What’s on the financial calendar for the week of 9/4 – 9/8?

lovely lake house | mortgage rate news

What’s on the financial calendar for the week of 9/4 – 9/8?

The following events, reports, and announcements may have the potential to impact the mortgage or financials markets this week:

Monday, September 4th

No events scheduled

Tuesday, September 5th

Factory Orders – July 2023

Wednesday, September 6th

U.S. trade deficit – July 2023
S&P final U.S. services PMI – August 2023
ISM services – August 2023
Fed Beige Book

Thursday, September 7th

Initial jobless claims – Sept 2nd
U.S. Productivity (revision) – Q2 2023
Unit-labor costs – Q2 2023
Philadelphia Fed President Harker speaks
Chicago Fed President Goolsbee speaks
New York Fed President Williams speaks
Atlanta Fed President Bostic speaks
Dallas Fed President Logan speaks

Friday, September 8th

Wholesale inventories – July 2023
San Francisco Fed President Daly speaks
Consumer credit – July 2023

Are home prices on the verge of cooling off?

According to a recent interview with the vice president of enterprise research at Black Knight, Andy Walden, home prices may start to turn lower again.

Walton said, “In addition to monthly gains slowing below long-term averages, Black Knight rate lock and sales transaction data also points to lower average purchase prices and seasonally adjusted price per square foot among recent sales. All of these factors combined underscore the need to focus on seasonally adjusted month-over-month movements rather than simply relying on the traditional annual home price growth rate.”

What’s behind the cool off? Mortgage rates. The national average for a 30-year, fixed-rate mortgage has been over seven percent for several weeks. Higher rates tend to push buyers out of the market, and the lack of buyers causes home prices to cool off. The data points to a cool off, but it’s been an unpredictable market, and remains to be seen if the predictions will come true.

Is it possible to find a lovely lake house for less than $500k?

While housing prices are still elevated, Realtor.com has done the research and found 10 lake house properties priced below $500,000.

At the top of the list is a log cabin that overlooks Bigwood Lake in Jackman, ME. The home is priced at $499,000 and offers stunning views of Sally Mountain, a 1,175 sq. ft. open floor plan with a vaulted ceiling and loft, and has an oversized shed for recreational vehicles.

On the more cost-effective end, they also highlighted a Lake House off of the Lake of the Ozarks in Edwards, MO. Priced at $239,000 is being sold furnished and as is. The two-bedroom home has an open floor plan that has a living room with windows and sliders that open to the back decks. Each bedroom comes with a private deck, and the property has a boat dock.

in 10 minutes?

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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. 

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