What’s on the financial calendar for the week of 8/7 – 8/11?

Homes in Charlotte, NC | Mortgage Rate News

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.

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)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.