $416,400.
How can I get a lower auto insurance rate?
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* National average rates accurate as of 6/27/23 from mortgagenewsdaily.com and are not advertised rates from Guaranteed Rate
** Savings, if any, vary based on consumer’s profile and other factors. Contact your insurance agent for more information. Restrictions apply.
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