What did the latest consumer confidence data say?

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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?

Did you know that one of the best ways to save on auto insurance is to compare rates? It’s true! Make insurers compete to earn your business and you may end up with a lower auto insurance cost. In fact, the more quotes you compare, the more likely it is that you’ll end up with a more affordable car insurance payment.

Do you want more tips on how to save on auto insurance? Check out car insurance tips from Guaranteed Rate Insurance** and get a quote today!

* 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.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

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