Which events could move markets during the week of 7/24 – 7/28?

Businessman reading financial news | mortgage rate news

What’s on the financial calendar for the week of 7/24 – 7/28?

The following events, announcements and reports could impact the interest rate market this week:

Monday, July 24th

S&P “flash” U.S. manufacturing PMI – July 2023
S&P “flash” U.S. services PMI – July 2023

Tuesday, July 25th

S&P Case-Shiller home price index – May 2023
Consumer Confidence – July 2023

Wednesday, July 26th

New home sales – June 2023
FOMC decision on interest-rate policy & Fed Chairman Powell press conference

Thursday July 27th

Initial jobless claims – July 22nd
Durable goods orders – June 2023
Durable goods minus transportation – June 2023
GDP – Q2 2023
Advanced U.S. trade balance in goods – June 2023
Advanced retail inventories – June 2023
Advanced wholesale inventories – June 2023
Pending home sales – June 2023

Friday, July 28th

Personal income – June 2023
Personal spending – June 2023
PCE index – June 2023
Core PCE index – June 2023
PCE – year-over-year
Core PCE – year-over-year
Employment cost index – Q2 2023
Consumer sentiment – July 2023

Which additional costs should homebuyers think about?

Do you think that mortgage rate and home price are all you need to worry about when buying a  home? That probably won’t be the case. Realtor.com worked out a list of items that homebuyers need to keep in mind.

What topped their list? The down payment came in first, and that will definitely impact your overall monthly payment. Putting more down up front may save you in the long run.

Also on the list were additional items like closing costs, inspections, mortgage insurance, home insurance and property taxes. All of these items will vary depending on the property and you’ll want to understand how much each will cost you before closing day.  

How is the housing market affecting Bidenomics?

While President Biden has been touting his economic record, there is an area that has been a challenge to solve. It’s the housing market. While housing is a complex issue, it’s one that the federal government can support.

Inflation has been a sticky issue for the Biden administration to manage, especially in the housing market, but is it a policy issue or a challenge for the market to solve? The short answer is that it’s driven by the current market, but there may be a policy solution that the current administration can make.

The problem is that there isn’t enough housing inventory on the market to effectively lower prices. Demand for homes has continued to outpace supply even with higher mortgage rates.

The infrastructure law signed in 2021 does include financial incentives for local governments to increase housing supply and speed construction. The Biden administration has also developed a ‘housing action plan’ to attempt to provide additional support.

There are additional tactics the Biden administration could work to implement that could increase housing supply. The current housing crunch is helping to drive inflation, and housing will likely be a question the president or his surrogates will get on the campaign trail. Developing a clear plan to further enable the housing market to grow could end up as a huge benefit to an administration heading into an election year.

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