Which events & reports could impact mortgage rates this week?
The following events, reports, and announcements have the potential to affect mortgage rates during the week of 8/7 to 8/11:
Monday, August 7th
Consumer Credit – June 2023
Tuesday, August 8th
NFIB optimism index – July 2023
Philadelphia Fed President Harker speaks
Richmond Fed President Barkin speaks
U.S trade balance – June 2023
U.S. wholesale inventories – June 2023
Wednesday, August 9th
None scheduled
Thursday August 10th
Initial jobless claims – Week of August 5th
Consumer price index – July 2023
Core CPI – July 2023
Consumer price index – year over year
Core CPI – year over year
Treasury budget – July 2023
Friday, August 11th
Producer price index – July 2023
Core PPI – July 2023
PPI – year over year
Core PPI – year over year
Consumer sentiment (preliminary) – August 2023
How did mortgage rates react to the most recent jobs data?
Jobs data from the U.S. Department of Labor was released last Friday, and it showed that jobs growth is starting to cool off. The report detailed that the U.S. economy added fewer jobs than expected in July, and gains reported in May 2023 and June 2023 were revised downward. This is believed to help the Federal Reserve’s fight against inflation and may indicate that this week’s CPI data could show continued cooling.
Mortgage rates ticked downward once the data was read through and digested by traders. The national average for a 30-year, fixed rate mortgage ended Friday trading down 0.17% and ended at 7.03%*.
Is more affordable housing coming to the Charlotte metro area?
Charlotte, NC has been a hot destination for homebuyers for the past few years, but it may be getting a bit more affordable with several real estate projects rolling out.
First, the Charlotte City Council and Mecklenburg County announced additional funding to restore 100 units at the Brookhill Village complex. The combined funding will go to the developers in order to keep the restored units affordable once they’re ready for sale.
Another affordable housing project in Grier Heights broke ground in July and should provide 18 additional townhomes to the area once completed.
A project in nearby Davidson, NC will combine a working farm, commercial space, and low-density housing over 58 acres. Also, in Fort Mill, NC, nearly 100 townhomes are slated for a 30.5 acre portion of the former Charlotte Knights stadium site.
*Accurate as of 8/4/23. National average rates are not advertised rates from MortgageNewsDaily.com.
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